Making changes in the way a credit union does business, such as implementing a self-service branch transformation, requires out of the box strategy and vision as well as employing innovative technology.
Latham, N.Y.-based $595 million Sunmark Federal Credit Union recognized the reality facing many credit unions: escalating labor costs, decreasing foot trafc, and mounting pressure on the bottom line. Improving branch level efciencies could help steady the rocking ROI vessel but only if it preserved and expanded the member relationship, which drives overall success.
Sunmark set out to do both with a smaller, automated branch design at its new Rotterdam, N.Y. location.
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"Our strategy was to deliver a common suite of financial services across a diverse set of channels to our members on any device, at any time, from any place," Darryl Eneld, VP/CIO at Sunmark, said. Out of that approach came several technology innovation schemes including the key interactive teller machine project.
The credit union's current strategic plan is to transform branches into more compact, lower cost, brick-and-mortar buildings. That meant shrinking their size from a typical 3,000 square foot location to 1,500 or less. The credit union also wanted to resurrect a Rotterdam branch, which had closed several years ago after a popular run. So, Sunmark rolled the new branch design, and transformation with no teller line, and self-service interactive teller machine technology, into one big project.
Sunmark wanted a pure self-service method where members could transact on their own, Enfield recalled.
David Pepin, chief operations officer of the BranchServ, which provides physical security service and equipment solutions for retail financial institutions, said Sunmark needed to do some things differently and engaged with the Bethel, Conn. based company.
"They were an existing customer (for the cash recyclers)," Pepin pointed out his firm procures products from many best of breed vendors and delivers, integrates, trains and provides support for the various products and technology they sell. "(Sunmark) wanted to know what technology was available in the marketplace to enable their vision and strategy."
The Sunmark team ultimately selected the Nautilus Hyosung MX8800 (lobby) and 7800I (drive-up) ITMs, as provided by BranchServ. The technology provided self-service to members and universal bankers, replete with tablet in hand, with an extensive range of transaction options from account withdrawals to loan payments. In addition, the equipment allowed Sunmark to provide video support services to complement branch assistance.
The new Sunmark branch in Rotterdam ofcially opened in April, 2017 with universal bankers, one recycler, two MX8800s in the lobby, and two 7800Is at drive-thru lanes. The credit union provides help and support in person at the branch, and through remote video tellers centralized at their Member Solution Center.
Read the full article in the Sept. 27 edition of CUTimes.
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Roy Urrico
Roy W. Urrico specializes in articles about financial technology and services for Credit Union Times, as well as ghostwriting, copywriting, and case studies. Also: writer/editor of a semi-annual newsletter for Association for Financial Technology since 1997 and history projects funded by the U.S Interior Department, National Park Service and Warren County (N.Y.).
