FULM Savings House is a credit union with just over $ 6 million in assets that serves more than 12,000 members through a network of several branches across the Republic of North Macedonia. But we are not using these relatively small numbers as an excuse when it comes to digitalization. We see digitalization as a key element for a successful future – just as see any major credit union in the world would.
Our journey toward digitalization began in 2003, when we launched our first website, thus being one of the first financial institution with a multilingual website in the languages spoken by our members. The goal was to introduce our members to something new that will be normal in the future.
In 2010, we implemented our first Information and Communication Technology (ICT) strategy and social media strategy. At that time we wondered where to seek support for our strategy? Of course the answer was “the Board of Directors”. The next thing we did was introduce the board members with the benefits from ICT. Then we “forced” our Manager to enroll doctoral studies in ICT. Because if the “boss” can do it, then everyone else can. We have conducted a lot of training for employees, volunteers and members on how to use the technology not only for the needs of FULM, but also for their own benefit.
The next stage was to introduce ourselves on social media, Facebook, YouTube, LinkedIn, Instagram. Our goal was not only to present our products, but also our beliefs through the philosophy “People helping people”, as well as the many success stories from the past 6 years.
In 2016 we redesigned our website, while in 2018 we integrated the online chat for easier access to information about our products.
All this was an introduction to 2019, which was one of the most productive years in the field of process digitalization. First, we launched the online loan application form on our website. It is now possible to submit a complete loan application without the need to visit our branches. In the same year, we gave our members access to electronic banking through our website and the mFULM mobile application.
FULM members who use the Electronic Banking have the opportunity to:
- Check the status of deposits and loans
- Pay loan obligations online (internal transactions)
- Apply for a loan online
- Find information about our latest products and services
In order to reduce the contact between the employees and the members, we enabled the members to electronically submit a request for using the FULM Electronic Banking without having to visit the branches..
Internal digitization
When it comes to internal processes, in 2016, FULM Savings House began to develop digitalization for internal process optimization through a customized software ASPEKT, which offers support for processes related to the entire life of loans and deposits, as well as certain types of reports.
Furthermore, in introducing the possibility of online loan application, we have created customized back-end software through which loan officers manage and process the applications that arrive online.
In addition, one of the internal processes that has been digitized is the monitoring of employees’ time.
COVID-19: “Opportunity or Challenge”?
A challenge that has been successfully turned into an opportunity
Due to the measures related to preventing the spread of the Corona virus, AC FULM held its first Regular Assembly electronically in 2020. All materials, suggestions, comments and questions were sent electronically and thanks to our members we successfully held our first electronic assembly.
Since the start of the coronavirus crisis, FULM’s highest priority has been to preserve the health of its employees, volunteers, members and their families. In the newly emerged emergency conditions, we have made our existing digital channels available for maximum use to our members and we are planning new ones in the near future.
The possibility for people to find out more about our products through digital channels became extremely important during the Covid-19 crisis. Our loan officers answer all questions and messages on social media and the online chat, which reduces the need for people to come to our branches to be informed about our products.
We are moving fast on the path to digitalization not only because there is a growing interest in using digital technologies due to the coronavirus pandemic, but above all because we believe that through digitalization we will make our products better and more accessible to everyone.
Vision for the future
Our next goal is to prepare a new digitalization strategy for 2021-2026, which will identify a number of opportunities to improve existing and implement new digital processes such as:
- Integrating business planning and digital strategy
- Digital distribution channels and SEO optimization
- Introduction of new digital channels
- Digital signatures
- Digital identity
- Customer Relationship Management (CRM)
- Digital wallet and internal payment system
Our vision “With our financial services to a better life” is fully reflected and agrees with the digitalization process. Digitalization is the right path for a financial institution the size of FULM. Regardless of the size of the organization at the moment, we believe that the most important thing for a better future is the vision!
Size Doesn’t Matter, Vision Does
