First South Credit Union announced it has selected Open Solutions' COWWW Software e-Statement solution to modernize its document-intensive processes and enhance online member services.
COWWW Software, a business unit of Open Solutions Inc., provides information archive and delivery systems for financial institutions. Open Solutions is a leading provider of integrated, enterprise-wide data processing technologies for banks and credit unions throughout the United States, Canada and other international markets.
Based in Bartlett, Tenn., First South Credit Union has 13 branches, more than 50,000 members and approximately $317 million in assets. Following an extensive evaluation of other solutions, First South credits the ability to enhance its Internet banking program, increase member retention and reduce incoming calls with the statement platform as key reasons for its selection of this solution.
"During the initial review process of e-Statement, it was obvious that Open Solutions was much more sophisticated than our previous solution, or any others we were considering," said Tammy Craig, SVP of information services, First South Credit Union. "We were really impressed with the overall Web presentation, ease of navigation and design aesthetics of the platform. Because of the thoughtful design and usability of the system, we are now able to place our newsletter within the e-Statements. This is a new service that we weren't able to offer in the past. With one simple click, our members will be able to read the newsletter, view draft images and checks all on one page."
Craig continued, "Approximately 10 percent of our members are using e-Statements. With the improved design and ease of use, we're hoping to grow that number - and more importantly - attract the attention of younger members who want online banking capabilities."
"At Open Solutions, we're dedicated to providing financial institutions like First South Credit Union with the applications they need to better leverage their document management and Web services to provide their members with convenient services and valuable product offerings," said Louis Hernandez, Jr., Open Solutions' chairman and CEO. "Enhancing online banking services is an advantage credit unions need to remain competitive in today's Internet savvy society. We're building technology solutions, including this Web-based solution, to help financial institutions effectively implement strategies focused on increasing perceived member value. We are delighted First South Credit Union selected e-Statements. Our product provides credit unions with an online banking tool esteemed by members for its ease-of-use."