24×7 Focus Group


Open the presentation used by Randy Karnes at the September 13th Focus Group webinar.

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Let the CU*Answers Board of Directors know what you think but leaving a comment at the bottom of this page.

A Message From CEO Randy Karnes

For the last couple of years at the Leadership Conference and CEO Strategies events we’ve been talking about Internet Retailing. While most people can get excited about things like mobile apps and opening memberships online, as an group we seem to be split down the middle when it comes to the concept of a 7-day business week as the new norm.

View the presentation from the September 13th webinar

View the related slides from the 2018 Leadership Conference NEW!

Camp 1: The 5- or 6-Day Business Week

There are two camps: the first camp wants members to have 24×7 access to their money through plastics and web channel solutions.  That access, though, is controlled through either 5 or perhaps 6 processing days per week.

Granted, there are a few CUs open on Sundays and who pay us a special fee to allow for teller transactions to be posted 7 days a week.  But even that arrangement is based more on allowing the teller line to be open than on what other regular processes run 7 days a week. When it comes to how all transactions are processed, including automatic transfers, collection processing, etc., the credit union’s business week closes on Saturday and immediately opens on Monday.  We do not cycle through Sunday as a normal business day.

This approach has more to do with financial service charter rules and the Federal Reserve than it does with technology.  We do have options to be available 24×7 to our members, and to process more effectively.

Camp 2: The 7-Day Business Week

That’s where the second camp comes in.  They want CU*Answers to make 7-day processing the norm, the expectation, and the platform from which we all evolve forward in the future.  With this approach, 7-day processing would be free and there would be no fees for being open on Sundays.   A credit union would not necessarily open their teller line on Sunday; we would simply run beginning- and end-of-day and all of the normal accounting processes as if Sunday was a business day.

We Need Some Champions

Unfortunately, this split seems to be about 50/50, and there are no real champions moving forward to push our network to make a decision to stay where we are or move towards a different future.  So far no credit union compliance officers have come forward with their ideas.  No accounting team leaders have made their preferences known.  And no CEO has actually pushed for this change as a champion of their credit union’s investment in CU*Answers.

Thus the new focus group event.  At this session we’ll discuss either delaying a change of the status quo or moving to something new.

You might be asking yourself, what’s the big deal?  Let CU*Answers process away!  But many people wonder about how adding a 7th day would be seen by state banking departments or regulators.  And no group has taken the challenge to really dive in and study what CU*Answers would use as a corporate policy for making these moves.

CUs that are open 7 days a week now do have to live with the automated processes included in end-of-day as a default, such as seven days of reports and balancing tasks.  We haven’t modified any processes based on any special design; we just run Sunday like any other day.  But if we ran Sundays that way for every credit union, would that be good enough?

Investments for Our Future

Without a doubt, there will be expenses for CU*Answers to modify and move forward with a new platform based on 7 days a week, and I would prefer that we did so based on shareholder support for making those moves.

This question will come up in the CU*Answers boardroom again as we start the 2018 business year.  Without vocal support by stakeholders, I see no reason for the CU*Answers board of directors to vote for changing to a 7-day week.  This focus group will be your credit union’s opportunity to get the ball rolling, or let the decision ride another year.

So please add your voice to the conversation. Leave a comment below or don’t hesitate to contact me directly.

The chef for this recipe: Randy Karnes

July 2, 2018

13 Responses to “24×7 Focus Group”

  1. Sheila Schinke

    I would be in favor on the 7 day processing. This would help with member and staff confusion allowing all transactions to be dated correctly. No longer needing actual date and processing date. We would be able to run any transactions on any day – no longer limited to what can be done on a Saturday (staff that work on a Saturday). Transactions such as AFTs and RMD would run on the day they are suppose to and not when the next EOD processing is run.

  2. Dani Lane

    I think that 7 days a week, 24 hours a day is where every business needs to go. As much as I personally don’t want to open our CU on a Saturday or a Sunday, I do expect that anyone I deal with is available at least over the phone or online. I’m a huge chat and remote access fan. Those are the channels that we need to guide our members toward and those channels are 365 and 24/7.

