This is an example of a longer case study and was written about a fictional company. It was written as an example of a how a longer case study would look.

Creamy Credit Union Upgrades to Digital Record Keeping Before Deadline while Increasing Customer Base by 30%, Increasing Employee Satisfaction and Saving over .5 Mil Annually

Customer Background:

Creamy Credit Union has been serving members of their close-nit community since 1948, providing checking, savings, loans and various lines of credit. Headquartered in Scappoose, Oregon, Creamy Credit Union (CCU) maintains over 60 full-time employees, is privately owned and is seen as a pillar in the community.

Recently, the Board of Directors was informed by the state credit union association that the credit union could no longer operate if they continued to use the traditional paper record keeping that has been in place since the establishment opened.

CCU was given one year from the date of the notice to comply or they would face sanctions, fines and potentially administrative processes that would have dissolved their business.

The Challenges:

Paper Ledgers were Costing CCU Five Additional Staff Positions Annually

It wasn’t that these employees were not valuable, it was just that these five additional persons were necessary to keep up with the entries for the 20k member base the credit union had at that moment. This accounting department was also responsible for entering the monthly accounting of expenses and income for the credit union itself.  

Tellers Worked Long Hours Weekly to Keep Up with the Transactions

Tellers were working longer hours simply because the transactions were done manually. Processes that weren’t yet automated had to be done individually for each member they serviced at the counter or in the loan department. Those transactions then had to be checked and double checked by more than one staff member before they could be given over to those in the accounting department. Staff members were beginning to suffer burnout and experienced less job satisfaction over all.  

Members were Closing their Accounts Due to Potential Issues Such as Accountability and Accuracy.  

Some members were closing their accounts in increasing numbers. People began to worry about human error creeping into their account transactions, payments to loans being misapplied or missing in general. Some members were concerned about the health of the organization since with manually entries being done on a regular basis, it was easier to fake operating expenses or otherwise “leak” money from the credit union, which would effect the financial backing of each member’s records.

“We’ve tried to reassure our members. We’ve been in this community for generations and have only the best and most honest intentions. We know we needed to go digital, we just didn’t know how,” said Chief Financial Officer, John Doe.

Despite their best intentions, Creamy Credit Union had to come up to speed to save their business!

The Solution:

Quality Management Software (QMS) was recommended to CCU by a colleague of Doe.

“We heard that Quality Management Software would be able to transfer us to digital methods within the time we need and do it for a fair price. We know in this industry, you get what you pay for. Quality Management Systems came highly recommended by another financial firm. QMS helped them save nearly a million dollars when faced with a similar situation. It was a no-brainer to give them a call,” Doe said.

QMS immediately began to analyze the situation, identify gaps that CCU had not yet thought of and was able to provide three of their five solutions to solve CCU’s dilemma. These software solutions included:

  • Quality Accounting Software to be used for the credit union’s monthly accounting expenses.
  • Quality Banking Deluxe to be used for member accounts, account history, transactions, etc… for all of the credit union’s financial products.
  • Quality Compliance Software Guarantee consisting of annual compliance reviews and free software upgrades to the credit union’s software features, including custom development, to keep the credit union in compliance with state and other regulations.  

The Implementation:

QMS presented a carefully laid out plan to the credit union management staff for their approval, noting bench mark goals, financial savings to be had, risks as well as contingency plans. When that was finished, a separate but similar plan was given to the Accounting Department.

After the initial analysis period, QMS dedicated 90% of it’s team to this project. A third party vendor was carefully chosen with the help of QMS to assist with the data entry of their 20k member base, their account information, including histories and other transactions. This data entry was doubled checked by QMS staff, CCU staff and an independent third party verifier.  

These actions were carefully recorded each step of the way for both compliance and legal purposes.

First monthly accounting expenses were entered into the new account software and all new transactions were entered into the system. This got some of the staff comfortable with the software, processes and methods in place.

Next, the new transactions were then entered into place for all new members. All previous members began having their new transactions became entered into the new banking software,  including deposits, the clearing of checks and loan applications. As this was happening, the histories and transactions were both freely available to each member to inspect their own records at any time, while they were being loaded continually into the software.

Members were made aware that the new software also logged the transactions of each employee, as well as the origin of each of the member transactions, and exist for auditing purposes.

About halfway into the process, the staff began feeling excitement and a touch of relief.

Doe said, “The staff began to see how the new system was working and how much time they saved for every transaction. After awhile, they began to feel less stressed during the work day. Eventually we didn’t have to work so many hours and we were able to begin offering flexible part-time hours which made many of our employees happy. Those that wanted to work full-time still could, but didn’t have to work so hard and those that didn’t were able to still retain their employment but have better life-work balance. For the first time in a long time, we began to see light at the end of the tunnel.”

