Veridian Credit Union: An NCR Case Study

The customer

Veridian Credit Union® is the largest credit union in the state of Iowa and among the top credit unions in the United States. It has assets of over US$1.5 billion, a member base of over 152,000, 24 branches and 46 ATMs. Founded in 1934 as the John Deere Employees Credit Union, it adopted the name Veridian Credit Union in 2006. Today, Veridian is a full-service financial institution offering its members a broad range of products and services, including credit cards, checking accounts, savings accounts, loans and online banking.

Veridian’s status as a credit union means that it is a notfor-profit organization, owned by its members rather than shareholders. Its main objective is therefore to service its members and their families by offering a variety of no- or low-cost services, low loan rates and higher savings rates.

The challenge

Veridian wanted to offer its members superior financial service and expand its geographic coverage into new locations like local shopping malls. One of the keys to this approach was making sure its ATM channel could do everything Veridian’s members needed, including automated deposit functionality. In particular, Veridian wanted to offer its members the unbeatable peace of mind that comes from including an image of the check or printing the total amount of notes they had just deposited on both the ATM screen and their transaction receipt.

Finally, Veridian is part of the Shazam Privileged Status network, an arrangement that allows the customers of participating financial institutions to use each other’s ATMs for cash withdrawals free of charge.