CUNA Strategic Services Forms Alliance With Mobile Video Banking Provider

CUNA Strategic Services has formed a new strategic alliance with Sandy, Utah-based video software provider POPi/o in an effort to help more credit unions offer digital face-to-face interactions with members.

POPi/o’s web and mobile video technology provides members with in-branch video help, mobile video banking and web video meetings. According to CUNA Strategic Services, the alliance foreshadows fundamental shifts in how members will interact with their credit unions. 

“As more members use mobile banking, the shape of full-service branches will evolve,” CUNA Strategic Services president Eric Gelly said. “We chose to bring POPi/o’s video banking solution on board to help credit unions bring this technology into their branches.”

Video technology has the potential to transform digital transactions into human transactions, as well as help centralize lending, account opening and other activities, so that credit unions can serve larger geographical areas and don’t have to station certain types of employees physically in every branch, according to the announcement. 

Credit unions are indeed venturing into video technology. 

LAFCU in Lansing, Mich., for example, recently opened a new branch in St. Johns, Mich. that features interactive teller machines (ITMs), which combine ATM technology and face-to-face teller interaction via a video screen. LAFCU has $744 million in assets and about 66,000 members. 

Roanoke, Va.-based Blue Eagle Credit Union has also deployed ITMs. The tellers who interact with Blue Eagle’s ITMs are actually in call centers, according to the credit union. Blue Eagle has $156 million in assets and about 18,000 members.

In July, Council Bluffs, Iowa-based Cobalt Credit Union announced that it too has moved into video banking services for web and mobile channels.

“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,” Cobalt Credit Union president and CEO Gail DeBoer said. Cobalt Credit Union has $992 million in assets and about 109,000 members.

CUNA Strategic Services, which is jointly owned by CUNA and state credit union leagues, said it researches and evaluates product manufacturers and service providers based on their quality, financial soundness, integrity and cultural fit for the credit union industry.

“POPi/o today supports more U.S. based mobile video banking deployments than any other provider and continues to invest in video banking innovations focused on community financial institutions,” CUNA Strategic Services said on its website. “With innovative features that include emotional recognition and coaching and video check deposit, POPi/o continues to push what can be accomplished through video.”