  3. Dawn Moore for Jerry Wise

    [sent via email 2/9/2017]
    I do not think this is something that we look at from a today’s perspective, this is forward thinking and how we may operate in the future. I have to admit that I too am ignorant to this entire concept but I do see benefits and this might be an area that we can be a leader to the market place instead of waiting for what everyone else will do. If there is benefit to the membership I think it’s worth talking about. If we discover that the cost out weights the benefits then sure maybe we table this but if the cost is just some additional reconciliation time on Mondays I think that is a pretty small price to pay for 7 day processing. We all know the world is moving to immediate access to everything and our members are no different, we may just not realize it or want to admit it.

    Jerry Wise, President/CEO
    Greensboro Municipal Federal Credit Union

  4. Dawn Moore for Thomas Gryp

    [sent via email 2/8/2017]
    Beyond the positive perception that 7 day processing “sounds good”, the consensus was that it would provide no material value to our membership, while marginally increasing our internal operating costs (overtime for people putting in extra hours over the weekend).

    • Since the Fed is not open on Saturday and Sundays, nothing can come either in or out. So the 7 day processing will only impact internal transfers and/or transfers within the CU*B network.
    • It will be a “zero sum game” when it comes to float. However, the removal of internal float will be disruptive and confusing to our members, especially when NSF’s are triggered.

    There are other issues, but that is the big picture. A comment frequently heard was it was a solution looking for a problem that could trigger multiple unintended consequences.

    After talking to my team, I would recommend that we do not proceed and focus resources elsewhere. Let’s just “Follow the Fed” on this one.

    My two cents worth……

    Thomas J. Gryp
    Notre Dame Federal Credit Union

  5. Deb Slavens

    I support 24/7 processing! I have worked on several core systems in the past the processed 7 days a week and limited processing on holidays and felt no negative impact from doing so. Long term this will position the credit union for future technological enhancements (24/7 member support, RDC real time posting, online account opening and funding, loan onboarding etc) and account accessibility. Short term the change will correct some pain-points surrounding AFT’s and delinquency. I see no down side to moving forward as a network, full steam ahead :)

  6. Nancy Ellwein

    We would like to see the move to 24/7. Members are going to expect transactions to happen in real time in the near future. The closer we can get to that the better.

  7. Scott DeFries

    I support the 24/7 processing as long as it supports our Membership and the 24/7 access that they expect to receive. I believe there is little down side and more positives by implementing this functionality.

  8. Kent Figy

    I do support the initiative for 24/7 processing. Many members expect to be taken care of in real time; particularly virtual members who love to engage electronically. If they are used to having a delay, then we have a good opportunity to improve the member experience.

    Continuing to add enhanced real-time services helps drive strong organic growth and moving forward with this project would be beneficial in my opinion.

  9. Scott McFarland

    Ok – let’s do this. 24/7 in my mind is not about staffing (although Jake from State Farm might disagree😊). This is about brand and marketing. Letting our members know we are here for them. This is about being an internet retailer. What about employees looking for a nice off hours shift on an evening or weekend so they have freedom during the week when others are all working? Will it be challenging – yep. Last time I checked I can do business with Quicken Loans, State Farm, or Discover at times convenient for me. We would market this as a differentiator against competition. Will it be THAT exciting – no. Will it be comforting and maybe a reason for someone to stay or switch…maybe – we would certainly leverage it!

  10. Kaylee Ganus

    24/7 processing is a must to meet our members needs WHEN they need us! It’s an increasingly instant gratification type of economy and real time processing would position HCU as a real there when you need us financial solution!

  11. David Brubaker

    I recognize that I am a little late to responding to this thread, but figured it would not hurt to get it going again. I cannot personally speak to all aspects of 24/7 processing and what that would mean on the back office side, but from the member perspective I think we live in a day and age where this is the norm and CU*Answers needs to implement this.

    The main area where I feel this needs to be addressed is with scheduled automatic funds transfers (AFTs). The way the system currently works with skip days and how these transfers take place is extremely confusing to both members and staff. Basically, no matter how we configure the skip day settings, the schedule AFTs do not take place on the date they are scheduled for when a skip day comes into play, which can cause problems with the members accounts. It is also confusing, and quite frankly a little embarrassing, trying to explain to a member when their scheduled transfer will take place when a skip day is in effect. If nothing else, please rebuild the AFT process so it happens on a 24/7 basis.


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