Case Study: Service 1st Federal Credit Union Achieves Outstanding Growth with WRG

“WRG solved our digital banking challenges. WRG’s solution checked the boxes for services we were looking to offer to our dynamic membership.”

-Jay Reed, CIO

BACKGROUND

Service 1st Federal Credit Union has over $376 million in assets and serves over 33,000 members. Founded in 1975 by employees of Geisinger Medical Center in the small town of Danville, Pennsylvania, Service 1st now meets the needs of eligible members from over 1,500 select employee groups and several underserved areas within the footprint of its 11 branch locations.

CHALLENGES
  • Limited Growth Opportunities: Based in the rural central Pennsylvania town of Danville (population 4,699), Service 1st has few opportunities for organic growth. Management recognized the Credit Union needed to expand its range of convenient remote banking options to flourish and prosper.
  • Lean Operations: Prior to signing with WRG, Service 1st had assets of $125 million and it was essential to squeeze the most it could out of every dollar. That meant providing its members with the best available remote banking services in the most efficient, cost-effective way possible.
  • Underachieving Digital Banking System: Service 1st was shackled to a limited, dated home banking system that no longer met its members’ evolving needs. To match its members’ high expectations, the Credit Union needed to upgrade to the best digital banking solution available in the market.
THE SOLUTION

Service 1st considered several leading digital banking providers before selecting WRG’s Symmetry eBanking solution. The Credit Union chose WRG based on the CUSO’s outstanding service, exceptional value, and compelling product design.

“WRG solved our digital banking challenges,” says Jay Reed, Chief Information Officer at Service 1st. “WRG’s solution checked the boxes for services we were looking to offer to our dynamic membership.”

Today, WRG hosts Service 1st ‘s comprehensive suite of mobile and online banking services, including integrated remote deposit capture, bill pay, and person-to-person (P2P) payments.

THE RESULTS
  • Outstanding Growth: Since beginning its partnership with WRG, Service 1st has tripled its asset size and nearly doubled its membership. Service 1st is now the largest credit union in Pennsylvania not headquartered in a metropolitan area.

“I don’t see any way we could have grown from $125 million in assets to nearly $400 million in 10 years in rural Pennsylvania without having a phenomenal online and mobile product.” –Jay Reed, CIO

  • Improved Operational Efficiency: With WRG, Service 1st has streamlined its operations and provided its members with the leading online and mobile banking solution at an outstanding value.

“We interviewed several other leading digital banking providers. We couldn’t get anywhere near the economies of scale that we’re getting with WRG. The next closest competitor we considered was almost double the cost.”

  • Exceptional Member Experiences: Since deploying WRG’s mobile banking solution, members have touted the improvement in convenience, ease of use, and overall experience.

“The adoption from our membership was quick, and we continuously receive rave reviews of our mobile app on our member surveys. We receive comments like, ‘I love your app. I’m also a big bank customer, and the design, feel, and convenience of your app is way above theirs.”

  • Increased Member Usage: Since implementing the WRG mobile banking solution, member adoption and usage has grown tremendously. Today, the Credit Union has over 10,000 active mobile banking users, and 18,800 registered eStatement users.

“Sixty-five percent of our membership uses eStatements. Within a very rural and matured population, that’s a pretty exciting number.”

  • Managed, Efficient Growth: With the help of WRG’s easy-to-use services and management tools, Service 1st has grown efficiently while maintaining lower expense ratios and without increasing IT resources.

“We started off having our mobile and online banking servers on premises and doing everything ourselves. We have since outsourced to WRG’s hosted environment and kept our IT staffing levels the same today as they were at the $125 million asset mark.”

  • A True Partnership: For Service 1st, WRG is not just another vendor. WRG’s account managers and customer success representatives are focused on fostering long-term relationships based on meeting their clients’ needs and expectations.

“With WRG, it’s just a great feeling of partnership. We have a small handful of vendor relationships in our entire organization where we truly feel that connection.”


Case Study: Service 1st Federal Credit Union Achieves Outstanding Growth with WRG | PDF Document