2. Branch transformation
As members do more business via mobile devices, their desire for in-branch service decreases.
“They’re more comfortable with self-service, like airport check-in at a kiosk or self-service retail checkout, than with face-to-face interactions,” Reh says. That sparks a trend toward tellerless transactions at advanced ATMs, which can do almost everything tellers can: dispense cash, produce digital images of checks—even answer questions.
As a result, branches need fewer staff, “and employees can focus on more complicated services such as lending or financial advice, where members need a personal touch,” Reh says. “Then, credit unions can reduce the number and size of their branches and reduce costs.”
That would mean fewer tellers and, potentially, shorter teller hours. And as members gravitate toward mobile devices to conduct transactions, credit unions might be able to open fewer drive-through lanes which video tellers could staff from a central office.
Overall, credit unions should make it easy for members to conduct business through whatever channel they find most convenient, says Alex Barker, senior vice president/ chief information officer, information systems, for $3.6 billion asset Mountain America Credit Union in Salt Lake City and a CUNA Technology Council Executive Committee member.
“It’s our aim to make our self-service channels as delightful to use as possible,” he says. “That drives up use in those channels and frees up branch staff to spend more quality time with members, helping them improve their financial lives through investments, refinances, and other services.”
NEXT: The consumerization of IT