Advanced Core Solution Helps Philadelphia Credit Union Streamline Operations, Boost Service And Prepare For Growth
Eagle One Credit Union knows the importance of efficiency and good service, having served Philadelphia-area postal workers since 1934. Their members expect the same dedication to service excellence they themselves provide to the surrounding community.
The Results
- Conversion to Mercury was a smooth process, requiring nominal time and little technical support.
- The Windows®-based Mercury system provides faster electronic processing to support Eagle One's 14 terminals and multiple printers.
- The credit union's staff adapted very quickly, thanks to user- friendly screens and intuitive software.
- The open, scalable core solution enables Eagle One to leverage best-of-breed software from Fidelity IFS and other third-party vendors.
- Poised for growth, Eagle One Credit Union can rely on the proven Mercury core solution to support their technology needs - both now and in the future.
The three-branch credit union serves more than 4,500 members and has $34 million in assets. Business has grown steadily since Eagle One expanded beyond traditional share and loan services in 1996 to include share drafts, debit cards, Visa®check cards, Visa credit cards, home equity loans and first mortgages.
"Once we opened up our service portfolio, we really opened up," said John King, chief executive officer for Eagle One Credit Union.
Based inside local post offices, the credit union hired additional staff to support their expanded services and growing member base. Today, Eagle One is armed with 14 employees and a roadmap for growth.
Business Situation
Any growing credit union needs a reliable core processing solution to support its daily activities and maximize staff productivity. And with a recent name change and several upcoming mergers, growth is definitely part of Eagle One's game plan.
"There's a lot of potential for us to grow," said King. "By this time next year, we could be over $50 million in assets thanks to mergers and other growth strategies."
The Solution
In May 2003, Eagle One converted from the Director solution from Fidelity Integrated Financial Solutions (IFS) to its more advanced Mercury®system. This move implemented the efficiency-boosting technology and open, scalable architecture that will support the credit union as it continues to grow.
Converting to Mercury from Director was a smooth process for Eagle One that required less than one weekend's time and nominal technical support.
"The ease-of-use Mercury offers is key for us. After just two months, our staff is moving around the screens with ease and confidence. In fact, I don't think they lost a step in how quickly they handle a transaction."
John King
Chief Executive Officer
"We planned to use a Friday, Saturday and Sunday to get things done," said King. "It only took Friday and Saturday, so we didn't have to worry about Sunday. That made testing on Monday that much easier."
King added, "I could have been wired up about the conversion transition, but when it came and went with such ease, I thought 'Wow, that went pretty well.'"
Eagle One's staff assisted in the transition and took time to learn the new, user-friendly Mercury screens. When the credit union opened for business on Tuesday, things were up and running perfectly. King said, "We opened up and have not been down since."
The credit union is enjoying gains in processing speed, since Mercury's Windows-based system is much faster than the DOS-based Director solution. In addition, Mercury's open architecture gives Eagle One the power to choose best-of-breed technology solutions to enhance their product offerings and improve member service. King cites Mercury's third-party software interface capabilities as his main reason for moving up.
"A lot of times, interaction with other vendors and software was difficult with Director," said King. "I'd have to get tech support to help me do things that should have been simple; but with the Mercury system, I can work with other vendors very easily, sending information via the Internet."
The system's integration capabilities have also enabled the credit union to use Mercury Home Banking tool with great success. With more than 3,000 account reviews in just one month, the Eagle One Home Banking website has been an instant hit with members. King says he is "excited to see this new delivery channel catch on and continue to grow in popularity." And the implementation of the new solution positions Eagle One as a leader in member service for their market.
"We're doing more, offering more and saving members money. And people are taking notice," said King. "Mercury provides the backbone we need to deliver the innovative solutions and outstanding service that set us apart from other institutions."
"Without a doubt, these automated service channels provide the tools we need to effectively serve our members, while enabling our staff to focus on expanding other strategic areas, such as new member loans."
John King
Chief Executive Officer
The credit union also plans to implement Audio Teller, an automated telephone banking solution, to handle much of the high-call volumes their member service staff typically receives for account inquiries. Combined with the Home Banking option, the new Audio Teller solution will help free Eagle One's staff from answering routine questions.
Mercury's advanced reporting functionality is also ideal for the credit union's strategic analysis and status updates. "I love the reporting capabilities Mercury offers," said King. "For our last board meeting, I didn't have to go to another computer or dress things up on the file. Now, I simply use the reports right out of the Mercury system.We feel that Mercury system will help us reach our goals. I have the tools now, and I see the future as being unlimited on how far we can go."
