Post-COVID Credit Union Technology Trends to Help Stabilize the Economy
In early 2021, Callahan & Associates researched the individual practices credit unions developed to provide their members with relief during the COVID-19 pandemic. The findings give details on policy and practice changes and offer insight into credit union technology trends for 2021 and beyond.
Credit unions provided financial support to their clients and members in various ways during the pandemic. A shortlist of the most frequently found member support systems includes:
- Offering payment deferrals
- Providing emergency personal or small business loans
- Refunding transaction fees
- Offering fee waivers
- Making financial counseling available to members and clients
- Engaging in community support
Connect with Credit Union Members Easily! Qless Can Help.
Qless provides a queue management platform that easily integrates with your credit union’s website. Qless supports your credit union banking and lending offices by virtually scheduling appointments when members need an in-person or virtual meeting. In addition, Qless allows both business and personal banking members to join a virtual queue when they need to meet with a financial advisor. This technology helps improve member satisfaction and optimizes how a financial advisor schedules their time.
Here are four ways post-COVID credit union technology trends can benefit from queue management:
1. In addition to deferring payments for various loan programs (car, small business, mortgage, line of credit), credit unions meet with members more frequently to discuss an array of relief programs, such as financial counseling, emergency loans, and fee waivers. Having an online portal for members to check the availability of a financial advisor and schedule an appointment helps to utilize time more effectively.
2. As different business sectors recover at different rates, credit unions are quickly customizing their relief options to address the needs of their location. Queue management can integrate with a credit union’s email, website, or social media communications to drive members to schedule appointments when banking services change or launch.
3. Online appointment scheduling allows credit union members to pick when and how they want to engage with a financial advisor. This flexibility alleviates the need to call during business hours to set up an appointment and offers enhanced convenience.
4. Credit union financial advisors need to provide current and valuable information that their personal and business members want and need. With queue management systems, advisors can quickly receive feedback about the quality of each meeting or interaction. Were members satisfied with the information provided? Are they feeling uncertain or confused? Financial advisors can use this data to reach out to members and provide assistance.
Queue Management: A Credit Union Technology Trend that Works Effectively
Qless is designed to help credit unions of all sizes optimize scheduling appointments and receiving feedback. This technology allows financial advisors to meet with more members throughout the day and reduces the likelihood of no-shows and canceled meetings. If you’re looking for solutions to make meeting with a financial advisor more accessible to members of your community, contact Qless for a product demo.