Technology Trends To Watch in 2016
January 4, 2016 2:09 PM
Credit Union Journal asked attendees of a recent technology conference what is the top technology trend (or trends) they are keeping an eye on in the financial services world?
Ron Smith, SVP of sales and branch operations, Texas Trust CU, Mansfield, TexasCRM systems. There is a trend of having more information at the fingertips of the people at the front line. There are fewer and fewer members coming into the branch. The majority of the best members are not coming in, so you have to reach them the way they want to do business. You need to know what you are talking about don't offer a credit card that is unnecessary, be ready to offer a better rate on a mortgage.
Rebecca Winslow, director of retail delivery, Gorham Savings Bank, Gorham, MaineRight now we are in the process of transforming our branches. We are moving to ITMs, or interactive teller machines. Depending on the market we might deploy an ITM instead of a traditional teller. Already in our branches we are using universal bankers. When people come in to the branch it is to solve a problem or because they need advice. In many cases an ITM makes sense given it uses less room. We have not yet started using tablets in our branches but we are considering doing so.
Meaghan Johnson, associate director, MAPA Research, LondonBiometrics is a big trend that is coming soon. Historically, apps have logins. But it is much easier and more secure to use biometrics. Facial recognition is very popular.In payments, P2P apps are taking off. The payments space is seeing a lot of disruption. Financial institutions need to do something to keep up with what is happening.
John Jangula, regional vice president, Innovation Credit Union, Meota, CanadaWe are really focusing on omnichannel adoption and getting members to use new technology. We use video conferencing, we have a new phone app and we offer deposit anywhere capability. Adoption is going well. In 2015 we doubled downloads of our app. We exceeded our goal for all of 2015 by June 30.
Colby Schlicker, marketing director, Lewis & Clark Bank, Oregon City, Ore.Account switch. There are big barriers to getting consumers to switch from one bank to another, so it would be helpful to make the process fast and painless.Also, small loans that get a quick approval or denial. This is a growing trend.
Shawn Shepard-Mate, sales administration manager, Home Street Bank, SeattleWe have been waiting for technology that will enable bill-payer switch. Something that will allow a consumer to click one button to switch. That will make it so much easier.Second is social messaging apps. In some countries people are transferring money or paying bills with these apps.
