All Good Things Come in Time: Remote technologies take root in credit union industry

After many years of predicted growth that never quite materialized, it appears remote banking technology finally has taken root in the financial services industry. And it’s not just with people who are tech-savvy or millennials: it’s soccer moms, seasoned executives and retired grandpas, too. It seems the old way of banking doesn’t cut it anymore.

Take a look at your credit union’s numbers for mailed statements, branch traffic and service center calls. Then look at your website traffic, email responses and online applications. Compare these stats with those from five years ago, or even one year ago. What do the patterns tell you?

Today, more credit unions – and their members – are embracing the convenience, speed and cost-savings available through a variety of online banking services. To retain current members and attract new ones, credit unions are optimizing their websites, online and mobile banking, communications, and delivery options.

No time to stand still

It’s time to integrate remote delivery with your credit union’s services and e-communications, or update the current programs you have to meet members’ growing demand for convenience. Your members expect and want to connect using multiple methods. And the tools and technologies available to you are comprehensive, designed to work with existing systems and synchronize with your members’ devices.

By leveraging current technology, you can offer members the best in digital communications and financial services – all while reducing operating costs, deepening relationships and growing the bottom line.

Time to get moving

To make the most of technology, consider these three key steps:

1.    Increase services and convenience with mobile

U.S. consumers own multiple mobile devices – some 56 percent own smart phones, which make it quick and easy not only to make calls, but also to access email, texts, music, games, the Internet, bank accounts, social media, GPS, payments and more. Financial institutions of all sizes are going mobile and finding their efforts welcomed by customers.

Look at Bank of America, which has announced its mobile logins now outnumber online logins. In the words of one BOA SVP:  “If you can do it in a banking center, if you can do it in a call center, if you can do it online, you have to be able to do it on mobile.”

2.   Reduce dependency on expansive branch networks

Credit unions can’t out-branch the competition; but by using digital communication channels, they can even things out. With the right strategy, a $100 million credit union can provide the same services online as a Fortune 500 bank. Using technologies like ATM networks, smart kiosks, shared branching, remote deposit and imaging, many credit unions are already providing the 24/7 service and response expected in a highly mobile world.

Sure, branches are important for face-to-face interactions when members have big decisions to make, like buying a home or setting up a retirement plan. But is in-person really necessary for more routine transactions or services? And is it cost-efficient? A 2010 Tower Group study found the cost of handling a customer transaction ranged from $3.75 per call center, to $1.34 per branch, to 60 cents per ATM, to 14 cents per mobile. For credit unions, your largest, most successful branch should be the one without walls – your virtual branch.

3.   Communicate on a one-to-one level

Nowadays, new technologies let credit unions communicate more personally – pushing aside the old scatter gun tactics. Marketing professionals have the digital tools, data-mining programs and variable-field capabilities needed to deliver members relevant and useful information, tied to their specific interests and needs.

The widespread acceptance of new banking methods has taken time and patience. But as technologies continue to improve, the industry is fine-tuning service delivery and consumers are growing more confident in digital resources. The time is here for remote banking capabilities – and credit unions and their members everywhere are enjoying the benefits.

Ron Daly

Ron Daly

Ron Daly is the president and CEO of Virtual StrongBox, a secure, end-to-end member engagement platform that can be integrated into various workflow processes to provide high-risk Enterprise IT firms ... Web: www.virtualstrongbox.com Details