BURBANK, Calif.-If Robert Baron had his way, credit unions everywhere would use secure video conference technology to streamline and personalize the online banking process.
Baron, director of marketing for $39-million Technicolor FCU, is one of three finalists for the CO-OP THINK Prize 13, a competition created by CO-OP Financial Services to inspire innovative solutions to the issues confronting the credit union industry. The winner will claim a $10,000 grand prize presented by MasterCard.
The three finalists were selected from 25 semi-finalists by judges from CO-OP Financial Services and Filene Research Institute. The winner of the CO-OP THINK Prize 13 will be announced on May 2 at the THINK 13 Conference, being held at the Swissotel in Chicago.
Baron said his idea taps existing video conferencing technology and merges it with typical functions performed by tellers. He noted many of Technicolor FCU's members are hourly wage earners who have difficulty making in-person branch visits when they need, for example, to sign papers. The TFCU has its main office here in Burbank, plus a Hollywood branch that is open only four days per week.
"Many members cannot make it to the branch, because they are working during business hours," he said. "This is a problem throughout the banking industry-their hours and business hours are identical. Many people are working longer hours and cannot really take a break to visit a branch. I wanted to streamline the process, and also personalize the online banking experience."
According to Baron, the biggest problem with online banking is it just takes care of basic needs and does not cross-sell or allow for any follow-up.
"Being a member of a credit union is all about the relationship, and this is a way to virtualize the banking relationship," he said. "This creates a teller window on the member's home computer, laptop or whatever device."
Baron foresees a number of apps for his virtual teller, including confirming ID, opening accounts, funding online banking, filling out loan apps and depositing checks. For the latter, he said video deposit would be faster than scanning the check through a mobile banking app and would be good for people who need the funds to clear right away.
"Through this virtual teller system members can be at their home or office, wherever is good for them, while funding online banking or even taking out a loan. This is the missing link for online banking," he asserted. "Some people have complicated situations and need personal attention. They cannot get personal attention with online banking."
'Quite Powerful'
The ability to record both parties to a conversation is "quite powerful," Baron said, noting such a video record would be a "great way to have total transparency" for both sides and help avoid misunderstandings. Baron theorized having a virtual teller system would allow CUs to reach many more members through their existing branch networks without the expense of building more brick and mortar.
