Medisys Employees Federal Credit Union
Medisys Employees Federal Credit Union (EFCU) serves approximately 3,400 members employed under the Medisys Health Network. Located in Jamaica Hospital in Jamaica (Queens), NY, with an additional branch at Flushing Hospital, the Credit Union currently holds approximately $34 million in assets and has been in operation for over 50 years.
Like many credit unions, Medisys EFCU was not an early adopter of new technology. Prior to 2018, the Credit Union completed 100% of its loans in-person with wet signatures on paper documents.
The branches are located in the hospitals and provide easy access to their members. However, serving primarily healthcare professionals can be difficult due to their hectic schedules, as many members often struggle to find time to come into the branch during business hours.
Though the hospital is open 24/7, the Credit Union is not, leaving some members working certain shifts at a disadvantage. Many members also have co-borrowers associated with their loans that might not work at the hospital or be local to the area, making the process even more challenging to coordinate.
When stepping into the CEO role in January 2018, Karilyn Neumann understood the need for more operational flexibility to serve Medisys EFCU’s members better. Her mission was to modernize the Credit Union by using technology that is proven to be effective in serving members’ needs.
She also understood that the Credit Union needed to introduce new experiences that appeal to the younger generation of healthcare workers entering the workforce. eSignatures presented a simple yet effective solution that Medisys EFCU could easily offer to meet the needs of its members.
Neumann considered partnering with a generic eSignature product but her core provider, Fiserv OnCU, recommended IMM eSign, the solution tailored specifically for financial institutions. She quickly learned that the IMM team was knowledgeable about the financial services space and easy to work with, making the ultimate decision easy. Medisys EFCU partnered with IMM in 2018 and deployed its flagship platform, IMM eSign.
Neumann immediately saw the technology’s benefits, describing the solution as a “game-changer.” Through IMM eSign, Medisys EFCU introduced a new channel for members to receive and sign documents electronically, eliminating the bottlenecks that customarily delayed the loan process.
Taking advantage of IMM eSign’s flexibility and multiple functionalities, the Credit Union could reach members whenever and wherever was most convenient for them. This flexibility helped streamline operations and was invaluable to busy healthcare workers with limited free time by eliminating the need to visit the branch for each step of the process. Neumann noted that IMM eSign alleviated the pressure that many working healthcare professionals feel when signing a loan. eSign gave members the time to thoroughly review documents at their convenience rather than quickly signing because they were in a rush. The solution resulted in a more user friendly and comprehensive lending experience.
While the lending department benefits from IMM eSign, everyone within the organization leverages the solution. Neumann continued by saying that both member services and lending use IMM eSign an equal amount. “Some days, member services actually use it more,” she said. With IMM eSign, Medisys EFCU can serve more members in less time, keeping both the employees and members satisfied.
During the pandemic, Medisys EFCU was able to process all member-facing documents with IMM eSign, allowing the financial institution to continue serving its members successfully without skipping a beat. Neumann explained, “we bend over backward to help our members, and this (solution) is just another facet of that.”
Medisys EFCU continues to reap the benefits of IMM eSign today. As of November 2022, 33% of loans were completed entirely through eSign, with 25% of the loan dollar amount outstanding completed using eSignatures. Neumann believes those percentages are much higher, noting that many members opt for a hybrid experience using both eSignatures and physical signatures at different steps in the process.
Neumann stated, “We’re always looking for the answer to the question: how can we make it easier for members to choose to do business with us?” IMM eSign is one solution that Medisys EFCU uses to accomplish this goal. By leveraging IMM’s eSignature platform, the Credit Union has been able to add a level of sophistication to its strategy, simplify how members interact with the financial institution, and streamline office operations.