It’s no longer enough to use technology in an attempt to remain relevant. That should be a given. Expectations are set much higher now that we live in a full-blown digital age. That can seem like an overwhelming statement, but if you take it for what it is, freedom can be found. It becomes an invitation. You can explore new opportunities with present technology to leverage new membership. It works like this:
How New Technology is Making a Difference for Credit Unions
The Internet of Things (IoT) is changing rapidly. Today, there are right around 14.8 billion IOT devices according to Cisco, and Microsoft estimates that number will soar to 30 billion by the year 2020. Those numbers mean you need to start addressing the issues now, before you get left behind.
There are a few directions you can go. For instance, Canada-based First West Credit Union introduced a device called – band. It’s the first wearable device that uses Visa’s Paywave payment platform. It allows users to make mobile and contactless payments, as long as they’re comfortable walking around with a Fitbit®-type device on their arm.
You could go even simpler. For instance, why not leverage technology already in use by piggybacking off of the hottest new fad, say the Apple Watch®? That’s exactly what Malauzai Software did with their mobile banking app that works as an extension from the existing one found on the Apple Watch. So far, two credit unions, one in Texas and the other in Alabama, have used their app as a means to allow the most convenient access for their members.
Promote the Technology You Already Have to New Members
While these might seem like examples beyond the scope of possibility for your credit union, you are probably already doing some things that only require simple tweaks to make them more effective. For instance, you may have online banking, but new members don’t know about it unless they are told. Make sure all promotional items are present, and staff are trained to keep that carrot on a stick front and center. People living in the digital age love having immediate access to their accounts (like "fingerprint" access to you app on their mobile device). If you offer it, tell them so.
The goal is to leverage the competitive advantages your credit union already offers, by pairing it with the right technology. It’s this sort of marriage that serves to keep credit unions mainstream. Market the technology services you already have, such as online banking, bill pay, and utilizing technology made available by Oak Tree (fillable forms and data processor integration).
Empower your institution to remain relevant. That is a great way to gain new members.