A high performing virtual branch! Yes, I need to create a real digital branch that is integrated into my other channels.
Three things make it high performing – effective, convenient, & profitable.
Effective – it works correctly. Convenient? A digital branch that is easy to access, intuitive to the touch, and available 7×24. A digital branch that is profitable – I cannot afford to invest in technology without realizing a return.
If financial institutions do not do this in 2015 we are going to loose market share, our margins will continue to erode (a correctly implemented virtual branch will drive down cost), and our multi-channel competitors will make us insignificant.
Many of us have already embarked on a journey towards 2020. Here are seven Credit Unions that are leading the way.
Coastal Federal Credit Union – Yes, machines can talk. Coastal has built a network of ATM’s that serve as tellers via interactive video. Their machines are easy to use, extremely functional, and having tellers at a centralized location makes things very efficient. How would you implement “interactive teller” or a video based ATM environment?
Navy Federal Credit Union – Okay, so size does matter or it certainly can. Navy has done a very good job in advertising their brand on digital channels and their social media initiatives are quite good. Do you know what you can do to leverage their reach to make things better for your brand?
Pentagon Federal Credit Union – Pen Fed has started innovating with personalized multi-media messaging to their members. Imagine being able to send a smart video message that is personalized, with a call to action, and you being able to track the member interaction. Smart video is a dynamic video voice mail that can bring your message to life. Can you deliver a member message in 60 seconds?
State Employees Federal Credit Union (NY) – SEFCU has built one heck of a branch! It is interactive with in-branch technology that consumers are beginning to expect from mobile devices. Who wouldn’t want to walk into their facility? The opportunity now lies in leveraging this personal contact into profitable relationships.
Digital Credit Union – DCU is making the branch mobile and you carry their branch in your pocket. By focusing on mobile banking best practices, DCU continues to innovate and lead with better online member engagement. From real time messaging to in-bound marketing best practices. Think beyond mobile as another branch and look to make mobile the center of your banking environment. Can your online application sustain your credit union?
US Alliance Federal Credit Union – US Alliance has mastered the art of communicating. They seem to have a message for every occasion. With one of the best email communication programs they stay in touch with members across the country very effectively. Have you converted your paper brochures and digitized your member messaging?
San Antonio Federal Credit Union – SACU came up with a brilliant idea to build an in-branch kiosk that looks like their mobile app. “Bigger buttons” lead to intuitive experiences, and help this credit union connect digital and physical channels. How are you training your members and branch people with your digital infrastructure?
While having a strategy is important, we need to drive tactical successes. Start by picking your key channels and look for ways on making them more efficient via digital? How about picking five to seven member needs and start building digital journeys for each need.
Doing things correctly is going to help us gain market share, thrive, and actually allow us to start making a difference in our members’ life.
Your journey to 2020 has begun – look for a series of articles and educational information in 2015 on ways your credit union can drive true member engagement.