Credit Union of Texas Automates Mailroom Payment and Deposit processing
Fifteen percent of daily activities redirected to member-facing initiatives
Credit Union of Texas ($1.1 billion, 12 branches) has a wide-spread membership, spanning all 50 states. In addition to its physical branch locations and remote channels, the credit union also receives 13,000 mail-in deposits, remittances, and loan payments each month. The transition to an automated mailroom using Bluepoint Solutions’ ImagePoint Mailroom solution has resulted in the redeployment of one full time employee and has reduced the time spent on mailroom deposits each day by 50%. This allowed the credit union to redirect employee time to member-facing activities and to supporting its comprehensive rebranding and branch transformation initiatives.
Bluepoint Solutions recently sat down with Chase Conly, Payment Transaction Manager for Credit Union of Texas, to discuss the credit union’s experience with automated remittance and deposit processing through ImagePoint Mailroom.
Bluepoint: How was remittance processing handled previously and why were you looking for a new solution?
Conly: Prior to Bluepoint’s Mailroom solution, the credit union implemented an interim capture solution, which was a partial improvement over our fully manual processes, but still took about four hours each day to complete processing. Additionally, we generated a lot of rejected items when lining up scanned checks to the core, resulting in tedious manual reviews, on top of the time spent on regular processing each day.
Bluepoint: How did CU of Texas select Bluepoint Solutions as its technology partner?
Conly: We were in the process of doing a full in-house conversion to Bluepoint’s ImagePoint item processing suite and were pleased to discover that Bluepoint also offered an integrated remittance solution. It was the logical choice to switch over to ImagePoint Mailroom for more advanced functionality and improved integration. All deposits received through the mailroom, teller line and remote channels could be combined into a single platform for item review and duplicate detection with Bluepoint’s ImagePoint suite.
Bluepoint: What is the typical daily workload associated with remittance and deposit processing, and how does the current process compare to your previous operation?
Conly: We typically see volume around 750-800 remittances every day, which fluctuates depending on bill payer items. These include loan payments, lease payments, and share/checking account deposits. On a slower day it can be done in less than an hour and on busier days it takes up to three hours, including rejected item correction. This was a significant improvement over our manual processes, which could take several people all day. ImagePoint Mailroom offers a learning algorithm that creates even more efficiency for our existing employees as the system offers more automated matches based on previous activities, requiring less and less manual data entry over time.
Bluepoint: Please talk a little about the workflow itself. How does the solution work, and what is the daily process for your employees?
Conly: ImagePoint Mailroom is designed to automate any deposits and any and all types of payments that we have coming into our corporate office including deposits, plus auto loan, mortgage, and lease payments. Prior to the capture of any check images, an updated core data file is automatically uploaded into ImagePoint Mailroom each night. This data is then used the following day to pre-populate member account and payment information as checks and coupons are scanned. When deposits come in, our employees scan in all of the coupons and checks in either a one to one ratio, or a one to multiple ratio for payments with coupons. This also cuts down on the manual effort needed to sort through exception items without coupons and to search for where to apply payments.
The images are then validated and repaired if needed, and the system uses an advanced search functionality to match the account number and member name prior to check lookup. This dramatically reduces the need for employees to manually enter this information. As the software gets to know your depositors and their regular account numbers and deposit or payment amounts, the intuitive matching interface becomes more accurate over time. Now we only need to validate the no-coupon items and the mutilated coupon items. All images then go straight into our item processing solution, ImagePoint Foundation, for cashletter creation. ImagePoint Mailroom also simultaneously creates posting files for our core and our lease accounting system. The fact that we can scan the items once and the system prepares posting files for multiple end-points saves a significant amount of time and effort.
Bluepoint: How was your experience with the implementation process?
Conly: CU of Texas was among the first credit unions to adopt ImagePoint Mailroom, and the implementation process was very collaborative; many of the features and functionality were added or modified to fit credit union operations. When testing was complete and the final product was ready, we were up and running within a month. We were pleased with the speed of implementation due to the standalone nature and the plug-and-play design of the software.
Bluepoint: Since going live, what has your experience been with support for the solution?
Conly: Support has been excellent. We have good access to the support team if anything does go wrong and we have a very good relationship with them. In the event of any issue they are quick to help us find a resolution and fix it.
Bluepoint: What advice would you give to other credit unions looking to automate remittance processing and/or bring an outsourced solution in-house?
Conly: The keys to remittance processing are automation, accuracy, and integration with other systems. By automating this process as much as possible and integrating it with existing employee workflow, you are not only increasing efficiency and freeing up valuable employee time to dedicate to more important member-facing initiatives, but you are also significantly reducing the risk of human error which results from manual keying and data entry.
About Credit Union of Texas
Dallas-based Credit Union of Texas has over $1.1 billion in assets and provides an exceptional financial experience to over 148,000 members in Dallas, Collin, Rockwall, Denton, and parts of Grayson, Fannin, Ellis and Tarrant counties. CUTX members can expect to experience more fun, understanding and flexibility when banking with us. To experience more for yourself, visit us in one of our stores or online at CUTX.org.