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As part of this month’s focus on technology, we are taking a look at how CUs are utilizing and thinking “outside the branch” to offer technology to members to remain/keep members engaged. A number of CUs are working on omni-channel solutions to engage members in non-traditional ways, utilizing technology.
“While traffic is declining for most credit union branches, members still view access to local branches just as imperative as access to digital banking. However, striking the right balance between the offline and online worlds as both continue to evolve is a challenge. That is why so much of our training and discussions are focused on ideas to meet this challenge,” remarked Todd Mason, President/CEO of the Maine Credit Union League.
At Five County CU, Ken Stockford, SVP of Finance and Technology, said “consistency is the focus right now. Currently, we are not using an Omni-Channel solution. However, we try to offer consistent services and communicate the same messages between all platforms, including the lobbies. Social media is really only used for community involvement, as we try to avoid marketing regulation requirements in this area. Some inconsistencies will exist, between platforms, due to security concerns, regulatory requirements, and/or inabilities in available technology. Using a true Omni-channel and Member Relationship Management platform would promote more consistency and better service. We like the AccessSoftek mobile app and really have not seen an Omni-Channel product available that has a mobile application that we liked as much. Alogent (Jwaala) could be easily replaced if we found the right product. Finally, Synapsys is still too expensive for an MRM. If something came along that had a more reasonable price tag, we would consider it.”
At Infinity Federal Credit Union, Kathy Guillory, Director of Marketing, said the CU’s focus is on “offering technology and still being accessible. They have the option to visit a branch in person, call us on the phone, email us, and send a message through our website or through our secure online banking platform. We also answer basic questions, such as branch hours, phone numbers, etc. on social media. Opening up additional channels gives members the option to communicate with us on their own time and in their own way.”
As products, such as Alexa, Mobile Wallet, ITMs and others become more standard in the marketplace, it is likely that more formal strategies will not only have to be drafted but implemented.