People Make The Difference

The future of financial services doesn't rest solely in the hands of technology and facilities.

 
 

It is easy to get caught up in the exciting new services and capabilities the rapid progression of technology in the financial services space makes available. Self-service options offer 24/7 banking and allow members to interact with their credit union how they want, when they want. And bigger, better, more powerful technology means banking is becoming more efficient for both the institution and the consumer.

But the future of financial services doesn't rest solely in the hands of technology and facilities. And that’s what this week on CreditUnions.com is all about — the essential relationship between people and distribution channels.

Writer Erik Payne kicks the week off with 3 tips to operate virtual teller machines for credit unions that are exploring or in the beginning stages of offering this service. PTMs operate at the intersection of technological innovation and personal service. Machines provide convenient, efficient, and personal member transactions — all while complementing branch sales. Implementing this high-priced, powerful technology can be daunting, but two credit unions that have launched their own fleet of PTMs — Navy Army Community, Park Community — offer advice on how to manage the transition.

When Orange County’s Credit Union started mapping the member experience last year, its motivation was simple. It knew delivering good member experiences isn’t good enough in today’s increasingly competitive environment.

“Service is getting stronger across industries, making it harder to differentiate yourself based on service,” says Lynda Savoit, senior vice president and chief operating officer for Orange County’s. “Focused efforts on member experience are critical.”

In How To Turn A Good Member Experience Into A Great One, Savoit and branch manager Azul Sanchez break down the California credit union’s multi-pronged approach — which requires a little introspection and a lot of teamwork — to identifying and fixing pain points in its member experience.

Uncle Credit Union, another California cooperative, has turned to its management to improve how it takes care of its members and achieve a better efficiency ratio. In 2011, the credit union established sales quotas for branch managers and implemented management-led projects designed to generate revenue and cut costs. Dree Johnson, director of retail banking at Uncle, explains how quotas and other initiatives have improved manager accountability as well as the bottom line in How Quotas Contribute To Revenue And Leadership Growth.

And for those readers that think the end of brick-and-mortar is nigh, check out this week’s Graphic Of The Week: Branching, Transactions, Deposits, And More. Senior analyst Andrew Bolton shows branching trends as well as breaks down credit union deposit market share via an interactive map.

Happy Reading.

 

 

 

 
 

March 23, 2015


Comments

 
 
 

No comments have been posted yet. Be the first one.