How Online Is Your Credit Union? Do You Have a Branch at the North Pole?

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The North Pole is the northern most point of the Earth and is not technically owned by any country. Denmark, Canada, and Russia have all been trying to claim this icy, cold, majestic place for years, and to date no one has been successful. Russia even went as far as dropping a titanium flag about 14,000 ft into the very cold waters to harden their claim on the territory, all to no avail. Currently the North Pole has a population of zero, if we’re not counting the furry creatures (and of course, Santa and his elves). But with the entire North Pole up for grabs, is it time for your credit union to stake its claim on it by opening an online branch?

With technology forever changing and the ability for members to bank remotely growing every day, credit unions should be asking themselves if they’ve been taking advantage of online technology. Credit unions can reinvent themselves by opening under multiple names and searching for multiple member groups they can serve. As a member of multiple credit unions for most my life, I have not been in a branch for over five years. It’s not that I have anything against going to a physical location, but like everyone else these days, I find myself very busy and I need to be able to handle my money-related items on the fly. Convenience is why members today are expecting to be serviced through an online branch.

If your credit union is taking advantage of these e-services, you should have plenty of elves in your workshop to create and develop multiple online branches:

  • Credit Union Mobile App/Online Banking – Lets your members stay current with their account by being able to check balances, transfer money, make payments, and sign up for new offers.
  • Remote Deposit Capture – Members can deposit checks right from home with their mobile phones. No need to go to an ATM or to a branch. Money is in their account the same day!
  • E-document Storage – Gives members the ability to save their important documents right in your credit union’s electronic vault. The credit union can also send their receipts and copies of their loan documents here.
  • Electronic Signatures – Sign any document, anytime, anywhere.
  • Interactive Teller Machines – Place an interactive teller machine anywhere to give your members the ability to talk, to use it as an ATM or virtual conference with your staff to complete a wider variety of transactions or services.
  • E-statements – No more paper! E-statements lets your members see their statements online.
  • Online Membership Application/Opening – Lets members open their own accounts right through your online banking site.

Take it one step further and your credit union can open multiple online branches. You could start a credit union to attract Santa and his little helpers or a Corvette Drivers’ Credit Union that sponsors great rates to buy a brand new C8 Corvette. Not only can you attract new members, but you can use this technique to service current members who are always on the go. There are lots of places that your credit union could start to reach your members remotely. Where would you like to start?

Author


  • Account Executive Team Lead, Imaging Solutions, CU*Answers

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