Credit Unions Raise Tech Stakes Heading Into 2020

Credit unions in New York, Oklahoma, Indiana and Texas are rolling out new tech for members, including charging stations for electric cars, smart speakers and other Amazon-like online products and services.

The $3.4 billion Westbury, N.Y.-based Jovia Financial Credit Union included 10 electric vehicle charging stations as part of its redesigned branch. Owners of electric vehicles can pull into specially designated parking spaces at the Westbury Jovia branch, which is also the location of the credit union’s headquarters, and “fill up” at no cost. Drivers will need to first download the free ChargePoint app before plugging into the chargers.

“We’re well on our journey to be a much ‘greener’ organization, and these charging stations not only help our cause, but also enable more Long Islanders to go green,” Renu Dalessandro, chief marketing officer of Jovia, said. “Given the scarcity of electric vehicle charging stations, these chargers should be well utilized by the growing number of electric cars on Long Island.” Those pulling into the Jovia parking lot will likely notice a lime green electric car parked near the charging stations, the credit union’s first electric car in its fleet, used for all messenger and delivery activities.

Tinker Federal Credit Union ($4.1 billion; Oklahoma City, Okla.) signed with Tampa, Fla.-based technology and financial services innovator Best Innovation Group to use BIG’s FIVE Voice Banking Platform. 

The credit union understands that consumers need to interact with their finances whenever and however they want. This flexibility means that while some members prefer to walk into the branch or call to speak with a services representative, others may prefer to use one of the credit union’s digital channels: mobile, online, or a voice-first experience using their virtual assistant.

“This is another channel TFCU will offer to allow our members to interact with their finances,” TFCU vice president/manager of research and development Matthew M. Downing said. “If someone is in the middle of cooking dinner and remembers their auto loan payment is due, they can make the loan payment from their Alexa-enabled device by voice without interrupting their current activity. This is a whole new level of convenience for our members.”

According to Downing, the credit union does not have a specific goal to migrate traffic to the voice experience channel. Their goal is to enable members to choose whichever channel they prefer to interact with TFCU. “We are constantly working to provide the best member experience across all our channels,” Downing added. “This is the right time to expand our digital strategy by adding a transactional voice banking solution.” 

“We are honored to have Tinker Federal Credit Union leveraging FIVE to benefit its members, as we move into a new era of digital banking,” explains BIG CEO/Founder John Best. “Having a credit union of Tinker’s caliber using FIVE sends a message that this voice banking technology is more than ready to take credit unions of any size to a new level of service that greatly enhances the member experience, as well as the organization’s value.”

Detroit-based online and mobile banking provider Bankjoy brought three credit unions into its technology ecosystem. Its new partners are the $237 million Fort Financial Credit Union in Fort Wayne, Ind. along with two credit unions in Irving, Tex: the $223 million Mobility Credit Union and the $73 million Las Colinas Federal Credit Union. 

“We understand that our members’ expectations of their mobile experience are equivalent to that of Amazon,” LCFCU president/CEO Kevin Scott said. “If you have to explain how the software works, then the design is poor. The mobile application must be as intuitive as Amazon and Google if credit unions want to remain relevant to members. We believe that Bankjoy’s vision for their digital platform is closely aligned with our own, meeting our members high expectations.”

Mobility Credit Union president/CEO Ron Perry, said he and his team are expecting to increase deposits and loans with new online account opening and loan application processing, while improving member satisfaction. They were unable to achieve this goal with legacy technology, so they looked to Bankjoy for AI and voice banking assistance – as well as its integration to the credit union’s new KeyStone core from Corelation. “Bankjoy is an innovative product that is tightly integrated with Corelation’s Keystone core processing system,” Perry says. “We are excited about the AI features and look forward to integration with Amazon Alexa and Google Home.”

Bankjoy CEO Michael Duncan stated, “We echo the sentiments of our clients wanting to meet the high expectations of their members to remain relevant. We believe our technology ecosystem does just that and more for credit unions – not only meeting the members where they are but also where they are going to be. This philosophy positions us to help credit unions today and well into the future, as products, services, and platforms continue to evolve at a rapid pace.”