Business Excellence Awards
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By Emily Greenhalgh
PBN Web Editor
PROVIDENCE – Randolph-Brooks Federal Credit Union has selected the oFlows platform from Providence-based Andera Inc., a financial software company that simplifies account opening and lending for banks and credit unions, for account opening and lending.
Founded in 1952, the Live Oak, Texas-based credit union has been offering online products since 1999 when it allowed members to access statements through their computers at NetBranch Online.
Since 2008, when interested people could apply for membership online, Mary O’Rourke, the bank’s chief information officer has “worked continually to improve its members online experience,” said an Andera release. In 2012, 12,000 accounts were opened online, roughly 17 percent of the year’s total.
“About 80 percent of those who join through the online channel also sign up for a checking account right away,” O’Rourke said in prepared remarks. “Members who join online are 49 percent more profitable than those who enroll through traditional means. They maintain a higher loan-to-share ratio of 467 percent versus the 120 percent of traditional enrollees.”
“In addition, members who join online almost always use our eStatements. Industry estimates show that electronic statements save the institution $2 per account per month. That’s real money, and it means that online-oriented members are worth more just from a cost-savings perspective,” she added.
According to Andera CEO Charlie Kroll: “Consumers want to begin their banking and credit union relationships with the same ease and convenience that they experience when buying goods and services in stores and on line,” he said in a statement. “Technology makes that possible. It bridges the gap between these consumers’ expectations and financial institutions’ ability to meet those expectations.”