Mission Fed cuts costs for electronic security and records management 30%

Mission Federal Credit Union serves 140,000 San Diego county residents, providing competitive loans, credit cards, checking and savings accounts, investment opportunities, insurance products and retirement services.

Mission Fed asked Expense Reduction Analysts (ERA) to review expenses for off-site storage of thousands of files, and electronic security at its 20 branches and 40 ATMs.

Reviews provided insights into contract risks

ERA records management experts recommended that Mission Fed use more efficient processes and a new storage facility for better pricing and savings as well as freeing the credit union from payment risks and escalating costs.

“In addition to the immediate savings, we now understand how we can control costs in the future,” said CFO Ron Araujo.

Araujo also was referring to Mission Fed’s electronic security expenses. Savings in this category were more modest because of contractual limitations ─ the provider had the right to remove equipment if service terminated.

ERA Consultants focused on negotiating lower monthly recurring charges and provided recommendations for future installations to ensure that ownership of security systems remains with Mission Fed.

 

“ERA’s recommendations go far beyond what we would have been able to accomplish on our own and help us make more funds available to our customers.” - Ron Araujo, CFO of Mission Federal Credit Union

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