Does your left hand know what your right hand's doing? (Internal assignments/accountability)

One of the main differentiators for a credit union is their superior member service.  It’s not uncommon for a member to walk into a branch and be greeted by name.  Yet times are changing.  In 2014, more and more members are using smartphones resulting in a decline in face-to-face interactions.  Today’s member has changed from someone that walks into the branch to someone that is more virtual utilizing other channels to fit their banking needs such as Online and Mobile Banking.  These members are more likely to report a problem or request a service utilizing one of these virtual channels and/or calling into the credit union.  For example, if the member is locked out of online banking they will look for the “live chat” function on the credit union’s website and eventually will “resort” to calling into the credit union. Members are becoming more accustom to the “virtual” experience that they receive with other companies such as American Express, Southwest Airlines or their utility provider that offer call centers and live chat sessions with 24/7 access.  This has changed the landscape of the credit union industry.  

Now, it is even more imperative to have a centralized communications structure in place that combines all of the channels and ensures that each channel provides the same information and superior customer service.   To provide this type of service, credit unions are implementing call centers, which are becoming the credit unions larges branch, in order to:

• Centralize communications across branches

• Implementing Case Tracking enabling the ability to understand the problems members are reporting and the products/services they are requesting

• Accountability to ensure issues are resolved in a timely manner

• 360° view of the member

Statistics show “82% of consumers say that the number one factor that leads to a great customer service experience is having their issues resolved quickly” (LivePerson).  All credit unions take and receive member calls but how are they tracking the calls and ensuring that the members’ problem or request is resolved in a timely manner?  How is this information shared across all branches?  Are they utilizing the data and better understanding where most of their issues and requests are coming from?


Case tracking software is an infrastructure that allows the credit union to grow and be able to centralize communications across branches.   Because this is a new culture and behavior most credit unions implement a slow rollout beginning with their member services department and later introducing it throughout other departments within the credit union.


What does a case tracking infrastructure look like?When a member calls into the credit union the staff member opens a “case” concerning the members issue or request.  The staff member has the ability to complete the “case” or to assign the “case” to another staff member or department.  The application ensures that all cases are completed in a timely manner (i.e. all cases are to be completed by “sundown” or end of day) by sending alerts, email reminders, etc.  Any staff member within the institution is able to view the cases at any time and quickly identify if the case is still open or resolved.  This technology centralizes communications across branches, implements accountability, provides a 360° view of the member and provides information about the types of issues or requests being reported.

What are the benefits of Case Tracking?: The ability to Identify, Track and Manage Member Reported Issues and Requests

Increased Management Capabilities: Organized tracking methodology to ensure resolved quickly and efficiently

Remote Access to Tracking System: Ability to access from any branch or mobile branch

Real Time Communication: Instant status updates, etc.

Analytics: View results on custom dashboards via custom reporting to identify problem areas, roadmap candidates, etc.

Increase Member Experience and Productivity: Ability to identify improvement areas in order to reduce calls and increase member experience

If you haven’t already, it may be time to begin looking for a solution that will allow you to track and manage member requests across all channels to ensure a superior member service experience. 

Jami Jennings

Sr. Product Manager

EPL, Inc.

Why a community should bank with a credit union…

As a Credit Union Service Organization (CUSO) we have the unique perspective of being built by credit unions to support credit unions and their members. As a company, EPL serves credit unions around the country from large to small, including those with sponsored employee group (SEG) focused and also those that are community chartered.

For the credit union industry, there is one thing universally in common and crucial to recognize.  Credit unions represent choice and community engagement.  There are many options but truly only one meaningful and socially central choice.  So, my thoughts today center around “why” a community should bank with a credit union.

Every community has basic, fundamental needs; ensuring consumer financial needs are being met and reinvestment in the community by local businesses.  Credit unions efficiently and effectively meet both objectives! 

First, ensuring that consumer financial needs are being met.  Credit unions are uniquely suited for meeting individual member needs.  From basic financial literacy to working with local company human resource departments to educate staff about the credit union benefit their employment could provide, credit unions are at the heart of increasing and improving financial conditions.  Factor in ever increasing financial products and services and the propensity for credit unions to be leaders in adopting technology and you have a foundation of support for the residents of the community.  Individual members receive focused service in addition to rates and fees that are member friendly.  Organizationally, the leaders of the credit union are also typically leaders in community groups like the chamber of commerce, service organizations and educational groups and very visible across the area served.

For reinvesting in the community by local businesses, a credit union is not only a local business but also a leading reinvestment source by the nature of their actions.  Any revenue generated by a not-for-profit credit union remains in the local community and is not syphoned off into another community like other, larger financial institutions.  Further, credit unions provide community “velocity” that is an important engine to community growth.  Goods and services being sold in the community create velocity as do those funds reinvested within the community.  For an example, Bob’s Chevrolet sells goods.  The daily deposit of the sales is placed into an account at the credit union.  The credit union then meets a member’s need for a loan with the dollars on deposit.  The member, in turn, is now able to spend additional dollars on a new car in the community.  The proceeds from the sale are then deposited into the dealerships account. The original $1 of deposit has now turned into $3 of impact for the community.  The pace of velocity created by credit unions is uniquely powerful and broadly applied to the community.

