How will technology change the credit union experience?
As consumers continue to demand easier, simpler and faster ways to interact with their financial institutions, credit unions are looking to meet those needs in increasingly unique ways. This past year has brought a huge uptick in mobile banking capabilities, particularly those that fall in the “bank anywhere, anytime” category. Resources such as mobile check deposit, digital wallets and even cardless ATM transactions have dominated 2014. And on the top of everyone’s list, meeting IT security needs for each one of these new means of banking.
The new technology being implemented seems to be divided between two lines: technologies that enhance the brick-and-mortar experience, and technologies that remove the need for it entirely.
A great example of this can be seen in the use of virtual tellers. Some institutions are cutting costs by shutting branches, opting instead to utilize beefed-up ATMs that allow customers to digitally interact with a teller via video conference to do everything they would normally do in the bank, with two exceptions: open an account or get a loan. Others are using it as a means to reach more members, without having to invest in an on-site building. Members can still deposit checks, make change and pay bills right there at the ATM.
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