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October 24, 2012

Self-Service Is About The Member [Live on CreditUnions.com]

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[This article is live on CreditUnions.com, but we thought we'd share it here to make sure you didn't miss it.]

Banking technologies are continuing to evolve and their influence on the way financial institutions do business is skyrocketing. Not so long ago, direct deposit, audio voice response and online bill payment were the next big thing in financial services, but now they rarely turn heads.

Today, technology trends are following consumers’ growing desire to bank when and where they want, led by more than 75 million Gen Y customers. Members want mobile banking with deposit capability, and access to smart ATMs and self-service kiosks, inaddition to onlineand traditional delivery channels. And they expecttheircredit unions to keep pace.

That’s a good thing because satisfying members’ demand clearly benefits credit unions. Credit unions of all sizes are replacing or augmenting traditional teller windows with self-service kiosks and remote teller systems, some with video access. They’re seeing improved efficiencies and lower operating costs – along with the twin member benefits of greater convenience and less  wait time. For most, the shift toward self-service devices and applications is no longer a question of if, but when.

Yet, most people still want some form of face-to-face interaction, along with easy access. Even Gen Y prefers F2F for advice, financial planning or other money matters they’re unsure about, according to a 2010 Oracle study. For credit unions, that presents an opportunity and a challenge. How do you get on board with convenient, cost-saving technology while keeping the relationship-building service that has long been your credit union’s hallmark?


Read more at the CreditUnions.com website.

 

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