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Success in Troubled Times WALDEN FEDERAL LEVERAGES COCC PARTNERSHIP FOR CONTINUED GROWTH
“We are investing in products and branch locations to serve our customers,” said Thomas F. Gibney, President and CEO, Walden Federal Savings & Loan Association. “We have doubled our branch network, and are now expanding the bank’s business product line. We are capitalizing on our technology partners, particularly COCC, to deliver the features that our business customers need and the automation to keep us efficient and profitable as we continue to grow.” The market surrounding Walden Federal is experiencing a rapid rise in business activity, thanks to a combination of developments that include the New York Metro area’s fourth international airport, a globally-famous shopping area, and a resurgent 19th century riverfront city – all within a few miles of the bank. Gibney reports that the county is New York State’s fastest growing.
Gibney said that technology partner, COCC of Avon, Connecticut, is a key ally in the bank’s product enhancement effort. “COCC has been central to our launch of remote deposit capture, and is working with us as we prepare for the release of business debit cards, a suite of business banking products, and web-based business banking. We want our customers to be able to have all the capabilities that the largest banks offer with unsurpassed, local service. That combination of product and service will help us attract commercial deposits and expand our presence.” A recent report by the Aite Group puts a dollar figure on the small business banking sector, forecasting $400 billion in small business spending on financial products in 2008 rising to $475 billion by 2010. Tapping into this revenue stream will require financial institutions to better understand the needs and banking preferences of these businesses. Christine Barry, a Research Director for Aite and author of the report, wrote that “only half of surveyed small businesses are ‘extremely satisfied’ with the level of customer service, online banking capabilities and ease of use of the online banking applications provided by their financial institutions. In other areas, the percentage declaring extreme satisfaction is far less.” Judy Weyant, Walden Federal’s Chief Operating Officer, believes the bank’s new Command Business Online product will generate those ‘extremely satisfied’ responses from business customers. “While the larger institutions have ignored the small business segment, we have found this segment to be a growth area for us,” said Weyant. “Command Business Center will offer the sophisticated features that our small to medium-sized business customers need to reduce their operating costs. It will also give them a single trusted partner for complete control over their finances. That’s exactly where we want to be.” When customers arrive at a Walden Federal branch, they find an energized staff as a result of the bank’s ‘Fish’ philosophy, adapted from the famous Seattle Fish Market. Weyant explains that remarkable results can occur when people accept the invitation to ‘be there’ for their coworkers and customers. “Our customers notice the difference,” said Weyant. “They remark about the friendliness of the tellers and the platform staff. They enjoy coming to the bank and appreciate the higher level of service that we deliver. It really helps us attract and retain customers.” That’s important, Weyant explained, because of the heightened competition in New York’s Orange County. “We used to have four local banks in Walden,” she said. “Now we have two. The rest of our competition is large banks with endless marketing budgets and community credit unions who are looking for increased market share. It’s a very tough environment and it makes efficiency a very important factor in everything we do.” Weyant said that having a technology partner that continually enhances its service is fundamental to the bank’s continued success. “We can’t handle all the details exactly the way the regulators require without help from a partner like COCC,” said Weyant. “The complexity of our business requires us to look beyond our walls to experts that have our best interest in mind.” Weyant explained that COCC has recently deployed its first live installations of its .NET core account processing system – one of the first that’s based on an Oracle database. “The customers who have implemented this version say it has dramatically increased back office efficiency,” she said, “cutting the time needed to perform key banking functions in half, enabling us to deliver better customer service more efficiently. This is a regular experience with COCC – they are continually finding ways to reduce cost through increased efficiency.”
Thomas F.
Gibney |
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WALDEN,
NY – Can a bank produce stable growth in today’s choppy lending
environment? Walden Federal Savings & Loan Association of Walden, New
York proves there is room for growth through an innovative mix of home
town charm and high tech alliances. After growing by 161% in the past 10
years and earning a 5 star rating from Bauer Financial, the bank is
poised for further growth.