SAN JOSE, Calif. — Ensuring that members, especially millennials, are satisfied with technology offerings is a challenge for most credit unions. But when operating in the shadows of Silicon Valley, the stakes are even higher.
"Members expect constant connectivity, ease-of-use, personalization, high transparency and speed — all wrapped up in an intuitive digital experience—think Uber and iTunes," said Technology Credit Union's SVP of Marketing Kate Duggan. "We had an opportunity to use innovations in technology and branch design to continue to improve our member's overall banking experience across all our channels—in the branch, mobile and online."
To ensure the member experience would be maximized, the $2 billion CU, supporting 70,000 members, upgraded its online banking platform. Updates included a customizable dashboard; financial management and budgeting tools; advanced search functionality; and account alerts, bill pay and transfers, including scheduling payments/transfers to and from accounts as well as through Send Money powered by PayPal.
"Internal teams were established to vet, plan and execute on innovative changes throughout the organization," said Duggan. "The drive to innovate throughout the organization was also heavily influenced from the top down, starting with our CEO Barbara Kamm and executive leadership team."
Members Give a Thumbs Up
Tech CU didn't focus solely on its online offerings, the CU's mobile banking platform was made more 24-7-365 friendly with mobile deposit, bill pay, payments transfers, account monitoring, ATM locator, Apple Pay/ Apple Watch and Touch ID log in (for iPhone members).
There was a focus on online and mobile, but Tech CU also concentrated on the functionality of its 10 branches. Duggan explained that the CU rolled out a new, innovative branch design that provides members with convenient digital banking solutions and self-service access to products and services.
"The design also allows our advisors the private space to offer personalized attention when needed for more complex transactions," said Duggan. "Features of the new design include interactive touchscreens, video conferencing, one-on-one consultation areas and public spaces for member use."
While Tech CU is benefiting from its overarching tech overhaul, Duggan stressed that change on this scale is not easy. "Organizations must create a specific plan and process for rolling out innovation changes among employees — that includes getting buy-in from key influencers. You will also need to reinforce the benefits to both employees/members of embracing change."
To ensure the upgrades and enhancements are on the right track, Tech CU conducts monthly membership satisfaction surveys. Currently, the CU has received a 95% approval rating.
"The most commented on innovation change is 'enhanced ease-of-use to do their banking,' including things like our new mobile app, free car buying service and online appointment scheduling with our financial experts," said Duggan.
