Feeling Stuck? 5 Case Studies for Growth, Efficiency, and Core Reviews
In the credit union industry, success is a journey we all share—members, credit unions, and even core providers like FLEX. But it's not just about reading advice; real success comes through stories. The following case studies don't just talk about what credit unions like yours could do; they show how it's done. They're proof that success is possible for credit unions.
Case Study #1 - Converting Core Systems to Prime Growth
Dealing with negative efficiency metrics and growth, Kings Peak Credit Union needed to overcome the limits of its then-current core processing system.
- The credit union's systems were converted to FLEX.
- Key integrations included mobile banking, remote control cards, eSignatures, and more.
- The credit union has since grown 33% in assets.
Since their conversion and by embracing features like online account opening and mobile lending, Kings Peak Credit Union has also decreased expenses by 2%.
Case Study #2 - Using Internal Efficiencies to Kick-Start Growth
Buffalo Metropolitan Federal Credit Union needed a new strategic direction--one that would empower a new era of growth without nullifying any progress made by former management.
- Buffalo Metropolitan Credit Union converted its core processing system to FLEX.
- Integrations included home banking, digital bill pay, eStatements, eNotices, and more.
- The credit union also saw the launch of its own branded mobile banking app.
In the years since, Buffalo Metropolitan FCU has grown by over $50 million in assets. They have also grown by 2,500 members and $4.5 million in total net worth, too.
Case Study #3 - Increasing Internal Efficiencies to Triple in Size
Freedom Northwest Credit Union wanted to build upon its existing internal efficiencies to grow what was then $40 million in assets as far as it could go.
- Freedom Northwest has seen an almost unprecedented level of growth since 2010, hitting over $480 million in assets.
- FLEX integrations included online banking, remote deposit capture, automated EOP, ACH origination, cross-selling, and more.
- The goal of the project was to prioritize increasing growth through organizational efficiency gains.
Note that as of 2020, Freedom Northwest was also generating a net income of $61,504 per full-time employee, up from $27,238 prior to the project.
Case Study #4 - A Quest to Improve Operational Processes
Granite Federal Credit Union helped distribute grant money to schoolteachers but recognized the program's inefficiencies in the fall of 2015.
- Switching to FLEX allowed Granite Federal to help streamline the acquisition of classroom supplies, reimbursements, and transparency of fund allocation.
- FLEX integrations included online banking, digital lending, and a unique debit card program.
Electronic debit cards are now automatically issued to teachers, allowing oversight by both school principals and district management.
Case Study #5 - Navigating the Pains of a Core System Review
Railway Credit Union decided to perform a core system review and ultimately signed with FLEX, who they thought would better meet the needs of their staff and members.
- Railway officials believe that every credit union should conduct a core system review before renewing contracts.
- FLEX integrations included online banking, a mobile banking app, and digital lending.
Shortly after their review process, Railway Credit Union knew they had to make a change and decided that FLEX was the right partner at the right time.
Unlock Your Credit Union Success: Contact FLEX Today!
If you'd like to see what your version of a credit union success story could potentially look like, or if you'd just like to talk to someone about your organization's own needs in a bit more detail, please contact FLEX today.