Network Investment Returns Limitless Business Opportunities for South Carolina Federal Credit Union

May 9, 2018
 
 

In South Carolina, more than 160,000 members rely on South Carolina Federal Credit Union for a full range of financial services, including savings and investments, checking, credit cards, and loans. Like banks, credit unions are vying to retain current account holders and attract new ones—especially the highly desirable 18- to 24-year-old market segment. To reach this digitally savvy demographic, South Carolina Federal realized it needed innovative, attention-grabbing services. As a result, the credit union envisioned a series of new services designed to make banking convenient and ensure a highly personalized customer experience. They looked to Extreme Networks to deploy an advanced IP Multiprotocol Label Switching (MPLS) network with 10 Gigabit Ethernet (GbE) performance to handle the data surge from the new services, an upcoming transition to Voice over IP (VoIP), and the existing applications—including loan origination, contact management, financial transaction processing, and others.

Results of the new network solution include:

  • Reduced third-party processing feesby 50 percent, saving approximately $250,000 in the first year, by moving outsourced services onto an advanced IP network
  • Supported plans to move online banking services in-house and add more member focused applications
  • Decreased travel expenses and travel time by enabling employees at branch offices to attend meetings and training classes via video conferences 
   
 
Challenges:
 
 
 
  • Increase member base and generate more revenue by delivering innovative services built on a high-performance IP and MPLS network that reduces operational expenses
 
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