ANCHORAGE, Alaska — Denali Alaskan Federal Credit Union is putting a well-established enterprise content management solution to a new use–Check 21 functionality.
The $353 million CU is using the OnBase suite from Hyland Software for branch capture and remote delivery of deposits, a move the credit union said has already saved it $96,000 in a year.
The savings come from lower costs for check encoding and transportation from its 13 branches spread across the vast state. Transportation of checks to the nearest Federal Reserve site had taken up to a week ore more, the credit union said.
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"The old process was laborious, time-consuming, and inefficient–there's no two ways about it," said John Layton, Denali Alaskan's vice president of system operations. "By using OnBase's branch capture module, we have been able to increase our income, which allows 96% of deposits to be available the next morning and experience a 6-month ROI without having to increase our database space or personnel."
The credit union said it plans to expand the implementation to merchant capture, ATM deposits and branch kiosks. A number of credit unions already use the software for such diverse purposes as managing applications, member cards, invoices, and loan files.
"OnBase's architecture allows credit unions to tailor capture functionality to individual business processes across their enterprise," said Jason King, director of financial services for Hyland Software in Cleveland, Ohio.
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