Harborstone Credit Union

How a new, 10-second process led to 90% more non-interest income — in 7 months.
"We've looked at all those [other digital banking providers] — those that have a mobile focus, a legacy online focus, a core focus. We've chosen, over and over, the services of digital at NCR...because of the flexible systems and because NCR does what they say they're going to drive us forward."
— Ken Bloomfield, VP Marketing and Member Experience - Digital, Harborstone Credit Union
What they needed

A more streamlined skip-a-pay experience

Harborstone is always in their members’ corner. That means finding ways to help relieve financial pressure—including offering loan skip-a-payment options. The problem was a manual and paper-based process that required a seven-day lead time to participate. Members had to fill out an online request form, which got passed to credit union staff to review against multiple qualifications. If they were eligible, staff had to start the manual back-office administration, fee collection and processing. It was time to reinvent the experience for members — and the back office.

What we delivered

A custom, automated skip-a-pay solution

As a trusted partner for nearly 20 years, Harborstone counts on NCR Digital Banking. We collaborated closely with them to develop and deliver an automated, digital skip-a-payment solution. Now, all their members have to do is choose the ‘Skip a Payment’ option from their digital banking, select the loan payment and month to skip and select the fee payment account. It takes less than 10 seconds and is fully automated — no more 7-day waiting period and back-office headache.

What happened next

A 10-second process & 90% boost in income

While the credit union projected a 20 – 30% lift in adoption, the results far exceeded expectations. Taking a very manual process and streamlining it to be digital and automated has created big results:

  • 76% lift in skipped payments per month, on average
  • 90% boost in non-interest income in the first seven months
  • Up to three hours per day (15 minutes per skipped payment) gained in back-office efficiencies
  • 10 second process to skip a payment