Beyond the branch: Expanding access to credit union services

Every innovation in finance creates increased access and opportunity. Innovation isn’t limited to major industry disruptions or types of currency, though. It’s something that’s important to integrate into all day-to-day interactions and transactions.

After all, human progress is largely marked by innovations in financial technology. Using cuneiform tablets or the abacus to make calculations. Replacing coins with paper notes. The ability to wire money. Each of these innovations is a small example of how technology has transformed currency, financial freedom, and global trade.

Credit unions are a proud part of that history. That’s why we first implemented video teller machines in the early 2000s and were the first financial institution in the world to implement the technology for 100% of teller transactions in 2011. It’s also the driving force behind the recent launch of our first standalone drive-up interactive teller machine (ITM) that is not directly onsite at a branch.

The pioneering ITM technology has allowed our credit union to innovate beyond the branch – providing the ability to initiate a video session with live teller service from 7 a.m. to 7 p.m., seven days a week.

Now, off-site drive-up ITMs provide a more convenient experience for members that just don’t have time for a branch visit. They also allow us to give members a tailored and personalized experience without a physical branch building, offering much more than a traditional ATM does.

The drive-up ITMs take access one step further, providing the unique ability to fill gaps in branch coverage by adding a drive-up service where our members are already doing business. They offer members the ability to interact with a virtual teller and the added convenience of a physical location in more highly trafficked locations.

ITMs also create opportunities for the same access to resources in areas where we don’t have brick-and-mortar branches. Living in a rural area that may be far from an existing branch shouldn’t prevent members from having the same access to credit union services as everyone else.

The benefits to credit unions are countless. Standalone drive-up ITMs have a small footprint that will work in locations where a full-service branch might not be feasible, and they provide the opportunity to test new markets before building a full-service branch. They also offer an efficient way to serve members and meet them where they are.

This ITM technology is just one example of how credit unions can maintain their commitment to service while integrating innovation. While we will continue to incorporate technology into our services for members, we never want to give up the personalized service we provide through our incredible staff. The ITM is a marriage of the two. Standalone drive-up locations expand these benefits even further, and to more members.

Credit unions across the country already work diligently to serve members and create new opportunities to provide increased access to financial services. Because when we make our communities better, we all win.