How to balance technology and branches

As technology continues to improve and become more available, consumers are seeking more convenient (anytime/anywhere) transactions.  For the past decade or so, credit unions have been aggressively adding more digital touch points with a goal to become an Omni-channel financial institution.  An Omni-channel financial institution combines digital and physical channels to create a better consumer experience.

Some credit unions are hesitant to implement these new technologies. There could be many reasons for this: membership profile, board of directors or costs. Your members are looking for conveniences. If a product was too costly last year, don’t give up. With the advances in technology, pricing on products will change. Sprig® by CO-OP for instance is a new mobile product that offers mobile deposit capture. There are credit unions using Sprig® with assets under $10,000,000!

Are transaction volumes dropping? Are we moving to predominately digital transactions? Will remote tellers be the new norm? You’ll find conflicting studies on these topics. The one fact most can agree on is that consumers interact through multiple channels including the branch.