EFCU Financial Federal Credit Union experiences continued success with IMM’s eTransaction Automation
Automated solutions facilitate online account openings, streamline processes across the institution
RAHWAY, NJ (December 1, 2015) — IMM, providing eTransaction automation for the modern business enterprise, announced today that Baton Rouge, La.-based EFCU Financial Federal Credit Union (EFCU Financial) has expanded its use of the company’s eTransaction Automation solutions, experiencing new benefits and operational efficiencies from IMM’s advanced technology solutions.
“In our industry, it is not unusual to enlist multiple vendors that specialize in various point solutions, which can become complex and costly to manage,” said Wynter Roy, chief operations officer for EFCU Financial. “Instead, we have been able to look to IMM – an established partner – for many of our transactional needs, and deploy solutions that deliver advantages across the enterprise.”
EFCU Financial has implemented an array of IMM’s eSignature, eWorkflow and eTeller solutions, and continues to derive new value from them. For instance, the credit union was looking for a simplified and more cost effective means for online account opening. Through IMM’s Document Exchange, EFCU Financial developed an online eform specifically for online applications. The eforms, which were easily created and deployed, are capable of verifying identity using knowledge-based authentication and providing intuitive form fields for members to eSign. This created a newfound ease of use for members, resulting in a 30 percent increase in applications received – a number EFCU Financial anticipates will again rise once the online form is fully integrated with its core platform. The credit union has also created eforms through IMM for additional processes, such as eStatement enrollment and its Skip-a-Pay program.
The electronic forms EFCU Financial developed with IMM have enabled the credit union to quickly bring additional online services to market. Members can easily request products and services through the website and are routed to unique landing pages for relevant information. EFCU Financial staff receives notifications for each request, allowing the team to efficiently manage incoming inquiries. The credit union has also found the eforms to be a strong marketing tool; branded with its logo, each form including important links that point members to specific pages of the credit union’s website.
“We have done a lot with IMM’s eTransaction automation solutions – but we are not done,” Roy added. “I am continually brainstorming new ways we can use the technology. Across the institution, its applications are truly limitless.”
In conjunction with a recent core conversion, EFCU Financial accelerated its use of IMM’s automation solutions in an effort to become paperless. With IMM’s eWorkflow, the credit union has launched 17 different workflows. Among these include unique workflows for accounting documents, member service processes and three lending workflows, two for consumer loans and a third for home equity loans.
“EFCU Financial demonstrates the value eTransaction automation can bring to all facets of an institution’s business,” said John Levy, IMM executive vice president and an ESRA board member. “The Credit Union gains the benefits of operating in a paperless environment, meeting the demands of online and mobile service requirements, while streamlining process efficiencies. IMM is pleased to be the one-stop-shop for organizations like EFCU Financial. We enjoy working closely with our clients to determine the best method to leverage our suite of technologies to meet their growing business needs.”
CFM, IMM and NXTsoft have joined forces to provide the most open and connected integration platform for scaling innovation and accelerating transformation efforts. Today more than 2,500 banks and credit unions use this expanded suite of API connectivity, document workflow, teller workflow, analytics, and data connectivity solutions. By delivering access to innovation across 80+ fintechs and 40+ banking cores, we help financial institutions break down barriers, unlock new services, and enhance their competitive edge.
For more information visit whycfm.com, immonline.com, or nxtsoft.com.