Technology Trends: Credit Union Modernization Amidst the Pandemic
Once thought of as the financial institution for your parents, or even your grandparents, credit unions have remained relatively overlooked for a long time. They’ve been slow to implement technology or online banking solutions, and haven’t traditionally marketed their services to younger generations the way modern banking institutes have. But in response to the COVID-19 pandemic, credit unions are now modernizing faster than ever. By implementing innovative technology solutions, they’ve helped to reinvent their status, increase loyalty and customer safety, and appeal to younger members. Below, we’ve highlighted some of the top credit union technology trends coming out of the pandemic.
Appointment scheduling systems
In most cases, when you schedule a credit union appointment, you’re still expected to wait for the appointment. Although it is expected, it can still be frustrating. And during the pandemic, as waiting rooms fill up, it can become dangerous.
Considered an essential service, credit unions have remained open throughout pandemic closures. And as more businesses close and lay off employees, financial institutes have become increasingly important. To keep their customers safe, many have implemented appointment scheduling solutions. Using an appointment scheduling app, customers can receive updates about the wait time for the appointment at their credit union. They’ll even be notified if their financial advisor is running behind. This allows them to wait at a distance for their appointment–outside, in their cars, or in their homes–instead of in a crowded waiting room. This credit union technology trend can help keep customers and employees safe, making it a pivotal solution for any business, not just credit unions.
Line management solutions
In another effort to combat busy waiting rooms and long wait times, credit unions have been implementing line management systems. Instead of relying on people to adhere to physical distancing requirements while waiting, line management systems allow customers to virtually queue up from their mobile devices. They receive notifications about their wait times and place in line and, when it’s their turn, they receive a notification to enter the building. Instead of relying on line managers to manage customers or forcing customers into crowded waiting rooms, these apps let customers wait at a safe distance and encourage physical distancing requirements. For ATMs or seeing bank tellers, this technology trend can be extremely helpful for managing credit union customers’ health and safety.
Credit unions have long been known for their personal and friendly service to set them apart from larger financial institutes. When the pandemic hit, they needed new ways to support their customers — especially those considered vulnerable or high risk. Two of the latest credit union technology trends that have provided them with that opportunity are video banking and conferencing solutions. Replacing any transaction where customers would usually interact with an employee, such as wire transfers or account inquiries, customers are given a personal and unique experience. In many cases, customers have developed a relationship with their credit union, and being able to see their faces and interact with them on a more personal level, while maintaining safety, can help them increase customer loyalty. There are even video conferencing apps that help with appointment scheduling. When a customer schedules a video banking appointment, they’ll receive notifications about potential delays and reminders about when the appointment is happening.
Wondering how your credit union can modernize? There are plenty of technology trends that can help. These solutions manage customer health and safety during the pandemic but are also increasingly crucial to help with customer satisfaction and loyalty. Upgrade credit union appointment scheduling and more with QLess.