2015 FMSI Operational Excellence Award Winner – Credit Union of New Jersey
FMSI, a leading workforce optimization solution provider for banks and credit unions, announced today that Credit Union of New Jersey (CUNJ) was the 2015 winner of its annual Operational Excellence Award. FMSI's Operational Excellence Award recognizes the “best of the best” amongst its client base, including financial institutions all across North America.
“We have a simple but powerful mission statement, which is to help people improve their financial lives,” says Martin Sofronski, AVP Member Services of CUNJ. “We’re all proud of the value we created for our members through the many different initiatives and programs implemented in 2015.”
Reduction in Annual Labor Expense
With the help of FMSI’s forecasting and staff scheduling solution, CUNJ has taken their labor cost per teller transaction from $1.06 to $0.96—resulting in significant aggregated annualized labor cost savings.
“FMSI’s solution provides us with forecast reporting we need to always have the right number of staff to adequately cover peak traffic times in the branch, along with minimizing an excess number of staff scheduled during downtimes,” says Sofronski.
Additionally, an important factor in their workforce optimization (WFO) strategy was to use FMSI’s sophisticated scheduler to assign meaningful tasks during forecasted lulls in member traffic.
From functional tasks like settling the ATM and scanning checks, to more elaborate activities such as specific team members participating in table days (marketing events) or sales and service training, CUNJ utilizes FMSI’s system to get the most out of its staffing resource.
FMSI SVP of Sales, Matt Hertel presents the 2015 FMSI Operational Excellence Award to CUNJ's President/CEO Andrew Jaeger (left) and AVP, Member Services Martin Sofronski (middle).
Innovative Dedicated Onboarding Branch
CUNJ converted a low volume branch into a location focused heavily on onboarding activities. Providing relief to their busier counterparts at other branches, the employees at this lower volume branch perform all the required outbound calls for the entire institution—as they conduct coordinated day 4, day 30 and day 60 slotted follow-up calls, to each new member.
The program has been a huge success for CUNJ in 2015, contributing to healthy loan growth and surpassing their annual sales goals.
“It’s a major focus for us to be the primary financial institution for our members,” says Sofronski. “Developing the right relationship during the onboarding process is an important piece towards achieving our sales goals, and our onboarding branch has been instrumental in this process.”
Branch Service and Productivity Improvements
Another perennial standing goal, and a distinction they are very proud of at CUNJ, is to provide exceptional service to their members.
Combining this with the higher employee productivity goals, typically associated with dedicated WFO programs, has made them extra sensitive to service levels potentially dipping. However, by tracking member satisfaction though a quality loop score program involving surveying members, CUNJ ensures it is constantly maintaining high service levels every month.
“FMSI presents us with recommended adjusted productivity goals every year allowing us to improve our efficiency while not impacting service,” adds Sofronski. “We follow their advice and have seen exceptional member service results since implementing FMSI’s program.”
While maintaining high levels of service in 2015, CUNJ has also made considerable gains in staff productivity with the help of FMSI’s Omnix Staff Scheduler™. Perhaps a metric that is the most telling of their staff productivity gains is the FMSI provided Excess Waiting for Work Percentage. They have experienced this critical number being cut in half—now resting at an impressive 13.5%. Additionally, their most recent Optimal vs. Actual Staffing figure is a third of what it was when they started working with FMSI.
About the FMSI Operational Excellence Award
Stronger performance and sharper earnings result from effective programs being properly implemented by focused organizations. Through our twenty plus years of working with financial institutions, FMSI has identified key factors that drive an organization’s operational success. A few of those factors include: board and staff engagement, sound fiscal health, sustained program management and, of course, a commitment to excellence. FMSI's Operational Excellence Award recognizes the “best of the best” amongst our client base.
The award is given to the institution that best exhibits the following traits in its tenure as an FMSI client:
- Sizable improvement in quantitative success metrics (productivity enhancements, cost reductions, sales and service improvements, etc.)
- Documented examples of a commitment to excellence
- Innovation in the retail branch environment, such as creative branch hours, employee incentive programs, or implementing cutting edge technology
About Credit Union of New Jersey
CUNJ exists for one purpose—to help people improve their financial lives. Members will have the knowledge and ability to be in control of their financial lives.
More access, more financial options, more savings, and more personalized service than its competitors. With the extra convenience of over 50,000 surcharge-free ATMs, Shared Branching, Mobile Banking, e-Deposit and Online Applications, Credit Union of New Jersey makes it easy to do your banking. But the distinction they are most proud of is their member-centric focus on providing quality service to their members. Learn more at www.cunj.org