For 2018, CU*Answers Imaging Solutions in partnership with My Virtual Strongbox and eDOC Innovations are running three exciting contests. Winners will be announced the first week of October 2018, but you can follow along on this page. Each month, the top 5 contestants will be updated below.
This is a year long marathon, it’s not a sprint!
It’s not too late to get started! You don’t have to sign up for the contests, you only need to use the products.
- Contest period for all 3 contests: 10/01/2017 – 09/30/2018
- Entry to all 3 contests is automatic if you meet the criteria.
- Results will be posted online each month showing the top 5 in the lead for each contest
Here are the 3 Contests
- Race to be the First Place eCloser!
- The credit union with the most documented electronic loan closings during the contest period wins $10,000.
- eSignature Explosion
- The credit union with the most documents delivered via eSignature* during the contest period wins $1,000.
- My Virtual StrongBox Dash for Cash
- The credit union with the most new member registrations (as a percentage) during the contest period wins $1,000.
This month, I thought I’d take a second and share some thoughts on timing. Maybe you find yourself asking, “Why does it take two to three weeks to get last month’s contest results posted? We’re almost on to the next month!” Understand, sure seems like we could be more responsive eh? Well here’s some insight.
First, we need eDOC and VSB to compile numbers from their databases to show what activity took place for the month. VSB pretty straightforward simple month over month. eDOC numbers for eSigning, have to move on to Asterisk Intelligence where they query CU*BASE for closed loans for the month. Next, they melt the two results to learn of percentages of closed loans versus eSign loans. Remember that’s just one contest, they also need to get from Accounting the number of members for each CU in the contest, for the eDOCSignature explosion contest for total documents signed per member. That happens after billing which occurs on or about mid-month. With that in hand they can finally run the calculations to provide final results. Based on those I can write my take on them, and off to Web Services for posting! Whew! So, some insight on timing in case you were wondering. On to the results!
Top 5 for Online Vaults as of 9/30/2018
| Rank | CUID | CU Name | Total eClosings | Percent of All New Loans |
|---|---|---|---|---|
| 1 | 80 | Auto-Owners Associates Credit Union | 356 | 100.00% |
| 2 | 288 | Academic Federal Credit Union | 104 | 82.54% |
| 3 | 790 | Catholic United Financial Credit Union | 238 | 70.00% |
| 4 | 287 | Materion Federal Credit Union | 235 | 37.96% |
| 5 | 3925 | Cal Poly Federal Credit Union | 98 | 36.30% |
Download Full List of Contest Standings
Top 5 for In House Vaults as of 9/30/2018
| Rank | CUID | CU Name | Total eClosings | Percent of All New Loans |
|---|---|---|---|---|
| 1 | 3820 | MUNA FCU | 1301 | 87.26% |
| 2 | 272 | DOLFCU | 862 | 75.22% |
| 3 | 173 | New Horizons Credit Union | 517 | 45.96% |
| 4 | 236 | Bridge CU | 671 | 41.39% |
| 5 | 112 | Frankenmuth Credit Union | 4507 | 37.72% |
Download Full List of Contest Standings
John’s Take On The Standings
The winner in the online contest has been pretty apparent for some time. Auto Owners Credit Union has rocked out 100% of their loans via eClosing for the ENTIRE length of the contest. Congratulations on your eCulture and your 1st place status and prize money of $10,000!!
In our inHouse contest this winner hasn’t completed 100% but they did do nearly 90%!! MUNA Federal Credit Union takes the checkered flag in this race and is our 1st place eCloser in the inHouse contest winning $10,000!!
Congratulations both and congratulations to all who worked hard and participated and gave it an honest effort. Collectively you brought a lot of convenience to members, got business done remotely and learned to be better internet retailers! Good Job!
CEO’s what are you doing to drive an eClosing culture? Are you learning to earn electronically? Not sure where to begin? Contact John Beauchamp on our Imaging Solutions team so he can help you.
Prize
Two prizes awarded.
- $10,000 for credit unions using an online imaging solution
- $10,000 for credit unions using an inhouse imaging solution.
Eligibility
Must use:
- eDOCSignature Remote Signature Capture Solution
- CU*BASE
How we determine the winner
CU*Answers will count the total number of loan note documents* eSigned by your credit union each month. In partnership with Asterisk Intelligence, we then calculate the percentage of eSigned documents versus booked loans for the month. Then, we average all of the months to arrive at your final average for all 12 contest months. The credit union with the highest average is the winner. In the event of a tie, we will conduct a random drawing between the tied credit unions.
Official Contest Rules & Information
Don’t have eDOCSignature Remote Signature Capture? Order it Online
Sign up for eDOCSignature Remote Signature Capture Conversion Today!
* If you wish to see which forms we are including as loan note documents for your credit union, email: imaging@cuanswers.com and we will provide you the list for your CU. We can make adjustments if there are errors or omissions. If you add new loan notes be sure to notify us to have them included in the results.