The Results:

In ten months, CCU was able to completely migrate from a manual record keeping process to a digital one. QMS made sure the credit union stayed in compliance at all times, while having third party validation available to promote transparency. The members got involved in the process and word spread about the successful migration.

Their marketing department was able to capture their commitment to member loyalty and their service to the community during this time. More than once, CCU’s efforts went viral. Over the next 12 months after the conversion, the credit union was able to increase their customer base by 30%.

The accounting department staff was reorganized from five down to two. The the other three staff members either accepted part-time work in other positions which they were wanting or retired as they as chose to. With the reduced staff and the ability to offer part-time employment, the credit union was able to save nearly half a million dollars in costs annually.

Because the migration was completed successfully before the deadline, the credit union also avoided costly legal fees, penalties and the threat of being dissolved.

“Along with their deep understanding of financial institutions and regulatory affairs, QMS made sure that we stayed in compliance, offered transparency to our members and financial regulators as necessary and provided expert guidance to all parties involved during the entire migration.  

Now that we have their guarantee in place, we can know that we will be regularly audited with ease compared to past audits. They will also update our software to evolving best practices in the industry as required.  

We can now focus on doing what we’ve always loved to do for our community without being bogged down in the tremendous amount of paperwork.  

The amount of money we’ve saved is astounding. We will definitely be turning to QMS for our software services in the future.” – John Doe, Chief Operating Officer  

Quality Management Software can be reached at 800-555-1212.  

A Sidebar with Summary Points:

Customer Details:

Creamy Credit Union
123 Main Street
Scappoose, OR 97056

800-555-1212

Industry:

Financial Services

Challenges:

  • They were buried in paperwork and had extra staff to handle it.  
  • Staff was overworked.
  • Members began losing confidence in the credit union’s ability to be accurate and transparent.  

Solution:

  • Implemented new accounting software to manage credit union expenses.  
  • Implemented a new banking software that both members and employees interact with seamlessly.
  • Provided a guarantee of yearly compliance and free customized feature upgrades to stay in compliance.  

Results:

  • Quality Management Software completed the project two months ahead of schedule.
  • The accounting department of the credit union received a new accounting system and reduced their staff by over half.  
  • The members were able to see their community pillar come up to speed with technology and increased their confidence.  
  • The credit union was able to increase new enrollments by 30% within the first 12 months after the conversion.  
  • The credit union was able to offer flexible scheduling to their employees, increasing job loyalty.
  • Quality Management Software kept Creamy Credit Union in compliance with all regulations, provided software with a built in auditing trail and trained the staff to use the software. T
  • Creamy Credit Union was able to save nearly half a million dollars in salaries and avoided costly penalties and legal fees.  

Pull-Out Quotes (Optional)

“Along with their deep understanding of financial institutions and regulatory affairs, QMS made sure that we stayed in compliance, offered transparency to our members and financial regulators as necessary and provided expert guidance to all parties involved during the entire migration.  

Now that we have their guarantee in place, we can know that we will be regularly audited with ease compared to past audits. They will also update our software to evolving best practices in the industry as required.  

We can now focus on doing what we’ve always loved to do for our community without being bogged down in the tremendous amount of paperwork.  

The amount of money we’ve saved is astounding. We will definitely be turning to QMS for our software services in the future.”  

John Doe, Chief Operating Officer, Creamy Credit Union


“The staff began to see how the new system was working and how much time they saved for every transaction. After awhile, they began to feel less stressed during the work day. Eventually we didn’t have to work so many hours and we were able to begin offering flexible part-time hours which made many of our employees happy. Those that wanted to work full-time still could, but didn’t have to work so hard and those that didn’t were able to still retain their employment but have better life-work balance. For the first time in a long time, we began to see light at the end of the tunnel.”

John Doe, Chief Operating Officer, Creamy Credit Union


“We heard that Quality Management Software would be able to transfer us to digital methods within the time we need and do it for a fair price. We know in this industry, you get what you pay for. Quality Management Systems came highly recommended by another financial firm. QMS helped them save nearly a million dollars when faced with a similar situation. It was a no-brainer to give them a call.”

John Doe, Chief Operating Officer, Creamy Credit Union


“We’ve tried to reassure our members. We’ve been in this community for generations and have only the best and most honest intentions. We know we needed to go digital, we just didn’t know how.”

John Doe, Chief Operating Officer, Creamy Credit Union