| By Jim Bruene on May 11, 2005 12:00 PM | Comments (0) |
Few innovations of the past five years can top Pennsylvania State Employees Credit Union's (PSECU) Upost@Home service. Launched in late 2001, the service allows qualified members to enter deposit items online for instant credit to their account. Members then send the paper items to the CU through the mail for reconciliation.
The service was named an OBR Best of the Web winner in 2003 and earned the #23 spot on the OBR list of the Top 25 Innovations of All Time (see OBR 103).
Now the service is being marketed to other financial companies through PSECU's CUSO affiliate, eCU Technologies. The service is already in place at Southland Civic Credit Union and Deere and Company Credit Union.
As part of the marketing effort, eCU has released updated metrics on the usage at PSECU and the estimated cost savings:
Total deposit sessions: 700,000
Total deposit dollars: $300 million
Deposits per session: $430
Total losses: $13,000
Losses as a percent of deposits: 0.4 basis points (0.00004)
Losses per deposit session: $0.02
Savings per deposit session (vs. teller or ATM): $1.14
Total program savings: $800,000
Action Item
Specific results from three credit unions along with program details will be discussed at a free Webinar May 23. We urge you to attend.
--JB
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