iQ Credit Union is a member-owned, not-for-profit financial cooperative serving the financial needs of its members. With a commitment to providing exceptional financial products and services, iQ Credit Union focuses on community involvement and member satisfaction. The institution has a network of branches and offers a range of financial services, including savings and checking accounts, loans, credit cards, and investment services.
Hours delivered back to the business
SOX compliance in Settlement process automation
Success rate of bot case completion
For functional release of OBT, RTS and OGS
The Challenge
Despite their dedication to member service and community engagement, iQ Credit Union faced several operational inefficiencies due to outdated technology systems. These inefficiencies were manifested in slow transaction processing times, limited online service capabilities, and fragmented data management. As a result, member satisfaction was impacted, and operational costs were higher than necessary. The challenge was to modernize their technology infrastructure to improve efficiency, enhance member experience, and reduce operational costs.
What Did We Do
1. Comprehensive Technology Assessment:
– Conducted a thorough audit of iQ Credit Union’s existing technology infrastructure.
– Identified critical areas needing improvement, including transaction processing systems, online banking platforms, and data management solutions.
2. Tailored Technology Strategy:
– Developed a customized technology implementation plan aligned with iQ Credit Union’s strategic goals.
– Prioritized initiatives based on potential impact and feasibility, focusing on areas that would provide the most significant improvements in efficiency and member service.
3. Upgrading Core Banking Systems:
– Implemented a modern core banking system that streamlined transaction processing and improved data accuracy.
– Integrated the new system with existing financial products to ensure seamless operations and consistency across all service channels.
4. Enhancing Online and Mobile Banking:
– Launched a new, user-friendly online banking platform with enhanced features such as real-time transaction tracking, personalized financial management tools, and secure messaging.
– Developed a mobile banking app that offered the same robust functionality as the online platform, providing members with convenient access to their accounts on the go.
5. Data Management and Security:
– Implemented an advanced data management system that centralized member information, improving data accuracy and accessibility.
– Enhanced cybersecurity measures to protect member data and comply with regulatory standards, including encryption, multi-factor authentication, and regular security audits.
6. Training and Support:
– Provided comprehensive training programs for iQ Credit Union staff to ensure they were proficient in using the new systems and could assist members effectively.
– Established a dedicated support team to address any issues promptly and provide ongoing maintenance and updates.
The Results
- Increased Operational Efficiency: Transaction processing times were reduced by 40%, allowing staff to handle more transactions and provide faster service to members.
- Enhanced Member Satisfaction: Member feedback indicated a 30% increase in satisfaction due to the improved online and mobile banking experiences, as well as faster and more accurate transaction processing.
- Cost Savings: Operational costs were reduced by 25% due to streamlined processes and reduced manual interventions, allowing for reallocation of resources to other strategic initiatives.
- Improved Data Management: Centralized data management improved the accuracy and accessibility of member information, leading to better decision-making and personalized member services.
- Strengthened Security: Enhanced cybersecurity measures ensured member data was protected against breaches, maintaining trust and compliance with regulatory standards.
By leveraging modern technology and a strategic approach, iQ Credit Union was able to overcome its operational challenges, significantly improving efficiency, member satisfaction, and overall performance.
