This is something that University Credit Union ($201.3M, Orono, ME) has experienced, especially with their remote services offerings. With a membership consisting mostly of college students and alumni, for University Credit Union, offering the latest in technology is a necessity in growing and retaining their membership.
There are several major advantages to working with a service provider to offer comprehensive remote services to members, says Joseph Gervais, executive vice president for University Credit Union.
“There are primarily two major reasons to consolidate your remote service offerings with one or a few providers – consistency in the member experience and security/vendor due diligence,” Gervais says. "In today’s technology environment it is important that the member feel comfortable and secure when interacting with their credit union, regardless of the device they are using. Consolidation of vendor relationships improves our ability to manage third-party relationships and ensures adequate measures are in place."
UCU partners with Synergent, a credit union-owned service bureau in Westbrook, Maine, for Technology Services, Check Processing, ATM & Debit Card Processing, Direct Marketing Services and Shared Branching.
“Given our younger, more technology-savvy membership base, a mobile banking solution was a must have to meet our members’ needs," Gervais says. UCU saw the trend with the adoption of smart devices. It was evidence to him that smart devices will quickly become the device of choice for interaction with the credit union for a large percentage of their members.
Card In Hand
According to UCU, instant issuance with their debit card program benefits the new member experience as they are able to leave the credit union with an activated card in hand and can begin using their account immediately. It is also extremely beneficial in cases where members experience fraud on their account. To know that a compromised card can be closed immediately and a new card instantly issued is a major convenience for their members.
“Layering on our member’s ability to personalize their debit card with their own photo or University of Maine campus image adds additional value and uniqueness in the market,” Gervais says.
UCU uses Instant Issue to supply their members with debit cards they can call their “own” the very same day. Source: Synergent
More Than Home Banking
“We have been able to add a number of system enhancements to our core home-banking platform to improve our member experience,” Gervais says. In addition to eAlerts, UCU members can update name, address and email address information via the platform. The credit union also has single sign-on capabilities to third-party platforms to make the member experience more seamless.
Shared Branching Via Kiosks
UCU wants to provide their members with the latest in technology-based convenience solutions. The credit union is always on the lookout for new ways to expand their accessibility of services to their SEG. The self-service kiosks fit that criteria well and allow the credit union to better serve their members in a cost-effective manner.
Target Marketing With Core Data Mining
Synergent’s Direct Marketing Services takes marketing beyond design to provide comprehensive support, helping UCU reach members with targeted marketing for all services, such as business services, loan growth, and product penetration, with data base mining through its Episys core processing solution. “In order to deepen member relationships in the first six months, we are leveraging our core data base to allow us to develop more targeted and meaningful marketing initiatives,” said Gervais.
Synergent is celebrating its 40th anniversary this year. A subsidiary of the Maine Credit Union League, Synergent provides credit unions with Technology Services, Shared Branching, Statement Processing, Card Services, and Check Processing and Support Services, as well as a new Direct Marketing Services division, dedicated to helping credit unions develop deeper member relationships through targeted marketing. For case studies from other credit unions, visit synergentcorp.com/DownloadWhitePapers.