Andera, a Software-as-a-Service company that simplifies account opening and lending for banks and credit unions, announced that Randolph-Brooks Federal Credit Union (RBFCU) of Live Oak, Texas has upgraded to oFlows, the first totally paperless platform for online account opening and lending.
Originally chartered in 1952 to serve personnel at Randolph Air Force Base, RBFCU has expanded to include employees and associates at more than 2,000 select groups and eight community charters in the San Antonio and Austin areas. Now a $5 billion credit union,RBFCU has been offering online products since 1999 when it began giving members access to statements through their computers via NetBranch Online.
In 2008, new members could apply for membership online. Since then, according to Chief Information Officer Mary O'Rourke, RBFCU has worked continually to improve its members' online experience. In 2012, 12,000 accounts were opened online, approximately 17 percent of the total for the year.
According to O'Rourke, offering online services allows the credit union to attract members who are interested in making RBFCU their primary financial institution, and the online member tends to be more profitable.
"About 80 percent of those who join through the online channel also sign up for a checking account right away," O'Rourke said. "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 continued.
Andera CEO Charlie Kroll remarked, "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. Technology makes that possible. It bridges the gap between these consumers' expectations and financial institutions' ability to meet those expectations."
"oFlows allows Randolph Brooks Federal Credit Union to service their members wherever they happen to be and at any time of day or night."