Suncoast Schools Federal Credit Union Adopts SQN Safe Deposit Management System to Improve Operations

CHALLENGE:
Paperless options are a growing trend among financial institutions and are quickly gaining widespread appeal. Many consumers qualify for a loan online before stepping foot into a lender´s office. As this trend continues, lenders and financial institutions will look for new ways to compete with the help of modern technology. Tampa-based Suncoast Schools Federal Credit Union (Suncoast Schools FCU) is adapting to better serve members using a PC-based software application for 5,220 safe deposit boxes and the paperwork necessary to maintain the task. To effectively manage safe deposit boxes in one location and improve security, Suncoast Schools FCU needed a solution to make paper documents accessible electronically without sacrificing the safekeeping of customer information.

SOLUTION:
As the 7th largest credit union in the country, Suncoast Schools FCU chose SQN´s Safe Deposit Management System for safe deposit services.

"Prior to installing SQN technology, we were putting access cards in file boxes and with 5,220 safe deposit boxes between 10 branches obtaining that information took time," said Linda Calhoun, vice president of member services. "All of the paperwork for each safe deposit box resided at the respective branch. Since I am responsible for managing that information, anytime I wanted access to it, I had to have it mailed. Now, I can view it anytime I want and it makes my job a lot easier."

Selecting SQN to provide safe deposit services for members was an easy choice according to Calhoun. After looking at several other companies, Suncoast Schools FCU attended a banking technology conference and carefully reviewed a presentation by SQN´s executives.

"One of our staff members attended a conference and was impressed with the capabilities SQN technology could offer us," said Calhoun. "We looked at a few other companies but SQN was more advanced and very easy to work with."

SQN´s Safe Deposit Management System offers Suncoast Schools FCU the ability to manage the entire safe deposit operation through SQN software. Visitor logs, account status and waiting lists are viewable by staff at any branch location. In addition Suncoast employees are able to verify a members identity with a stored signature, picture, and account information. This increases security and ensures that the person gaining entry into the safe deposit box is the owner.

RESULTS:
SQN technology has helped Suncoast Schools FCU increase security and improve efficiency. The staff has adapted well to the new technology and customers believe that possessions are more secure.

"Members realized the SQN system meant improved security of their personal belongings and they quickly embraced it," said Calhoun. "Our employees noticed immediately how simple it is to use the system, making their job easier."

Suncoast Schools FCU now has the benefit of using a safe deposit management system that saves time and cuts down on errors. "Accessing reports is the biggest advantage for me," said Calhoun. "We have fewer errors on contracts and report access is quicker and more secure."

About SQN Banking Systems
For more than 20 years, SQN Banking Systems has provided integrated fraud detection and process improvement products for the financial industry, meeting the needs of financial institutions of all sizes. The SENTRY suite of products includes software for exception item processing, image fraud detection tools, automated signature comparison, signature verification and display, transaction analysis and safe deposit operations management. More than 500 SQN customers have improved their earnings and reduced check fraud losses by as much as 84 percent with SENTRY. For more information, visit SQN's Web site at www.sqnbankingsystems.com.

About Suncoast Schools FCU
Suncoast Schools Federal Credit Union, chartered in 1934 as Hillsborough County Teachers Credit Union, operates 50 full-service branches and serves more than 455,000 members in the following Florida counties: Levy, Citrus, Sumter, Hernando, Pasco, Hillsborough, Pinellas, Manatee, Hardee, Desoto, Charlotte, Glades, Lee, Hendry and Collier. With assets of more than $6.2 billion, Suncoast Schools FCU is the largest credit union in the state of Florida and the 7th largest in the United States. For more information visit: www.suncoastfcu.org.