Credit unions grow in strength and increase positive community impact by serving more members and growing membership.  The more members served, the higher the community monetary velocity and the greater the financial service needs met.  By uniquely serving the needs of the community and individual members credit unions serve a higher purpose.

Wayne Benson

CEO

EPL Inc.

Mobile Lending: An Extension of the Internet Channel

Consider the impact, that mobile banking will have on something as basic as Internet loan applications. Consumers prefer experiences that are optimized to their smartphones, as indicated by the fact that 24% of online applications come from mobile devices (smartphone or tablet) for credit unions with a mobile presence. According to a CUNA Mutual Group white paper, 90% of credit unions have an Internet loan application. You have to assume that these are inevitably being accessed by mobile devices with a screen about one-tenth the size of a desktop/laptop. Have you considered the user experience of your members? Is your website mobile-optimized? It’s all about content and usability!

According to Google, if your website is not mobile-optimized…

•       48% of customers will believe you don’t care about them

•       40% will go to your competitor’s website, and

•       1 in 6 will switch to another financial institution

Credit unions must meet customers where they are, through optimized channels they need and increasingly demand. This is the marketplace today; location is no longer about being at a major intersection or near the newest mall.  It means being available 24/7 and ensuring your services are both optimized and maximized for mobile access.

Non-optimized vs. optimized loan applications

Optimize your mobile access for all phones and tablets. This includes ensuring website links are easy to locate and use. Now, whether your site is optimized or not, Internet lending applications are being attempted on smartphones and tablets. Offering member-focused benefits like mobile alerts and iPad and mobile-phone-specific apps also has strong Gen Y appeal.  Alerts can also be set to notify customers of a low balance, new loan rate changes, and other features.

Other opportunities To Grow Loans Via Mobile

Social Media.

A primary means to engage Gen Y, or Millennials, is through social media.  And many credit unions have begun targeting new members through social media. There’s an opportunity to grow social media efforts that will drive sales because social media users are very likely to conduct financial transactions via smartphones.  In fact, 65% of U.S. smartphone owners use push notifications for social alerts. Social Media is also a tremendous way to engage customers and learn both their needs and their feelings toward your products and services.  In this way it is more than just a marketing tool.

Auto Loans

Did you know that 31% of consumers use smartphones during the car-buying process?  Members are using their smartphones to research the car they want to buy.  With a mobile loan application, you will enable them to continue the auto buying process to obtain the loan – possibly while they are still on the lot.  With a mobile loan application, members can apply for loans anywhere, anytime and on any device.   

The "Smart" credit unions will think about the member's smartphones at every touchpoint.  Its the member's preferred means of information gathering and their lifeline to the rest of the world - and you're products.

Yvonne Sambrano

Sr. Lending Product Manager

EPL, Inc

Gen Y and mobile loans: Are you optimized to profit?

All credit unions are looking to increase lending, but if  you want to be successful,  you need to evolve with the newer generations.  The way you made loans 10 years ago just won’t fly with Gen Y. It’s all about faster, easier access. It’s all about smartphones. It’s all about  optimizing your credit union to grow your loan portfolio! Let’s look at two key factors that will affect your loan portfolio in the coming years, Gen Y and mobile loans.

Who is Gen Y (also known as Millennials)?

•       Born between 1981 and 2000

•       Current age is 14 to 33

•       Largest consumer group in U.S. history

•       90% use the Internet

•       75% use social networking sites

       

Millennial Expectations (faster, faster, faster)

•       Embrace emerging technologies

•       Require convenience

•       Want instant gratification

In this day and age, nothing answers the call for instant gratification and technology-linked convenience like the smartphone.

Smartphones are changing everything.

How many of you check your phone for messages, email or the latest news the first thing upon waking up each morning? Well consider this: For approximately 88 million people, the first thing they do each morning is use their smartphone. In fact, 90% of 18-29 year-olds sleep with their smartphone within arm’s reach! Smartphones are a huge wave taking over our personal and business lives. They are the next wave in lending as well. 

This reliance on smartphones is dramatically changing the way credit union members conduct their financial business:

•       Branch visits average 3-4 per year

•       Internet visits average 7-10 per month

•       Mobile visits average 20-30 per month

Branch visits are down; mobile visits are way up! The shift toward mobile banking is upon us and the  number of people who buy via mobile device will increase 65% between now and 2016.     

Credit unions cannot afford to ignore the Millennials.

“Their collective buying power alone—an estimated $200 billion annually—is already noteworthy and will only increase as they mature into their peak earning and spending years,” report Jeff Fromm and Christie Garton in their book, “Marketing to Millennials: Reach the Largest and Most Influential Generation of Consumers Ever.” If you don’t offer a mobile means to access loans, you are missing out on a huge demographic: Generation Y. What  is your  credit union doing to cater to them? Mobile lending is here. Are you ready for it? Not having a mobile optimized loan application can cost you 25% of your online volumes. How are you preparing for the mobile needs and expectations of your members? What credit union products and services could/should be delivered to mobile devices?  If you have not already considered these questions,  you should!

Yvonne Sambrano

Sr. Lending Product Manager
EPL, Inc