Christian Financial Credit Union

Account openings went through the roof at Christian Financial CU (CFCU) after a new dashboard tool triggered fierce sales competition between employees. We had a huge leap in account openings once staff could see how their sales compared to other staff and branches. They now have the instant gratification of knowing they just made a sale, and how it counted toward their sales goals for the day.

– Lauren Vance, VP Strategic Development and Product Delivery
Christian Financial Credit Union

 

Dashboards Boost Sales during Savings Account Campaign

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CUSTOMER

Christian Financial Credit Union (CFCU) began in 1950 as St. Jude’s Parish Credit Union in Detroit,Michigan. As time went on, CFCU continued to grow and in 1998, a merger between SERF Credit Union and Northeast Catholic Credit Union formed CFCU as it is known today. Then in January 2003, CFCU merged with Fr. Murray Federal Credit Union and St. Mark’s Parish Credit Union. CFCU has now grown to over 35,000 members and currently services Macomb, Oakland, Wayne and St. Clair counties in Southeast Michigan.

CFCU is a member-owned, not-for-profit organization that has been helping members and their families since 1950. CFCU members are eligible to take advantage of a wide range of financial products and services, and receive special member-only discounts. In addition to savings and loans,they offer many services such as 24/7 online banking, investments, business services, budget counseling and debt management services.

CFCU’s mission is to provide an environment that delivers high quality products and services that promote convenience, trust and personal service to assist their members in achieving their financial success.

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CHALLENGE

Initially, CFCU manually produced reports by pulling data from various sources into Microsoft Excel spreadsheets and then printing hard copies. The problem with this was the reports often contained outdated data by the time they were printed.

One department this process really affected was the internal auditing department. It was cumbersome for the four-employee department to track all 35,000 members and make sure that all the data was clean and their documentation was in compliance. It was even harder on days when any of them were out of the office because it was difficult for another employee to figure out where they had left off. In addition,the auditing manager found it difficult to monitor each employee’s progress.

The accounting department was also in need of a new way to track their current cash position on a daily basis. The reports they handed out were always a day old.

Another area affected by not having up-to-date data was the sales department. One employee’s full-time job was to manually produce weekly and monthly sales production reports. Like other departments, these reports were out-of-date by the time they reached the sales department

At the beginning of 2009,CFCU began participating in a sales campaign, “Save to Win”, with eight other credit unions. They realized they would need the most updated data to monitor sales, as well as a way to gauge competition within their credit union,and with the other participating credit unions.

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SOLUTION

CFCU was excited to find a new solution that would benefit many of their departments, as well as increase their account openings in the “Save to Win” campaign. After researching solutions to display their critical data, they came across iDashboards. They found that iDashboards could offer them exactly what they needed – near real-time data for their key performance metrics.

In May 2009,CFCU launched iDashboards. They found the implementation process to be very smooth and it took a short amount of time. Their hope was that access to better data would increase productivity by promoting competition.

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RESULTS

CFCU got their wish with iDashboards. The biggest benefit of implementing iDashboards is that they are now able to make better decisions based on real-time data, not week old or even day old data.

In the internal auditing department, iDashboards not only helps them identify incomplete or incorrect data, but it also reminds them to fix the data while tracking each employee’s steps as they clean up the data. This helps so that nothing falls through the cracks. Now they save 25 – 30 hours per week by accessing their metrics and data on dashboards.

With iDashboards, employees in the accounting department at CFCU are now able to see the current cash position and key performance indicators (KPis) such as capital ratio and loan-to-share ratio. The dashboards are very helpful as a planning tool, and by watching the loan and share balances they can see the amount of certificate dollars coming due in the next few months and work proactively to keep those dollars.

One of CFCU’s biggest accomplishments and implementing iDashboards was being able to see the number of account openings increase during the “Save to Win” campaign. They saw sales participation from employees they had never seen participation from in the past. In the first 16 weeks of the campaign, employees opened more than 700 accounts. After launching iDashboards, employees opened nearly 700 accounts in a little over five weeks.

iDashboards delivered instant sales updates to employees allowing them to compare notes with each other and other branches. CFCU firmly believes that competition really drives sales, which is why they saw such a huge rise in account openings. Employees loved the instant gratification of knowing they just made a sale and how it counted towards their sales goal.

Currently, employees can access 80% of the credit union’s key data with iDashboards, which continues to save them huge amounts of time. CFCU will be looking to find ways to incorporate the last 20% of their data into dashboards so they can access all their data in near real-time.