I had the opportunity to spend some time in the office the last few days, and I can attest that there was a fever creeping its way through the halls, corridors and cubicles, a fever that can only be found in the month of March. Some may even call it a “madness” characterized by brackets, underdogs, seeds and alley oops…
You guessed it – March Madness has settled upon myCUmortgage, which in my humble alien opinion is a very positive thing. For example, according to WalletHub, 78% of employees say celebrating March Madness at work boosts morale, and 89% agree that office pools help build better relationships. I know myCU March Madness always delivers a spark of excitement with our experts. If you’re interested in more stats about the madness and the workplace, check out this article from Ragan Communications.
Since I first arrived on your planet, I’ve witnessed the increasing interest and popularity of March Madness within the workplace. I’ve also seen a lot of changes over the years, one of the biggest being the evolution from printed paper tournament brackets to digital basketball pool sites. One colleague told me a story about past tournaments when, before the advent of the internet, individuals would have to wait to receive their copy of the Monday newspaper following the selection of teams on Sunday. Today, the bracket is available online almost as soon as they announce the teams.
While I could imagine the excitement of filling out brackets by hand (especially with my multiple tentacles working several sheets simultaneously), the benefits of doing it digitally far outweigh the paper experience. For instance, it’s easier to make corrections, you can access your picks from your digital devices, and you can copy and paste your entries to multiple platforms. Additionally, digital is by far the better choice for the individuals running the pools – storing entries is easier, scoring is automatically calculated, and the chance of human error is practically erased from the equation. Plus, the environmental impact of not using paper is huge.
The same rationale can be applied to today’s personal and business activities. Digital documents replacing their paper counterparts has become the norm for many of the reasons listed above… and more. So why isn’t everything digital? Why are there still paper bills and statements, for example?
These are the same questions I asked our Servicing Team at myCUmortgage. The Servicing Team takes care of members with mortgages through our partner credit unions by providing advanced digital systems to make payments, check their mortgage and escrow balances, calculate faster payoffs and so much more. They also have a Member Care Team that is always happy to assist members with questions. Nevertheless, the Servicing Team STILL distributes a lot of paper documents. While some of these are required to be provided to members in a paper format for legal purposes, others can easily be converted to digital delivery, particularly members’ monthly mortgage statements.
Again, I asked why we don’t just start delivering all statements digitally? The answer was that we need a member’s consent for digital delivery before we can do so. Most businesses, in fact, are restricted from automatically enrolling customers in digital delivery – the customer (or in our case, the member) must opt-in. That’s where you – our credit union mortgage lenders – can assist.
Both your credit union and myCUmortgage want to ensure the best service is provided to members – this most definitely includes opting in for digital statements. The benefits to members are plentiful:
- E-statements are easier to access and retrieve on nearly any electronic device, saving the member time and effort compared to searching through physical files.
- Storage space is greatly reduced – no need for files of paper statements taking up room in cabinets and drawers.
- Digital documents can be secured with password protection and access controls, offering better security for sensitive information.
- If copies of statements are needed, digital documents are easier to replicate, send and share with other parties – plus, members save time and money by not having to print paper copies.
- Members receive their information as soon as it is available digitally, whereas it can be days before paper statements are delivered by traditional mail.
- As previously mentioned, going digital has environmental benefits – by reducing paper usage, there are lower deforestation rates and less waste.
Of course, there are also benefits to the businesses creating these documents. In the case of myCUmortgage, access to and delivery of information to members is greatly increased with e-statements, and the efficiencies afforded by digital storage and distribution result in cost savings for both myCU and our partners. It’s a win-win-win scenario!
Be it business or basketball, “win-win-win” is always a positive! Has your credit union gone paperless? Are you helping your members do the same? Share your stories so that we can all save.
And good luck in making your men’s and women’s March Madness picks – who do you think will go all the way? I typically pick my winners based on team mascots, so I recommend not coming to me for selection advice.