Credit Union Branch of the Future Must Integrate High Tech and High Touch

With mobile and online banking becoming increasingly popular banking institutions, especially credit unions, are advocating for branch design strategies with contemporary concepts and financial technology that is pointed at improving the member experience without losing that all important human touch.

The need for the personal touch in the financial services industry continues to be met by credit unions. As members continue this quest for digital channels and the old banking model changes into a retail model, the design of the branch must conform. Banking can no longer occur in a fortress style environment. Technology has inspired consumers to take charge of their finances as they shop online for the best deal. So, credit unions must capture the opportunity to develop and nurture an environment for their members that demonstrates the “people helping people” values and beliefs. This high tech, high touch atmosphere is the branch of the future.

Credit unions must reinvent themselves and create value and a reason why members want to come to the physical location. It is important to create an interactive environment and redefine the behaviors that should be occurring in the branch and understand that the new design must support person-to-person relationships.

Some Dos and Don’ts to think about

Don’t try to out do your competitors in your high-tech savviness. While it is positive to take the lead in the war of the high-tech toys, it’s important to not take the approach of technology for technology’s sake.

How about providing free Wi-Fi to members that allows them to continue using their own personal devices. Or, instead of providing magazines and newspapers to members while they wait for an appointment, provide an iPad for browsing.

Many members are not comfortable with discussing their finances in an open space. Integrate private offices into the new branch design, creating a comfortable environment for member engagement.

Think about integrating a video wall into the new branch design. This video wall will showcase dynamic motion graphic content ranging from brand-building messages, to local scenery, to current campaign promotions.

An informal community meeting space would be a positive addition to the high touch design.

The goal of the high tech, high touch branch is to simplify the customer experience and allow time for staff and the members to really connect. The new technological features will allow staff to spend additional time finding solutions to meet member financial requirements.

As you consider the new branch design, it is important that you become a true financial partner to your member. Make sure to transform the branch from just a servicing environment to a consultative atmosphere where you can collaborate with the members to determine their needs and recommend financial solutions.

The core functions of the credit union of the future is about anticipating the member’s needs and presenting simple and targeted promotions using traditional and digital solutions. Combining technology, innovation and the human touch will play a key role in the branch of tomorrow.

What does the branch of tomorrow look like? It would be open and accessible to all, combining virtual sales and promotion into one space. It would be staffed with employees that could guide the member to smart financial decisions while making their banking entertaining and captivating.

Most importantly, when creating that high-tech, high touch branch, I have learned that it is the employees that make the difference, not the technology.

Mobile Banking Advantages

In the continuing evolution of the banking industry, consumers are replacing some functions of online banking and ATM’s with mobile banking applications. Mobile banking provides the ability to obtain account information and to complete certain financial transactions using a cellular connected device. With an increasing number of institutions providing banking apps, mobile phones and tablet PC’s are being transformed into portable banking centers.

Mobile Banking Services

There is a variety of common services provided through mobile banking, including:

* Transfer of Funds.

* Accessing current account balances and/or historical account information.

* Identification of branch and ATM locations.

* Secure bill payments via pre established payment protocols.

* Verification of transactions.

* Important alerts such as overdrafts, questionable activities, and promotions.

Security

Some concerns for those considering banking through mobile are the security of the connection and personal account information. Since mobile banking is implemented on a wide variety of platforms across numerous devices, it is difficult to compromise security on an individual basis. It is also worth noting that current limitations on the type of transactions available with mobile banking nearly eliminate the chances for a malicious attack.

Advantages of Mobile Banking

For members of specific unions, banking through mobile can offer numerous advantages in terms of convenience and banking options. The most important benefit of such banking is the ability to establish connectivity from virtually any area of the country. Compared to traditional online banking that requires an internet connection, the versatility of banking through mobile is unparalleled.

Members who engage in such banking appreciate the time-critical response of the format. While receiving SMS text messages relating to transactions and upcoming financial obligations, account holders can avoid late payments and service charges and can make time-critical transfers virtually anywhere at anytime.

In situations where immediate alerts are critical, banking through mobile affords almost instantaneous transmission of vital information. This can be especially important in a suspected identity theft or unauthorized use of a credit card. Members also benefit from learning about the latest credit unions promotions, interest rate changes, and other information without having to log onto the Internet or wait for traditional mail.

As more members subscribe to banking through mobile, account holders may see some banking fees reduced. Credit Unions and their members benefit from such banking through diminished operational expenses as a result of reducing work that requires human interaction. It is evident mobile banking has become a time saver and convenience for all credit union members. As mobile devices continue to grow in popularity, the applications and functionality will continue to evolve.

Credit Union Branch of the Future Must Integrate High Tech and High Touch

With adaptable and online cyberbanking acceptable more accepted cyberbanking institutions, abnormally acclaim unions, are advocating for annex architecture strategies with abreast concepts and cyberbanking technology that is acicular at convalescent the affiliate acquaintance after accident that all important animal touch.

The allegation for the claimed blow in the cyberbanking casework industry continues to be met by acclaim unions. As associates abide this adventure for agenda channels and the old cyberbanking archetypal changes into a retail model, the architecture of the annex accept to conform. Cyberbanking can no best action in a breastwork appearance environment. Technology has aggressive consumers to yield allegation of their affairs as they boutique online for the best deal. So, acclaim unions accept to abduction the befalling to advance and breeding an ambiance for their associates that demonstrates the “people allowance people” ethics and beliefs. This top tech, top blow atmosphere is the annex of the future.

Credit unions accept to reinvent themselves and actualize amount and a acumen why associates wish to appear to the concrete location. It is important to actualize an alternate ambiance and redefine the behaviors that should be occurring in the annex and accept that the new architecture accept to abutment person-to-person relationships.

Some Dos and Don’ts to anticipate about

  • Don’t try to out do your competitors in your high-tech savviness. While it is absolute to yield the advance in the war of the high-tech toys, it’s important to not yield the access of technology for technology’s sake.
  • How about accouterment chargeless Wi-Fi to associates that allows them to abide application their own claimed devices. Or, instead of accouterment magazines and newspapers to associates while they delay for an appointment, accommodate an iPad for browsing.
  • Many associates are not adequate with discussing their affairs in an attainable space. Integrate clandestine offices into the new annex design, creating a adequate ambiance for affiliate engagement.
  • Anticipate about amalgam a video bank into the new annex design. This video bank will advertise activating motion clear agreeable alignment from brand-building messages, to bounded scenery, to accepted attack promotions.
  • An breezy association affair amplitude would be a absolute accession to the top blow design.
  • The ambition of the top tech, top blow annex is to abridge the chump acquaintance and acquiesce time for agents and the associates to absolutely connect. The new abstruse appearance will acquiesce agents to absorb added time award solutions to accommodated affiliate cyberbanking requirements.
  • As you accede the new annex design, it is important that you become a accurate cyberbanking accomplice to your member. Accomplish abiding to transform the annex from just a application ambiance to a advising atmosphere area you can coact with the associates to actuate their needs and acclaim cyberbanking solutions.

The amount functions of the acclaim abutment of the approaching is about anticipating the member’s needs and presenting simple and targeted promotions application acceptable and agenda solutions. Accumulation technology, addition and the animal blow will play a key role in the annex of tomorrow.

What does the annex of tomorrow attending like? It would be attainable and attainable to all, accumulation basic sales and advance into one space. It would be staffed with advisers that could adviser the affiliate to acute cyberbanking decisions while authoritative their cyberbanking absorbing and captivating.

Most importantly, if creating that high-tech, top blow branch, I accept abstruse that it is the advisers that accomplish the difference, not the technology.