The $636 million University of Michigan Credit Union in Ann Arbor, Mich. recently opened two virtual branches that utilize remote video conferencing, ATMs and mobile devices to provide services typically available in traditional branches.
The virtual branches, located on the University of Michigan – Flint and Washtenaw Community College campuses, allow members to video chat with representatives located at the credit union's headquarters.
Remote conference technology, as well as iPads, let members deposit checks and apply for car loans and Visa credit cards without a credit union employee present.
"These new branches are all about continuing to amaze our members by providing the services they want in new and innovative ways," Tiffany Ford, president/CEO for UMCU, said.
"University of Michigan Credit Union Member Service Representatives are ready to assist with all of our members' financial needs. At our virtual branches, this is done remotely using a secure and confidential connection. It's important to us that the member is in control of how we assist them, whether that's in person, online or now at one of our virtual branches."
Self-service options have been increasing across various industries for years – for example, virtual kiosks allow for efficient check-in at airports and the quick purchasing of tickets at movie theatres.
And while some people still prefer in-person, face-to-face transactions, the desire for self-service options appears to be steadily growing at financial institutions.
The majority of companies today offer self-service options, according to a report from IntelliResponse Systems Inc. on the state of online self-service.
"It's a win-win scenario when done right," the report stated. "By 'offloading' the resolution of low-complexity issues to willing customers, organizations reduce the cost of service and lower the customer effort in the service channel. At the same time, customers get the answers they need in a matter of seconds without having to take the time to call or email a contact center."
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Roy Urrico
Roy W. Urrico specializes in articles about financial technology and services for Credit Union Times, as well as ghostwriting, copywriting, and case studies. Also: writer/editor of a semi-annual newsletter for Association for Financial Technology since 1997 and history projects funded by the U.S Interior Department, National Park Service and Warren County (N.Y.).
