Back in 2011, technologist Scott Brinker estimated there were 150 enterprise marketing tools on the market. Today, that figure stands at 9,932. The technology explosion isn’t unique to marketing, either. There are now thousands of tools across every single niche — sales, operations, customer service, communication, collaboration, and more. And that’s a problem.
Credit unions can’t adopt every new piece of technology (or even every technology category.) Instead, leaders must whittle down their options, focusing solely on the tools and services that deliver an improved experience for members and associates. But even that is tricky. Comparing thousands of services takes time — and that’s where we come in.
Coconut Software has compiled a great list of examples and ideas based on research-backed trends. Check out our five favorite technologies, and learn more about all the examples in our full customer experience trend guide.
Technology #1: Self-Serve Stations
Imagine you arrive at a beachfront hotel. The crystal-clear water ripples behind you. The temperature is ideal. Palm trees sway in the breeze. It’s perfect … but there’s no one there to check you in. Suddenly, your idyllic experience turns to frustration.
Hotels solved this problem years ago with self-serve stations: kiosks that allow guests to check in on their own. Now, that technology is spreading through banking. Considering that 81% of consumers expect self-serve options but only 40% think businesses have enough, the technology can’t come fast enough.
To see what impact self-serve stations have, let’s look at Lone Star Credit Union ($162.5M, Dallas, TX). The credit union recently replaced lines with giant self-serve kiosks. Now, members can handle simple transactions (balance inquiries, money transfers, appointment booking) on their own.
Technology #2: Curbside Service
Some banking services must happen in person. Think cash deposits and withdrawals. But who said in-person has to mean in-branch?
During the pandemic, University Federal Credit Union ($4.0B, Austin, TX) created a curbside service. Members would drive up to their local branch and scan a QR code with their phones. After completing a service form (for example, a cash withdrawal), an associate would come out and complete the transaction.
Curbside service is just the tip of the iceberg.
Some credit unions use mobile banking branch trucks. They drive to events, rural communities, or vulnerable members and deliver services on-site.
A third option is to use couriers as go-betweens. Some credit unions allow members to deposit or withdraw cash from their front doors with courier pickups and deliveries. For safety, couriers don’t know what they’re carrying, and there are strict limits on how much cash they can handle.
Technology #3: Video Banking
The pandemic forced a video banking revolution. People couldn’t visit branches, so they dealt with mortgage advisors, retirement planners, and customer service agents via video. After the initial disruption wore off, people realized they loved the change.
“We were surprised by the initial and immediate uptake of video,” says Tasha Newman, digital specialist at Libro Credit Union (London, Ontario). “They like that they can [access services] without needing to travel and that using video was easier than expected.”
As Tasha explains, convenience is key. People lead busy lives. They don’t want to spend an hour driving to and from their local credit union when they could just as easily video chat with an associate. After experiencing virtual appointments, one-third of people say they plan to avoid branches altogether.
Technology #4: Self-Serve Appointment Booking
Two-thirds of people say they don’t receive enough money management advice from their credit union. The problem is that providing tailored assistance and advice is tricky. Even the best data programs don’t reveal precisely what support people need or when they need it. As a result, Opportunities Credit Union ($162.5M, Dallas, TX) rethought the problem.
The credit union made it easy for members to ask for support. For example, when it denies a loan, Opportunities provides financial counseling and education through a program called Money$ense.
Members can book appointments with a counselor and reserve workshop slots — all without talking to an associate. Self-serve booking hands control back to members, allowing them to ask for the specific support they require.
Technology #5: Biometric Security
Passwords, OTPs, PINs … the banking industry is full of security tactics. Recently, a new method has emerged at the fore: biometrics. Just as people unlock their phones with their fingerprints, so, too, can they authorize banking transactions with their faces, fingers, and eyes.
That’s good news as three-quarters of consumers choose biometrics as their preferred security method.
Connexus Credit Union ($5.3B, Wausau, WI) was one of the early adopters. Leaders realized support staff were spending the first 90 seconds of every call authenticating each caller’s identity. Switching to biometric security cut their authentication time down to just 12.5 seconds.
“That savings, multiplied by all those calls, that’s one full-time employee worth of work every day,” says Chad Rogers, EVP and COO of Connexus.
But it’s not just a boon for associates. Instead of racking their brains for their mother’s maiden name or memorable word, members just tap their phone’s fingerprint reader or scan their face. It’s a smoother and easier experience.
Create An Immediate Impact
When people hear the term banking technology, their minds tend to go to artificial intelligence, machine learning, and multi-year transformations. But today’s members don’t want a 12-year transformation plan. They want self-serve technology, better access to associates, and stronger financial advice — and they want it now.
Consider the tools and services we’ve outlined. They can streamline your member experience and deliver better access to services be it online, offline, at a curb, or on the phone.
For a deeper dive on credit union technology, check out our guide on exceptional banking experiences. We cover 11 other experiences, including streamlining your in-branch experience, optimized request routing, and efficient advisory services.
