USAA Federal Savings Bank, Research Paper Example

USAA (United States Automobile Association) is a Fortune 500 financial services group of companies. They provide financial planning, insurance, investments, and banking products to members of the U.S. military and their families. Known for their customer service, the company has been ranked among the top two “Customer Service Champs,” by BusinessWeek magazine for the last three years (McGregor, 2008).

Being a “Customer Service Champ” takes work, creativity and unmatched initiative, all traits that USAA displayed when it unveiled its “Deposit@Home” software in 2006. The innovative system allows the banks customers to deposit checks into their bank accounts using a scanner and an Internet connection. This is a convenience that would be appreciated by any banking customer, but especially the USAA constituents, many of whom are military members stationed around the world.

Deposit@Home was a unique answer to a unique situation. USAA only has one physical location in San Antonio, TX. They have a few auxiliary banking ‘stations’ at bases throughout the country, however on the whole services are accessed in person, by mail, phone or through the internet. The Deposit@Home program was one of several that USAA unveiled, around the same time, to help ease the problems and customer dissatisfaction that accompanied their remote location.

Another attempted program was an agreement with The UPS Store to offer “QuickPost”. QuickPost was a service that allows bank customers to drop off their deposits for free next-business day delivery at any of the more than 4,100 UPS Store locations nationwide. Once shipped, the deposits will be processed the next business day (“USAA Federal Savings Bank inks agreement with UPS Store” 2006). Prior to the introduction of Deposit@Home and QuickPost, members only way to deposit checks was through the mail.

QuickPost was provided through NetBank, Inc. Due to several problems in the system, the company discontinued QuickPost on November 30, 2006. The discontinuation of this program made USAA’s Deposit@Home an even more important part of it’s customer service arsenal.

Upon the release of , Mike Luby (2006), the bank’s President said “USAA is making banking easier and faster for USAA members, particularly those military members who may need to deposit checks from down the street or around the world.”

The software was made to be assessable to any customer with a simple home office setup, including internet and scanner. Users must have Java and operating systems designed after 2000. The system allows users to deposit checks, money orders, traveler’s checks and savings bonds (USAA, 2009).

The system was designed to be very user friendly. Once a banker logs on to USAA’s online banking system, they follow a series of prompts which leads them through the entire process. The software is even able to ‘read’ the correct dollar amount written on the front of the check, just in case the banker accidently enters the wrong dollar figure (USAA, 2009). In most cases funds are available immediately.

The success of the Deposit@Home program, spurred USAA to continue to find better options for its customers. As August 2009, the bank unveiled it’s new mobile application for iphone that allows clients to make deposits through their phone. One simply has to take a photo of the front and back or the check with the phone’s camera.

“We’re essentially taking an image of the check, and once you hit the send button, that image is going into our deposit-taking system as any other check would,” said Wayne Peacock (2009), a USAA executive vice president.

Deposit@Home and the new Mobile Banking Application are just a few examples of the innovative ways that USAA continues to challenge the competition and keep itself a step ahead. In a economic crisis where many consumers fear their bank will no longer be around from week to week, USAA stands above as a leader in customer service and innovation.

“USAA Federal Savings Bank inks agreement with UPS Store”. San Antonio Business Journal, (2006, June 20)

McGregor, Jena. (2008, Feb. 21). USAA: Better Service for Those Who Serve. Business Week. Retrieved Online Sep. 5, 2009 at http://www.businessweek.com/ magazine/content/08_09/b4073048442931.htm?chan=search

USAA. USAA Deposit@Home. Retrieved Sep. 5, 2009, from http:/usaa/deposit/Homedeposit

Stellin, Susan (2009, Aug. 10) Bank Will Allow Customers to Deposit Checks by iPhone. p. B4