F A L L 2 014 SynergentStrategies Behind the Delivery: Researching the best value-added solutions to meet your members’ needs Synergent has your credit union’s back when it comes to releasing new technology—researched and tested. According to Ben Jordan, Vice President of Technology Services, our model for introduction of new products and services is unique for the industry—our staff learns the new service inside and out before a new offering is released. Jordan explains how we go about the research to create success in delivery of new services. What is Synergent’s approach to researching and developing technology services for credit unions? Jordan: “Researching new technology sounds like a simple review of hardware, software and network infrastructure. The truth is, it’s far from simple. Providing technology as a service requires that our staff research the finer points of technology— like the software development methodology, the vendors used by that software developer and industry trends. These finer points are critical to our approach, but Synergent doesn’t stop there. “Our strategic approach results in a complete understanding of the specific business needs of the credit unions we serve. We examine the problem that needs to be solved, the opportunities that may exist and the efficiencies that can be gained. We review both the current products and services that we offer as well as those that are available from our third-party partners, and investigate new solutions in the marketplace. With this review complete, we bring only the highest value options to our credit union users for consideration.” How does Synergent’s model for third-party research benefit credit unions? Jordan: “Synergent’s approach saves credit unions time and money by bringing the best solutions in the industry to their doorstep for consideration. The credit unions know that these solutions have already been reviewed for the detailed challenges of integration to the full-service offering provided by Synergent. As such, they know that these third-party products will be integrated with fewer challenges and on tighter timelines than could otherwise be expected, a major plus for credit union employees and members alike.” What is different about Synergent’s approach to technology services compared to other vendors? Jordan: “Simply put, Synergent is looking for the best value-driven solution available. Value can be realized in many different ways— price, integration, compatibility and usability are all very important to us. However, we also spend considerable time researching service reputation, longterm support Ben Jordan and the business VP, Technology Services strategy of our partners. This helps us identify the best approach to implementing solutions that stand the test of time and provide the credit unions we serve with innovative yet stable technology. A continuing trend for new signings and renewals is the 10-year contract, with a large majority opting for this long-term agreement. We know that when a contract lasts for such a long period of time, selecting the correct strategy can be as important as selecting the correct solution. What kinds of precautions are taken before releasing a new product or service to credit unions? Jordan: “Many precautions are taken during the due diligence process to find the best product and service. Whether it is a new product never before used by a credit union or a new release of a current product, Synergent takes care to go step by step, researching Continued on page 2 Innovative Data Mining Behind the Delivery Continued from page 1 thoroughly before moving its focus to testing and validation. Integration into other technologies and business processes is critical to ensuring that the new or updated product improves service to members.” How much time and research goes into developing a new product or service? Jordan: “Product and service selection and testing is something that takes significant time, and we gladly invest that time. Additionally, it’s worth it to invest the time and energy when the outcomes are products that work together to seamlessly deliver solutions to members. Not every product or service considered makes the grade, and it is this painstaking process that helps shield credit unions and members from solutions that may not be the best fit.” Synergent makes connecting with credit union members exciting with a plethora of member data available in core processing to take advantage of. For example, your next campaign can target specific demographic regions, zip codes, age ranges, membership status, current products and services, etc. When sifted through and boiled down into smaller categories, these pieces of information give you the opportunity to market products and services to a targeted group of people. “But now there is an additional way to data-mine deeper. ACH transactions, or Automatic Clearing House transactions are a relatively new way to pull data for direct marketing campaigns,” said John Laverriere, Senior Programmer/Analyst. “Transactions like an automatically withdrawn loan payment can be tracked,” he said. “This means we can now determine when members have automatic transactions to pay car dealers, banks, or mortgage brokers.” Through target marketing, member data enables you to offer to your members additional products and services—like an opportunity to refinance with your credit union for a better rate. “Through the many layers of complex data, the end product is a list of names and addresses,” explained Sally Witham, Synergent Data Mining Specialist. “If a data pool is too large for a mailing list, the data can be further refined by adding additional criteria.” To bring your credit union to the next level, Witham suggests using this type of data mining to better understand members. It creates an opportunity to “make a plan and execute campaigns on a quarterly or annual basis by modifying search criteria to certain types of ACH transactions,” she said. Synergent has a high regard for member’s privacy, so this detailed data