Top 5 for Online Vaults as of 9/30/2018
| Rank | CUID | CU Name | Total Documents | Documents per 1,000 Members |
|---|---|---|---|---|
| 1 | 3821 | Alabama Law Enforcement Credit Union | 2383 | 109.82 |
| 2 | 213 | Element Federal Credit Union | 3288 | 61.83 |
| 3 | 287 | Materion Federal Credit Union | 1380 | 57.92 |
| 4 | 3922 | South Bay Credit Union | 3959 | 44.08 |
| 5 | 640 | Grand Trunk BC EFCU | 916 | 24.05 |
Download Full List of Contest Standings
Top 5 for In House Vaults as of 9/30/2018
| Rank | CUID | CU Name | Total Documents | Documents per 1,000 Members |
|---|---|---|---|---|
| 1 | 112 | Frankenmuth Credit Union | 36639 | 68.11 |
| 2 | 3820 | MUNA FCU | 4571 | 63.70 |
| 3 | 173 | New Horizons Credit Union | 3706 | 60.98 |
| 4 | 272 | DOLFCU | 4384 | 51.25 |
| 5 | 3807 | Jefferson Credit Union | 3841 | 41.92 |
Download Full List of Contest Standings
John’s Take On The Standings
Alabama Law Enforcement took the prize in our Online eSignature Explosion contest. They were nearly double their nearest competitor when it came to interacting with members via eSign! They interacted at a rate of 109 documents per 1000 members average. It is therefore, my pleasure to congratulate them and award them a $1000 prize!
As for our inHouse eSignature explosion contest, WOW what a nail biter! MUNA FCU owned this contest for most of the year, but Frankenmuth credit union came out of nowhere and made it a contest in the last 3 months! It was Frankenmuth and MUNA neck and neck to the finish! Ultimately though Frankenmuth won! Therefore, it is with great pleasure we award $1000 to Frankenmuth Credit Union as the winner!
Think about that paper how can you interact with your members electronically? If you’re not using our Enhanced Online vault may be time to consider it. Start sending that fillable PDF for eSign. Great time to get using Virtual Signing Rooms in online banking and eDOCSignature packages! You should be questioning each piece of paper going to members and ask how you can make it more convenient.
Prize
Two prizes awarded.
- $1,000 for credit unions using an online imaging solution
- $1,000 for credit unions using an inhouse imaging solution.
Eligibility
Must use:
- eDOCSignature Remote Signature Capture Solution
- CU*BASE
How we determine the winner
CU*Answers will count the total number of documents eSigned by your credit union each month. We then calculate the percentage of eSigned documents per member* based on the membership size of your credit union for the month. We then average all of the months to arrive at your final average for all 12 contest months. The credit union with the highest average is the winner. In the event of a tie, we will conduct a random drawing between the tied credit unions.
* Number of members as determined by CU*Answers accounting for billing purposes.
Official Contest Rules & Information
Don’t have eDOCSignature Remote Signature Capture? Order it Online
Sign up for eDOCSignature Remote Signature Capture Conversion Today!
Top 5 as of 9/30/2018
| Rank | CUID | CU Name | Product Penetration | Net Change | |
|---|---|---|---|---|---|
| Starting(9/30) | Current | ||||
| 1 | 164 | 1st Street Credit Union | 1.98% | 5.76% | 3.78% |
| 2 | 200 | Honor CU | 0.43% | 3.06% | 2.64% |
| 3 | 153 | First United CU | 3.39% | 5.30% | 1.91% |
| 4 | 142 | Sioux Empire Federal CU | 1.44% | 2.95% | 1.51% |
| 5 | 117 | Madison Credit Union | 0.27% | 1.61% | 1.34% |
Download Full List of Contest Standings
John’s Take On The Standings
1st Street credit union is the news here! They were a bit late to show but show they did! All the way to 1st place and they took the prize! They will receive $1000 in our Virtual Strongbox Dash for Cash contest! Good Job!
Again, congratulations to all who participated, keep pushing to bring these valuable services to your members and learning to earn on all of your eServices! Even if you didn’t win the prize money, if you learned to be better at delivering these services you won and more importantly your members won! If you never gave it a thought, you should. Take a bit of time and think about how you’re using services like these to bring convenience to your members and earn. Congratulations again to all our winners!!
Prize
$1,000
Eligibility
- Must use My Virtual StrongBox
How we determine the winner
CU*Answers will tally the number of new member registrations as a percentage during the contest period. The credit union with the most new registrations is the winner. This is calculated as a percentage of your total membership – (# of My Virtual StrongBox Users)/# of members= X%. The credit union with the greatest percent change is the winner! In the event of a tie, we will conduct a random drawing between the tied credit unions.
Official Contest Rules & Information
Learn more about My Virtual StrongBox
Don’t have My Virtual StrongBox? Turn it on for Free
Have Questions?
Vice President of Imaging Solutions
800.327.3478 or 616-285-5711 x228
jbeauchamp@cuanswers.com
