Much of today’s technology talk is centered around digital banking and buzzwords like embedded finance, but your credit union branch network is a prime spot to up your tech game to serve members better and more efficiently.
First, the focus of data security has been around data breaches in the online ether, but in the branch it can be just as dangerous for members’ personally identifiable information and other private data to be breached. Has member interaction in your branches been neglected when we think about data security? As we share in a recent blog, members are coming back to our branches after a nearly two-year hiatus.
Often the first information requested by your team is a member number. The Gramm Leach Bliley Act (GLBA) requires financial institutions to protect and implement policies regarding consumers’ personally identifiable information, codified by the Financial Privacy Rule. Additionally, a bipartisan group of congresspeople have introduced new legislation that may or may not be intended to cover credit unions, but it definitely demonstrates legislators’ appetite for additional consumer privacy protections.
Maintaining compliance with data security is just as crucial in the branch as it is in the digital realm.
Second, leveraging member data privacy concerns can help your credit union deliver on better service for competitive advantage. How many times has your frontline team had to tell a member standing across the counter from them that their balance is negative? That would be incredibly embarrassing for your member to have that information overheard by anyone who happens to be standing nearby, including their neighbor or boss. Or perhaps a retired member is checking the balance of her IRA that has hundreds of thousands of dollars in it. Providing that information verbally across the counter could endanger that member. Being able to deliver that information reliably and securely is critical.
Third, while ensuring security measures to protect member data and privacy is key, increased member service levels also opens the frontline team to develop deeper relationships that can lead to increased share of wallet. When they have more time to actively listen to and engage with members, they have greater opportunities to help (read: cross sell) members based on their actual, current needs.
One platform can help solve each of these tangible opportunities and urgent problems for your credit union and your members: Tellergy. Experience what Tellergy can do for your credit union to better serve members and protect their information in your branches. It securely authenticates members in the branch, accelerates transaction speed at the teller counter and helps your credit union promote promotional campaigns. Wescom Resources Group’s software seamlessly integrates into your credit union’s core system, allowing members to verify their identities with the swipe or dip of a card – with the option for the credit union to also require a PIN. Members can conduct their transaction on the keypad and simply review it on the easy-to-read display. Members can even update their own information within the platform. Finally, display your customized marketing banners to promote your latest activities and specials.
For credit unions, not much is more important than compliance, security and improved member service. As legislators and regulators continue to dig into issues of consumer protection and data security, updating the technology in your branches is just as important as your digital channels.