2014 FMSI Operational Excellence Award Winner - Fort Knox Federal Credit UnionFMSI, a leading workforce optimization solution provider for banks and credit unions, announced today that Fort Knox Federal Credit Union (FKFCU) was the 2014 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.
“It’s our mission to have a positive impact on our member’s lives,” says Ray Springsteen the President/CEO of Fort Knox Federal. “We’re all proud of the value we created for our members through the many different initiatives and programs implemented in 2014.”
Reduction in annual labor expense:
With the help of FMSI’s branch workforce optimization solution, Fort Knox Federal improved its overall branch staffing approach. By receiving detailed traffic forecasts from FMSI, Fort Knox Federal was able to optimally utilize branch staffing. The efficiencies realized from continued implementation of data-driven employee scheduling resulted in $450,000 in branch labor cost savings in 2014. “Special benefits for our members—such as our widely popular platinum card, which paid more than $1.5 million last year—are made possible by our efficiency initiatives,” says Springsteen.
Innovative Employee Career Pathing:
Fort Knox Federal implemented a detailed career pathing program for its employees in 2014, leading to more engaged employees who are less likely to leave the credit union in search for other employment opportunities. The developmental program has been enriching for the staff, especially for the most promising and dedicated employees.
“Promoting from within is an ideal situation for us when management positions open up,” says Springsteen. “Having a defined career pathing program ensures our pool of mid-level employees remains rich with talent.”
Increase in New First Mortgage Loans:
In 2013, Fort Knox Federal disbursed $47 million in first mortgage loans, with only 29% in purchases. The remainder, $33 million, was for refinances, both internally and externally. To facilitate the shift from a refinance market to a purchase market in 2014, Fort Knox Federal initiated new technologies which provided better communication between staff and the borrower during the process. The new technology along with new methods to process mortgage loans significantly increased efficiency. Fort Knox Federal expanded its sales approach which doubled the percentage of dollars disbursed for purchases, compared to 2013. In 2014, Fort Knox Federal disbursed $52 million in first mortgage loans, with 60% in purchases and only $21.5 million in refinances. “Our focus on new first mortgage loans didn’t involve significant changes, and we didn’t take on more risk,” says Springsteen. “Some of the most effective tactics, such as having members of our mortgage loan staff available to real estate agents on Sunday, were easy to implement, and had great payoffs.”
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, including financial institutions all across North America.
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