EL SEGUNDO, Calif. — Mobile banking has virtually hopscotched here with members now having instant, face-to-face access to Xceed Financial Credit Union associates via a smart phone, laptop or desktop computer.
"Innovative technology that makes our members' lives easier and banking with us more convenient is a hallmark of the Xceed Financial brand," said Xceed Financial Vice President, member engagement Marquis Booche.
The $1.2 billion credit union, serving more than 65,000 members, recently announced its Xperience Center —a virtual banking portal eliminating the need for members, or perspective members, to visit any of its 12 financial centers in five states.
"The Xperience Center concept was something that first came up a few years ago in brainstorming sessions," added Booche. "We tinkered with it for a while, and then really committed to the concept in the summer of 2014."
With 12, 311 members actively using the CU's Xceed mobile app and 32,718 members enrolled in online banking, Xceed Financial President and CEO Teresa Freeborn said: "This is a natural next step for us, since more and more members are embracing banking-on-the-go."
Discovering Beta
While Xceed Financial initially planned to roll out the app later this year, the process was accelerated, in part, due to successful third-party partnerships. "Among the first steps was finding the right vendor partner for the video solution to integrate with our platform," said Booche.
Xceed FCU picked San Jose, Calif.-based VSee, a firm created by a team of Stanford University interaction scientists and network experts with the goal of overcoming limitations related to traditional video conferencing.
Calling it a team effort, Booche explained that along with VSee, the Xceed Financial member engagement division led the process working in partnership with IT, eStrategy and marketing. This also included working closely with Digital Insight, which provides the CU's online/mobile banking solution.
"It was also important to identify the right associates, who would be capable and comfortable engaging with our members through a video interface," said Booche. "With those pieces in place, we piloted the Xperience Center in our financial centers using iPads and desktop computers. This beta testing stage allowed us to have the back-up and support of onsite associates."
Booche explained that the biggest lesson learned from branch testing was a predicated variable. "Members wanted the ability to access the Xperience Center outside of Financial Centers, from their mobile devices. With that feedback, it became a priority to focus on quickly making that happen."
After beta testing was completed, the solution was launched on the CU's website and Xceed Mobile app. From 7 a.m. to 4 p.m. Pacific time, Xperience Center associates assist members in either English or Spanish on varied services, such as applying for a loan, opening a new account, performing varied transactions or virtually meeting with Xceed Wealth Management Group's financial consultants.
"There's almost nothing that would require a member to take time out of their day to drive down to a financial center," said Freeborn. "For us, it's all about making members' lives easier and making banking with us simpler and more convenient for them."
For desktop or laptop users, video chat access is gained through the Xceed Financial website. Mobile users can initiate via the Xceed mobile app. Freeborn explained that since the application uses the member's device's video camera and microphone, there is no need to purchase new hardware or software.
"Many people simply feel more comfortable talking about investment strategy and financial planning issues face-to-face, and this technology allows our members to have that personal contact on their own terms and at a time and place that's convenient for them," said Freeborn.
Face Time User Education
To ensure that Xceed FCU associates are well-versed with the new offering, the credit union created an internal communications channel with information on a special training program for those associates who will staff the Xperience Center. With 300 total associates, to date Booche said roughly 20 have undergone training.
"For members, our marketing people have created a comprehensive communication and member outreach campaign that includes everything from member emails, statement messages and videos shown in our financial centers, to banners on our website and within online banking," he added.
And while the solution is new, early statistical feedback finds that 60% of members are using the mobile app, with 30% preferring a visit to a financial center. The balance is using desktop computers. Surprisingly, Booche noted that the driving demographic isn't the young, tech-focused crowd. Members of all ages are gravitation to the service.
"You might think that millennials would be most interested — and we certainly do want to attract more of that younger demographic to the credit union through this channel," said Booche. "But so far we've seen a wide spectrum of members using the Xperience Center. That's good news for us."
To date, Booche said that there haven't been any questions regarding security concerns, and if an internet connection fails during a face-to-face transaction, all is not lost.
"If the member accesses the Xperience Center through our mobile app, we can identify the member and initiate a video call back," said Booche. "But regardless of how they access us, we identify who we're speaking with upfront, so we can attempt to call the member back if there's any interruption."
Booche noted that the best indication of a successful solution rollout is member feedback. Recently a member was applying for a loan. It was determined that the member required his wife's information, which he didn't have handy. He quickly texted her. Minutes later, she was able to join the video conference.
"They both were impressed that they could be in separate places and on face-to-face video with their financial institution to quickly and efficiently handle their business," said Booche.
