Technology isn’t just about systems at the City of Boston Credit Union. It’s about the people behind the systems who help us find new ways to increase efficiency while we grow.
Today, we manage $270 million in assets with only 48 employees. Our operations are 25-30% more efficient than the average credit union our size. Our assets are growing nearly twice as fast as our peers, and our ratio of operating expenses to average assets is running 73% better than our peers as well.
We use several strategies to achieve these results. On the retail side, we actively steer our members to more efficient self-service solutions, such as online account opening and other online banking features. Operationally, we have consolidated our IT relationships with COCC, a mutually-owned IT service. This partnership has reduced the cost of many functions, particularly risk management, network infrastructure, and payment processing for our credit union.
We have reduced our overall workload with solutions such as anti-money laundering which has shifted our focus from finding exception transactions to reviewing those transactions – a process that takes a fraction of the time and delivers more thorough results to the regulators.
We have also tapped into our partners’ knowledge of best practices and workflow enhancements to bring these benefits to our credit union.
A great example of this is the free ‘shadow day’ program at COCC which gives our credit union the benefit of their technology specialists who review many of their client’s workflows and share best practices with all. Everyone has a tendency to believe that his/her methodology is better than everyone else’s. But that belief can prevent us from discovering alternatives that help improve efficiency.
Today, we view our workflow as a work in progress. Having a different set of eyes to review what we are doing and to show us how to accomplish more in less time – that’s a big help as we continue to move forward.
I’ve spent 40 years in banking and I’ve seen a lot of technology services come and go. The ones that stick around tailor their systems to their clients’ environments and confer with their clients to keep those systems fresh and effective. That’s how the City of Boston Credit Union continues to gain efficiency as we grow.
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