CUs Improve Digital Experience & Mobile Video Banking Interactivity
“We want to provide digital excellence to our members through an API first approach.”
Dover, Del.-based Dover Federal Credit Union upgraded to offer a better, more secure digital banking experience; and Council Bluffs, Iowa-based Cobalt Credit Union Introduced an interactive mobile video banking solution.
Dover Federal ($470 million) chose Chelsea, Mich.-based Mahalo Technologies’ omni-experience digital banking to provide a modern, secure channel for its members, because it said it was caught in a dilemma. Its previous digital banking solution did not closely integrate with its new core system (Symitar’s Episys product for core processing).
“Limitations appeared when we began talking about future proofing a solution,” Travis Frey, chief innovation officer at Dover Federal, said. “We want to provide digital excellence to our members through an API first approach.” Frey said, “We needed to move away from a vendor and more toward a partner”.
Frey noted Mahalo, built on modern architecture, was key for us,” he added. “We need flexibility, a single app experience, and core centricity to leverage the investment already made in the core banking platform.”
Frey and his team also like Mahalo’s security first approach, providing the credit union with flexibility and a sandbox development area, which allowed it to craft its own future instead of as directed by a vendor. Mahalo also uses the integrated security features designed by cybersecurity expert Jim Stickley, a founding partner of Mahalo Technologies, to provide the security first features.
“We are very pleased to be working in a collaborative partnership with Dover Federal to help provide the very best digital experience for their members,” Mahalo CEO Alan Augustine said. “Our focus is on setting the standard for digital banking platforms by providing the best user experience, a robust feature set, and the tightest core integration with security throughout.”
Mahalo’s open, API-driven architecture allows credit unions to remain nimble, enabling easy deployment of new digital products and services as they become available. In addition, Mahalo provides a modern, feature-rich user experience that rivals the digital offerings of the largest banks.
“Putting API interfaces first over single-sign-on capabilities or secondary apps should be the norm. Put your vendors on notice – are they another vendor or are they a value-added partner like we have with Mahalo/?” Frey asked. “We see Mahalo’s agile approach and Dover Federal’s innovative spirit as an ideal match not only for today, but for the years to come.”
In other fintech news, the $1-billion Cobalt Credit Union introduced interactive video banking to Iowa and Nebraska with Sandy, Utah-based POPio Mobile Video Cloud, which provides an interactive mobile video banking solution.
POPi/o utilizes two-way video collaboration technology to create virtual branches accessible anytime, anywhere, and via personal mobile devices.Cobalt is first deploying the video banking service for its web and mobile channels, enabling a tailored virtual branch experience accessible via any personal device.
“We’re honored to be part of the incredible growth at Cobalt Credit Union as it continues its tradition of building trusted relationships with the people of Iowa and Nebraska,” POPi/o founder & CEO Gene Pranger said. Pranger, who created the concept of video banking with the Interactive Teller Machine, added, “With POPi/o’s unique mobile video conferencing capabilities, Cobalt is hitting the ground running—with members calling in while on the go or even traveling overseas for an immediate, seamless experience mirroring that of their physical home branch.”
Merging mobile video chat with real-time digital collaboration between consumers and financial institutions, POPi/o’s explained its patented platform provides face-to-face, video-enabled support with experts and representatives while simultaneously facilitating complex banking tasks, including in-video deposits and transactions, document approvals and applications, secure document exchanges, ID verifications, consultations, account management and more.
“By offering a more convenient way of banking, we can serve members in a way that enables a level of personalized, one-on-one service that people need when it comes to their finances, exactly when and where they need it,” Gail DeBoer, president and CEO of Cobalt Credit Union, said. “Cobalt is thrilled by the vast opportunities POPi/o offers in making everyday banking easier and more personal – the way it should be.”
To help financial institutions best serve customers and improve internal performance, POPi/o’s executive dashboard and support center provide detailed call histories, analytics and advanced management functions, including an industry-first application for emotive recognition. POPi/o explained its technology is also easily deployed within existing systems and allows smooth presentation of loan origination system documents and incorporation of other current customer service applications.