Leveraging self-service to create the ultimate shared branch experience

From the airport to the ATM, supermarket and gas pump, self-service has long been a staple in the modern consumer experience. And all indicators suggest it will play an even greater role in the future.

In fact, a recent Grand View Research report cited by kioskmarketplace.com estimates that the self-service technology market will reach $39 billion by 2022, and that it is growing in the U.S. at an annual growth rate of 9 percent.

“More than ever, consumers today appreciate the speed and convenience of self-service,” said Craig Beach, President/COO of Credit Union Service Corporation (CUSC), a part of CO-OP Shared Branching. “Any steps credit unions can take to deliver on that value proposition in the branch will help them enhance the member experience.”

Delivering Speed and Convenience

According to Beach, credit unions can maximize the benefits of self-service by integrating the technology into their branches – in conjunction with participation in shared branching. The industry’s unique shared branching concept enables members of participating credit unions to visit another credit union’s branch and conduct their business as if they were in their own home branch. The CO-OP Shared Branch network includes 5,400 branches in all 50 states, the District of Columbia, Guam and Puerto Rico.

“Self-service and shared branching work together to bring even greater efficiencies and convenience to credit unions and their members,” he said. “For the member, shared branching can open up thousands of new locations. For credit unions, the right self-service platform makes it easy to serve guests in the branch and is a very economical way to capture that additional transaction revenue.”

Beach notes that self-service is also ideally suited for shared branching because the vast majority of guest transactions are routine in nature and can be conducted through teller automation technology.

“About half of all shared branching guests come into the branch for simple transactions such as cash withdrawals, so a standard ATM or kiosk platform will meet their needs most of the time,” he said. “However, occasionally they will want broader account access and more transactions than a standard ATM provides, so ensure that the technology you choose supports this paradigm.”

Innovative Technology Drives the Member Experience

According to Beach, CO-OP delivers this level of functionality. “The CO-OP Connect platform facilitates a software-solution that seamlessly connects members to all of their credit union accounts, including via use of self-service kiosk devices,” he said.

Among the benefits of the CO-OP Connect platform, according to Beach, is that it allows members to help themselves when they are a visitor to a shared branch, enabling them to transact their business without the help of a teller. Self-service kiosks are a focal point of the growing number of CO-OP Shared Branch express locations, predominately self-service branches that allow 24/7 banking and often conveniently located in shopping malls and other retail venues.

“Designed exclusively for self-service, ‘express’ branches allow members to skip the teller line and complete routine transactions any time, day or night,” said Beach.

He continued, “Ultimately, self-service technology and shared branching brings together the best of both worlds for everyone involved. Credit unions receive tremendous economies of scale and an extended market reach, and members enjoy a multitude of new branch options they can access on the go.