can be withheld from messaging. Members will not be mailed or emailed when they’ve asked not to be, and targeting techniques allow credit unions to identify members they prefer to not target. Contact Direct Marketing Services at MarketingService@synergentcorp.com to discuss a fall loan promotion and see how you can leverage member data for your next marketing investment. Training Tailored for Your Credit Union Having a staff that is confident in their use of Episys is important not only in achieving efficiency, but also in increasing member relations. At Synergent, we offer a variety of convenient and concise webinars that enable you to get the information you need to keep up with today’s changing technology, and then get on with your day. For more complex topics, our instructor-led hands-on sessions conducted at the Credit Union Service Center enable your staff to learn by doing. “Our sessions are succinct and to the point. Credit unions can be assured that we’ll deliver the important content clearly and concisely and not waste their time,” said Kathy Newman, Education and Communications Coordinator at Synergent. A new benefit of the webinars offered by Technology Services is that they are recorded. As long as you have registered for the webinar, you will receive a link to the replay of the webinar that can then be shared with anyone in your credit union— with an unlimited number of views. From these dynamic training sessions, credit union staff can expect to learn new skills that can be put to use immediately. Newman added, “It is always gratifying to know that our training sessions are making a difference to credit unions and helping them in their day-to-day activities.” 2 Synergent Expands for Future Growth The new additional Operations Center has been designed and constructed to serve as an expandable base of operations for our growing organization to support our current staffing and recovery site needs. The Data Center at a second location in Maine will initially serve as a recovery site for the systems for our Westbrook Data Center and as providing ground for new data center technology. The infrastructure is built to support full activation of all Synergent systems in a disaster, and the Data Center itself is designed for future expansion and the ability to become a live production site when needed. ADDITIONAL OPERATIONS CENTER WHY OUR GROWTH IMPACTS YOUR GROWTH CONTINUITY SECURITY Our two operational centers will work together but are independent of each other. Your business, data and members are more secure with our new dual operations business model. CAPABILITY DIVERSITY All Synergent products and services will have increased capability with failover to the second site. We will diversify our staff to have two fully functioning and fully staffed operational centers. EMV Chip Card Update Synergent Card Services’ debit card processor and business partner, Fiserv, and our plastics provider, Shoreline Business Solutions, Inc. recently began the process of certifying our first beta Visa debit credit union. Concurrently, Fiserv began discussions with Visa about this initial pilot issuer. As this initial certification is being conducted, we will be building a queue of implementations in order to develop a rollout schedule. We are hopeful that subsequent certifications behind this initial project will be much quicker than the initially anticipated 6-9 month time period, and our staff will know more as this process moves forward. Synergent Card Services is moving ahead with a simplified, compliant strategy that the majority of debit card issuers are choosing to go with for initial EMV Chip Card implementation: • Payment Method – Contact • Card Authentication – Online • Cardholder Verification – Signature/Online PIN, NO CVM • Transaction Authorization – Online Synergent’s Technology Services will be hosting its 2014 Technology Workshop in December. The workshop will be held December 2 in Marlborough, MA, and December 3 in Bangor, ME. The theme “Waves of Change, Oceans of Opportunity” reflects the exciting prospects for technology on the horizon and what it means to credit unions of all sizes. Watch for more information. Industry-wide this simplified, standard approach is being taken to get EMV Chip technology in place as quickly as possible for security benefits/ compliance protection with the resources available. For EMV proposal information, please contact Sherry Cavallaro, Card Services Manager, at scavallaro@ synergentcorp.com. 3 News Briefs Mobile Deposit Capture Welcome to Our New Credit Union Partners Synergent has partnered with Ensenta to offer a mobile deposit capture product that is integrated into Access Softek mobile banking. This solution provides real-time posting via a Shared Branching transaction, allowing funds to be deposited immediately! Meridia Community CU, a 6,419 member, $55,320,546 (in assets) credit union, located in Hamburg and Eden, New York, successfully completed their conversion to the Symitar Episys Core Processing Solution, Synergent Electronic Check Collection and Share Draft Processing Services, and ATM/Debit Card Processing. The credit union also implemented Access Softek Mobile Banking, Jwaala Better Online Banking, Opening Act and Statement Processing. Shared Branching Multi-Channel Direct Marketing Services Heritage Valley FCU Synergent has provided our credit union partners with Shared Branching for over a decade. Make sure your members know all the different ways to find a shared branch near them or as they travel. • Online: http://co-opcreditunions.org/ locator/ • Call 1-888-SITE-CO-OP (888-748-3266) to find a location by telephone • Live help: 888-837-6500 for live personal assistance Access Softek Mobile Banking Southcoast Health System FCU Jwaala Better Online Banking Mobile Deposit Capture Acadia FCU Southcoast Health System FCU Coast Line CU One CU Maine Education CU New Dimensions FCU We are also proud to announce the following 10-year renewal agreements of our Episys core processing users. Casco FCU Coast Line CU