Mobile Apps Bring New Life into Branches

By Patrick Totty02.07.2018

Millennials spend an estimated 50% of their free time on their mobile device—a fact credit unions should keep in mind. Ironically, in an era when brick-and-mortar facilities of any kind seem to be headed toward extinction, millennials' demand for mobile services is giving brick-and-mortar branches new life.           

"Sophisticated mobile technology creates less of a need to build new branches while giving current branches the ability to serve a much larger geographic area than before," says Gene Pranger, CEO of POPin, formerly BankOn Mobile Video.

Another effect will be the creation of video call centers, where credit union staffers can conduct face-to-face video sessions with members. "Front-line credit union employees already know how to conduct pleasant face-to-face interactions with members,” Pranger notes. “The shift to representing their credit union on mobile video will not be a hard transition for them.”

Elana Anderson, chief marketing officer at Vidyo, a CUNA Strategic Services alliance provider, agrees that mobile banking is changing the nature of brick-and-mortar branches.

"One of main reasons credit unions come to us is because of the changing nature and capabilities of the branch system,” she says. “Not every branch can offer the same set of services as a main branch. But what if you can greet a member at the branch door, welcome them, and then escort them to a private space where they can talk to a loan or mortgage expert using video that creates a face-to-face encounter? Then you have greatly expanded the role that the branch can play.

"Face-to-face is crucial these days. Not only because of the technology—which most people have and expect to use—but because of its effect,” Anderson says.

(via Credit Union Magazine)


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