Robert Baron, a finalist for the CO-OP THINK Prize 13, believes credit union members should beable to interact with service reps remotely through theircomputers, mobile phones or tablet devices.

The CO-OPFinancial Services payment CUSO has offered the prize everyyear since 2000 to help foster credit union innovation.

Baron, marketing director for the 5,000 member, $40 millionTechnicolor Federal Credit Union in Burbank, Calif., explainedthat he came to the idea for an application that would allow thatinterface after noting that members often wanted to come in to thecredit union's two branches but often could not due to workconflicts or difficulty getting there.

“I realized that members and potential members still needed tocome into the credit union for different things, but that theycouldn't. Having a virtual teller system would let that interactionhappen, even if they couldn't make it in the door,” he said.

In addition to enabling more regular transactions remotely, thevirtual teller would allow the credit union to do things likeenroll new members remotely, checking their picture identificationagainst their image on screen just as if they were there, as wellas more easily handle loan acceptance and signing.

Baron's idea is in the running for the $10,000 prize against anidea for an application to help consumers more efficiently switchto a credit union and another which streamlines the loanapplication process for multiple credit unions.

In the event his idea does not win the prize, Baron said he willcontinue searching for an app developer who might be willing tobuild it, either as a standalone application for Technicolor or asa technology that could be licensed to other credit unions touse.

“I would like to this become something that would help creditunions move ahead in their competition with large banks,” Baronsaid.

The winners will be announced at the THINK conference April29-May 2 in Chicago.