IBM Banking Centers Deliver Fast Cash, Services to Michigan First Members
LATHRUP VILLAGE, MI - 15 Sep 2006: Michigan First Credit Union has selected IBM (NYSE: IBM) to provide “electronic-banking” centers that allow its members to do their banking in a faster, more convenient way.
Working with the IBM Global Technology Services team, Michigan First’s MoneyWorks Banking Centers combine many of the attributes of traditional branch banking with the ease of use and conveniences of online banking. While similar in appearance to ATMs, the MWBCs are state-of-the-art units that provide most of the services offered by a teller such as cashing checks to the penny, making loan payments, getting receipts, transferring funds between accounts, getting printed copies of statements, and making deposits with checks, cash or coin. All transactions are posted to accounts immediately. The banking centers can also be used by people who are not members of Michigan First for regular ATM services.
“Our MoneyWorks Banking Centers are the first thing you see when you walk into our branches,” said Michigan First Credit Union President & CEO Michael D. Poulos. “Our members have taken to using the banking centers over waiting in line for a teller for a large number of their transactions.”
Michigan First Credit Union
Poulos says that members who require assistance from a teller can wait an average of seven to 10 minutes, while members using the Credit Union’s MWBCs spend about three minutes completing their transactions -- which are about a third of the time. This enables tellers to spend quality time with members who require additional assistance.
Michigan First currently serves 73,000 members that include employees, students and retirees of numerous school districts, universities and colleges, and other educational groups in the Detroit metropolitan area. According to Poulos, the Credit Union has added over 800,000 additional households to its potential membership with its recent addition of a community charter.
As Michigan First continues to grow its membership, providing cutting-edge technologies like the banking centers will help attract new members without having to substantially increase its workforce.
Currently, Michigan First has nine banking centers in its branches, with two more on order for one of its Detroit branches. According to the Credit Union, the MWBCs average 25,000 transactions per month or 300,000 transactions per year.
IBM worked with Wincor Nixdorf to customize the advanced ATM technology used in the MoneyWorks Banking Centers. IBM coordinated the integration of these units into the Michigan First environment by building and customizing them to meet the Credit Union’s requirements before being shipped. Upon arrival, the units are sent to a central location and deployed to the designated Michigan First location for installation and integration into the Michigan First network.
“Michigan First Credit Union’s implementation of the IBM/Wincor Nixdorf solution to enhance their members’ banking experience with their MoneyWork’s Banking Centers is an excellent example of using technology to improve the customer banking experience, and allow members to manage their transactions at their own pace,” said Valinda Scarbro Kennedy, IBM Global Services Sales Executive.
About Michigan First Credit Union:
In 1926, nine teachers from a Sociology class at Detroit Teachers College formed the organizations known as Detroit Teachers Credit Union. In 2000, the Credit Union changed its name to Michigan First Credit Union to reflect changes in the Credit Union’s membership. As a not-for-profit financial cooperative, Michigan First recognizes its valued members as owners. Their mission is to “Be the only financial institution to our members.” For more information about Michigan First Credit Union, please visit www.michiganfirst.com
For more information about IBM, please visit www.ibm.com
For more information about Wincor, please visit www.wincor-nixdorf.com
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