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Statement2web Less Paper More Service For NSFCU

  

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Nutmeg State Federal Credit Union (NSFCU) has a long history of financial service and innovation. This Connecticut-based credit union was originally started in 1935 by employees of Southern New England Telephone which is now part of AT&T.  Even in the best of times, credit unions must steadily grow membership to survive, and over the years NSFCU has continually expanded its scope and services. In addition to opening its doors to AT&T, NSFCU also serves over 215 select employee groups, and the communities in and around Hartford County.

NSFCU was founded on the simple premise: "dividends in fellowship." Indeed, in order to join, members purchase a five dollar "share" and become part owner; each with an equal vote for the board of directors. This tradition must be working, because nearly seventy five years later the credit union continues exceed the expectations of its members.

Less Paper, More Service

You would think a financial institution with such a long history would be buried under stacks of paper, but just the opposite is true. NSFCU has recently begun to eliminate paper by offering electronic statements to its members. Once they opt-in to e-statements, members are given access to a fully customized portal where they can view, download, and print their statements, and peruse a complete history of their activities and transactions.

According to Carmelo Roldan, NSFCU's Vice President of Information Technology, the move to electronic statements has not only helped to reduce the printing and mailing costs associated with members statements, but it has also enhanced the level of service the credit union can offer while retaining the integrity of the original printed version. "Electronic statements offer us a lot more flexibility and ability," says Carmelo, "and there is no drawback since members receive the same statement that they would have on paper."

Electronic Statements - a Managed Service

NSFCU's transition to electronic statements was made possible through the use of Statement2Web from OMI. Statement2Web is a managed service available through the credit union's print/mail provider, Harland Clarke Marketing Services. As a result, the credit union was able to implement e-statements without a lengthy development time. "We send an electronic copy of our statement file to Harland Clarke and they send that same file to Statement2Web," explains Carmelo. "The system then creates both a PDF version and an HTML version. Members can view and print the actual version of the statement through a web portal just as if they had they received it on paper."

While NSFCU has been making use of Statement2Web since 2006, they recently began to take advantage of the expanded capabilities available in the new version of the service. "It has been a dramatic change for us," says Carmelo. "We now have the ability to add electronic inserts, add statements, and an electronic newsletter. These were all capabilities that we did not have before with the older version."

NSFCU relies on Statement2Web to enable their strategy to transition from paper based communications to online presentment where it makes sense. The credit union has enhanced the experience of members and reduced the cost of printing and mailing. "We are definitely sending out less paper," says Carmelo. "And as we continue to offer additional electronic statements - like our mortgage statements or our billing notices - we are definitely going to see those costs drop."