North Shore Credit Union offers 40,000 members a wide range of banking, investment, loan, and insurance solutions via a network of 13 branches and offices throughout British Columbia.
Over the past decade, North Shore Credit Union has adopted a business strategy that targets potential members with carefully tailored financial solutions. Consequently, while membership growth was moderate at 1% over that period, asset value soared from $600 million to $3 billion, and deposits per member increased by well over 60%.
During those years, the North Shore traditionally outsourced core banking operations and employed offset printers to produce customers’ statements and end-of-year tax forms. However, the outdated banking system lacked flexibility and the Credit Union wanted to align statements more closely with its goal of expert financial advice.
Fred Cook, Chief Information Officer, North Shore Credit Union, explains: “Our legacy core banking engine was virtually a technology island that didn’t support our business strategy. We launched a banking system conversion project to identify and deploy a new core banking system. At the same time, we decided to change several business processes including member communications and print production.”
North Shore Credit Union produced 28,000 all-in-one statements and 6,000 business statements each month that gave customers a snap-shot of their financial products.
Looking to the future
“Printed customer communications are shifting from a low-value, high-volume environment to a high-value, low-volume environment,” continues Cook. “High quality print output gets the attention of customers and they are more inclined to read about new products and services. Now we’re looking to support our brand and add value.”
“Looking ahead, we wanted to combine credit card, debit card, and insurance information onto a single statement to provide members with an overall view of their finances.”
After they decided to go with Temenos T24, they started to look for a complementary customer communications software package.
North Shore Credit Union identified three software vendors, and eventually chose HP Exstream (Booth 1227).
“HP fully understood our time pressures and was prepared to accommodate software implementation in a narrow window of opportunity. They had a great depth of knowledge and a robust track record.”
HP Exstream provides North Shore with a single software platform to create, manage and deliver postscript files to an outsourced printing partner. It offers the Credit Union variable design, testing, and real-time composition capabilities as well as advanced data and content integration, 22 output formats, and controlled editing of interactive documents.
Adds Cook, “Not only did HP Exstream immediately handle statement production with our new core banking system, it will also produce e-brochures and on-demand items in-branch. The software’s scalability and flexibility helps us to use printed matter more strategically.”
Delivering control, flexibility
“As the banking system conversion project came to a close, we had 15 days before our next statement run; everything ran like clockwork,” reveals Cook. “Recent member feedback shows that the new statements are more user-friendly and informative.”
Today, North Shore Credit Union uses HP Exstream to design a variety of statements and maintain complete control over print content. Prior to a statement cycle, staff extract all appropriate information from the banking engine and pre-process it before the data enters the application. Output from the software then passes to a database and staff transmit the postscript files to an external printer to complete the production cycle. The whole process takes about 30 minutes and the printer produces and fulfils the documents within 24 hours.
In the future, North Shore Credit Union will expand HP Exstream’s capabilities into branches and offices so that relevant, targeted marketing materials become available on-demand.
“HP Exstream creates clear, meaningful communications so people understand them. This reduces expensive call inquiries from confused customers,” comments Cook. “High-quality documents get peoples’ full attention and deliver our messages more effectively. Members like their new statements and we are confident they will look forward to receiving regular statements or in-branch personalized communications. HP Exstream helps us to differentiate ourselves,” concludes Cook.