This year, credit unions made big decides on whether to deploy or defer new payments and tecjnology offerings. And they shared with CreditUnions.com the why and how behind those decisions. Although news headlines often went to mobile, much of the real action took place behind the scenes, where decision-makers weighed how best to incorporate all these options into the day-to-day enterprise.
Here are five ways credit unions made decisions or deployed tools and the analytics that shows whether tech investments pay off competitively.
Callahan & Associates analysts did what analysts do and studied how much tech-based offerings affected the competitive performance of credit unions under $100 million in assets. The upshot? They do.
Deflecting fraud liability has been the prime motivator for issuing EMV chip cards, of course, but some credit unions have seized the moment to examine all the pieces of its payments processes. That approach led to serious savings at Iowa's Ascentra Credit Union.
EMV cards have put a hurt on card-present fraud. Card not present? Not so much. That and the costs convinced Listerhill Credit Union in Sheffield, AL, to delay, maybe permanently, issuing chip-enabled debit cards.
More and more credit unions are redesigning branches to accommodate the needs and expectations of both traditional and digital-savvy members. A good example is Washington State Employees Credit Union, where the new look and feel also includes a recognition that the branch is the credit union’s “billboard to the community.”
Online account opening is nothing new, but integrating the process across multiple channels is, and the art of more deeply engaging these new members is still in its infancy. Two tech-savvy financial cooperatives notably growing that ability are Michigan State University Federal Credit Union in East Lansing and New York's USAlliance Financial Credit Union.