5 Cool Tech Tools to Boost Efficiency, Service, Membership
To enhance customer service, improve operational efficiency and entice new members, especially younger ones, credit unions of all sizes are tapping into new technology such as social media and rolling out cool tech tools such as mobile apps and video tellers.
Yet, credit unions face challenges selecting from the plethora of products and providers entering the market. Tighter IT budgets make it imperative to find cost-effective solutions that engage members across multiple channels.
The P2P market is valued at $80 billion to $120 billion, according to a recent study by First Annapolis Consulting in Linthicum, Md., and credit unions craving a slice of the P2P revenue pie are dishing out new services, such as P2P apps for mobile devices.
By now, most credit unions utilize social media to engage members, but some are taking it to the next level.
Personal Financial Management (PFM)
Approximately half of U.S. consumers that participated in a recent survey by Javelin Strategy & Research said they want a single view of their finances and would be most likely to use a PFM tool offered through their credit union or bank.. To respond to that demand, CUs across the country are offering PFM tools.
Personal Teller Machines (PTMs)
Since the NCUA announced last fall that it would allow video tellers to count as service facilities, PFMs have been popping up at credit unions of all sizes, and industry analysts predict the machines will become commonplace during the next few years.