COVID-19 has likely changed the way the world interacts with its banks forever. If your credit union technology solutions are not upgraded and optimized, you are missing some big opportunities.
The Credit Union System COVID-19 Restart and Recovery Task Force has been working hard to gather and release new insights for credit unions “regarding business continuity, digital services and automation, staffing and operations, and industry financial impact,” according to CUNA.
Let’s go through some ways you can upgrade your credit union technology solutions.
Optimizing Drive-Thrus
Previously, credit unions tried to encourage customers to perform certain transactions inside the building versus in the drive-thru lines.
Now, these same CUs are encouraging customers to perform the lion’s share of their business from the drive-thru and ATM. While certain customers will always prefer visiting a physical location, it’s still wise to train and inform CU staff of the benefits and changes being made to accommodate more transactions via the drive-thru.
When customers come into your credit union, having well-informed staff members relay changes in drive-thru policy to customers and encourage safer banking practices can be a welcome alternative for those who are unaware of these new developments.
Protecting Brick-and-Mortar Customers
Some technology solutions are aimed at the physical experience of your credit union rather than your CU’s website or banking app.
Credit Union Business News offers a few different options. Infrared mirrors are a way for your customers’ temperatures to be checked without the assistance of one of your staff members. Employee surveys and guidelines for travel and reporting symptoms or potential contact with the coronavirus can also mitigate risks and widespread exposure if and when it happens.
Density sensors and mobile check-in can help monitor traffic in your facility. Density sensors keep track of the flow of people in and out of your building, which eliminates the need for repurposing a staff member’s role to include tracking the number of people entering and exiting.
Mobile check-ins are another great way to keep the lobby from getting overpopulated. Credit unions can utilize existing services or create their own tailored protocol for having members check in using a mobile device, minimizing exposure, and keeping in-house time to a minimum.
New Digital Offerings Are Essential
In the last seven months, credit unions have been juggling some big changes, on the digital and physical fronts. At physical locations, whole areas had to be reorganized to accommodate social distancing guidelines and new sanitization practices.
While these issues were disruptive early on, many credit unions now have the hang of these new in-house protocols.
But, like with most things in the digital world, moving core functions from in-person to online in a time-sensitive large-scale effort is not going to happen without missteps.
Credit unions – like all COVID-era businesses hoping to survive – are adding more and more digital solutions to their repertoire. Not only are these digital solutions safer amidst the pandemic, but they’re also extremely convenient for customers who are now trying to juggle work, school, and relaxation in one place – at home.
That means the more options for online and mobile service, the better. Faster access to funds is essential, says this article about a new PSCU white paper called “Fast Access, Fast Payments”
Examples of New Solutions
There are thousands of unique credit union technology solutions that will optimize your customers’ experience. We’ve gathered some examples of new offerings from different CUs in the US.
As mentioned above, the PSCU white paper mentions some key topics for adoption like enabling receipt of real-time deposits, immediate card issuance, consumer protections, preparation for FedNow, and more.
Credit unions can boost technology adoption in members by partnering with tech-savvy institutions that are equipped to train your customers on the ins and outs of your mobile app or website offerings.
The Zoom boom can help your credit union, too. Many members prefer to deal with a real person, and video conferencing and meetings can maintain that human element and highlight excellent customer service, all while keeping your staff and your members safe and healthy.
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