CHALLENGES

Vernon Hills, Ill. - based Baxter Credit Union ($2.5 billion in assets) sought to enhance its overall profitability framework, including a comprehensive Funds Transfer Pricing system and the ability to efficiently manage its cost allocations process. Additionally the credit union needed to streamline reports production and distribution so that credit union managers could receive better and more timely information to assist in their decision making. Baxter Credit Union also desired a partner that not only offered software solutions, but one with the ability share best practices for profitability measurement and analytics to help the credit union achieve its strategic goals.

SOLUTIONS

After a rigorous RFP process, Baxter Credit Union selected Axiom Software for its intuitive and robust solution offering, a single unified platform for FTP, Profitability Management, and Reporting & Analytics. The credit union found Syntellis' Axiom Software was best equipped to automate branch reporting, which solved the credit union’s lengthy and time consuming reporting process. Additionally, the software provides Baxter Credit Union with the flexibility to configure the rules and calculations needed for an end-to-end profitability solution, while providing industry best practices and expertise from leaders each with decades of practical expertise in financial services.

RESULTS

Increased efficiencies in branch reporting through automation

With a branch network consisting of 45 locations, Baxter Credit Union selected Axiom’s performance reporting solution to reduce report processing and distribution times. Prior to using Axiom Software, the credit union manually pulled data on a monthly basis and outsourced it to its vendor, a process that could take up to five days. Once the processed data returned to Baxter Credit Union, the reporting results were delivered to the branch managers in a large, mass-emailed pdf file. This process left little time between reporting deadlines and inhibited information sharing and reports with branch managers. As a result of implementing Axiom Software, Baxter Credit Union now can process its monthly reports in an afternoon and automate the population of data into branch-specific reports. Branch managers welcome the individualized reports, finding them much more useful and easier to understand than previous reporting. Additionally, branch managers can view their reports via a pdf file accessible on both desktop and mobile devices.

“With our growth over the years, it became increasingly important for us to streamline our reporting process, said Jeff Truitt, Profitability Analyst at Baxter Credit Union. “Since the implementation of Axiom’s reporting solution, the processing times have dramatically reduced. We are now able to take a process that previously took a week and complete it in an afternoon. Also, our branch managers find the new format of their reports much easier to read and understand than before.”

In-depth access into profitability and FTP best practices and expertise

During the RFP process, Baxter Credit Union specifically sought a vendor partner that would provide industry insight and expertise into how to best measure and report on profitability and funds transfer pricing. Prior to Axiom Software, the credit union relied on an outsourced vendor to make adjustments to calculations and to add reports, causing an additional burden on the already time-strapped team. Baxter Credit Union found Axiom Software’s team deeply knowledgeable on both the needed solutions and the specific and nuanced requirements faced by financial institutions.

“The Axiom team is very knowledgeable in their field and product,” said Truitt. “They offer a great deal of industry knowledge, especially around FTP. We can see the Axiom Software FTP tool is more sophisticated and robust than those of competitors, but its user-friendly design is great for my team. As we are a structurally complex credit union serving a variety of organizations and their employees, we are continuously analyzing our profitability on a branch and product level through this solution.”

Greater visibility in cost allocations rules and calculations process

Prior to its implementation of Axiom Software, Baxter Credit Union lacked the transparency needed to truly understand its cost allocations calculations. As an example, the outsourcing processes created a lapse of understanding for the credit union as to how the manually gathered raw data was transformed into the results reflected in reports. This became problematic for Baxter Credit Union’s staff, especially when changes to the calculations needed to be made. This required a time-consuming process in which Baxter Credit Union had to explain to its vendor what changes needed to be made, how to make them, and finally how to verify and ensure that the vendor’s changes reflected what had been requested.

“Our previous system simply calculated our cost allocations and provided us with the result,” said Truitt. “This was problematic as we didn’t have the visibility we needed to understand how the data was being evaluated. As a result of implementing Axiom Software’s solution, we gained the ability to internally manage the funds transfer pricing and cost allocations processes. Having the ability to internally own these processes grants us enhanced visibility into the calculations and alleviates any confusion that may arise around reporting results.”

Customer Support

In addition to providing insightful knowledge around the product line and industry, Baxter Credit Union attributes the smooth implementation to the knowledge and experience of the Axiom Software team. “Working with Axiom Software is like night and day from our last system,” said Truitt. “The support we have gained from all-levels is incredible. Support team members are always a pleasure to speak with, and they are extremely knowledgeable. This level of service really makes a difference.”