Gone are the days of bankers' hours — but it turns out, even being available 24/7 isn't enough, either.
That's why Arizona Federal Credit Union has taken a proactive step by adopting an omnichannel solution that allows members to schedule when and how they prefer to bank.
"In January 2016, our board of directors approved a new 'digital-first' retail strategy, through which we are reallocating some resources away from physical locations in order to continue enhancing our digital solutions," said Arizona FCU Executive Vice President and Chief Operating Officer Jason D. Paprocki.
The Phoenix-based $1.3 billion Arizona Federal has 450 employees and serves more than 121,000 members at 15 branches. After vetting different vendors, Paprocki and his team recently selected the Boston-based TimeTrade and its SaaS omnichannel appointment-driven personalization solution.
"Allowing members to schedule appointments to use them online and through our mobile app was a no-brainer," said Paprocki. Currently, the CU has 90,000 active online users and 66,000 active mobile users. "Prior to TimeTrade, we didn't have an appointment scheduling solution."
Digital-First Banking Not Just For Millenials
With more than 150 credit union and banking clients, TimeTrade's CEO Gary Ambrosino said financial institutions are seeking digital ways to treat members like VIPs.
"Credit unions are always looking to elevate and improve upon the member experience in order to attract new members and retain their base," said Ambrosino. "And by doing so, credit unions are capitalizing on upsell opportunities and gaining operational efficiency.
TimeTrade's "Banking by Appointment" service enables Arizona Federal members to book appointments in-branch, by web, by phone or join the queue though a wide range of channels, including the CU's website, mobile app or via phone/customer service, explained Ambrosino.
"This flexibility enables members to determine the most convenient time for them to meet with a financial coach and schedule that time via their preferred channel," he said.
While more than 30% of Arizona Federal CU's members are millennials, Paprocki noted that this demographic didn't totally influence the newly adopted "digital-first" ethos.
"Members of all ages use our website and mobile banking apps," he said. "While we think millennial members may use the solutions more, our digital-first strategy is about making banking more convenient for members of all generations."
Banking Made Easy
Whether implementing TimeTrade or another omnichannel solution, Ambrosino said it's critical to tie the platform into all marketing channels. "These include the website, outbound marketing tools such as emails, social media, and perhaps most importantly, the mobile banking application."
Since TimeTrade is a SaaS solution, Ambrosino said most in-house CU staff can fully configure and administer the solution. "If they do not or don't want to have the internal team work on it, TimeTrade has a full suite of deployment services available."
Arizona Federal CU took 90 days to implement, which included integrating TimeTrade with its Microsoft Outlook calendars. This step allowed appointments to sync directly to branch and individual calendars.
"We trained our branch managers and other key branch employees in a train-the-trainer session, and they trained their team members. Moving forward, training will be incorporated into new employee training," said Poprocki. "We think the system is simple enough that members will be able to use it easily without any educational materials."
In Poprocki's estimation, online and mobile appointment scheduling is something all credit unions members will expect in the near future.
"When it comes to omnichannel, I'd say do it fast if you want it to be a differentiator," he said. "Otherwise you'll end up doing it because you don't want to be the only one who doesn't have it."
