Upgrade Branches to Your Credit Union’s Digital Member Experience
Weaving the efficiency and security of digital with the human interaction of the branch is a powerful one-two punch.
Member expectations have been evolving, but the COVID-19 pandemic shifted them into overdrive. As their expectations have changed, your delivery of products and services must change as well. In a time when social distancing and masks will likely remain the norm in public, have you considered the impact to member experience as they begin returning to your branches?
A Kiran Analytics study found that whether a financial institution has more than 100 branches or fewer, the No. 1 priority of financial services providers was to improve the in-branch experience. And if you aren’t looking to improve members’ branch experience, your competitors are. The study found financial institutions are looking to technology to improve customer experience and drive efficiencies.
Branch strategies must evolve as consumers become more accustomed to digital services, but they will always need their branch. Contrary to popular belief, branches remain the preferred method for opening new accounts across all generations, Deloitte research revealed. In-branch new account opening was preferred by baby boomers (64%), Gen Xers (54%), millennials (48%) and Gen Z (56%) consumers.
Incorporating technology into your branches provides many benefits to both the credit union and its members. Member service can be appreciably upgraded with items like appointment scheduling tools and upgraded signature pads. Items like these can streamline and improve member verification for improved security and faster transaction times as a member swipes their card or enters a PIN rather than sharing it with the teller who then punches it in (and may have also misheard). When personal financial information must be shared, it’s on a screen rather than verbalizing it across the teller counter where anyone else nearby can overhear. It can also save members embarrassment when their account is overdrawn or keep them safe from harm because another member overheard their money market account balance. WRG’s Tellergy also allows for personalized marketing offers to improve cross selling. Freeing the teller of these tasks allows them to serve more members better, because it allows them the time to make that human connection many branch users are seeking and move them along their way faster.
These many benefits to automating your credit union’s branch experience are significant because they help to build trust and a sense of security for members. They allow tellers and the technology to deepen member relationships. They demonstrate understanding of your members’ needs. In fact, a 2019 study by Auriga and ATM Marketplace suggested there are great opportunities in this area, with 69% indicating plans to introduce assisted-service devices in branch locations within three years. As banks are closing up branches, particularly in rural areas, credit unions have a great opportunity to highlight their modern, people-helping-people philosophy with member-centric, in-branch services.
As we move forward, look to see how you can streamline your credit union’s branch experience and protect your members’ personal financial data and privacy – not only on the web, but also in your branches. Provide the service your member deserves and exceed their expectations to win their loyalty for years to come. Leverage solutions that improve member experience and that of your team.
Kerry Schiappa is Director of Sales & Marketing for Wescom Resources Group, a CUSO wholly-owned by the $4.9 billion Wescom Credit Union in Pasadena, Calif.