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Video Banking Archives - Page 2 of 7 - POPi/o

Mar 11
1
Affinity Federal Credit Union in Grand Rapids

Putting People First With Affinity Plus Federal Credit Union

By | Blog, Video Banking

Affinity Federal Credit Union in Grand Rapids

One of the most fascinating things about Minnesota is the infrastructure. It’s a state that was built to thrive in the cold. In the major city of Minneapolis, for example, there are nearly 10 miles of enclosed pedestrian footbridges. Referred to as the Minneapolis Skyway System, the elevated bridges and tunnels connect 80 full city blocks, giving people access to numerous downtown destinations, free of exposure to the often frigid weather.

This type of industrious, connective thinking and planning seems to be built in to the mindset of many Minnesotans. They understand the importance of staying connected despite circumstances and environmental factors. For that reason, it shouldn’t come as a surprise that Minnesota is a place where video banking has not only been adopted, but embraced.

“We felt like it just really opened up the capabilities for our membership.”

If you went to Minnesota and visited one of Affinity Plus Federal Credit Union’s 28 locations, you’d find a robust yet humble financial institution. Their locations are concentrated in the Minneapolis and St. Paul areas, but their footprint has increased in recent years. They’ve grown to serve smaller, more disparate communities in the far reaches of the state. 

Likewise, their assets have grown as well. At over $3 billion—and having grown from $2.4 billion just in the last year—Affinity Plus manages a significant amount of assets. But as a not-for-profit, member-owned cooperative, Affinity Plus isn’t only focused on their asset size. Their main focus is serving their 220,000 members. In their own words, they’re committed to “improving the lives of [their] members through meaningful banking, exceptional experiences, and trusted relationships.”

With the shuttering of branches during the COVID-19 pandemic, delivering on these key goals became difficult for Affinity Plus. But like a bridge built to connect people in a blizzard, the Minnesota credit union decided to use the adversity as an opportunity to improve their member experience. It was time for them to make the jump to video banking.

“We’ve been able to do everything that we do in a branch through video banking.”

“We started looking at it pre-pandemic,” said Jenny Nubeck, director of the Affinity Plus digital branch. “We felt like it just really opened up the capabilities for our membership.” Corey Rupp, Senior Vice President of Lending, shared the sentiment. He said the pandemic hastened their launch of video banking channels, but that it wasn’t the sole motivator leading up to it. Affinity Plus was already looking for ways to better serve their members and keep them connected—no matter where they were.

When asked how willing their members were to try the new service, Nubuck said she was surprised. Adoption of the video banking channels was higher than she’d expected. “It’s surprisingly simple,” she stated. “Based on everything we’re hearing from members, they’re like, ‘Ok, don’t let this service go away.’”

According to Rupp, the willingness to adopt is tied not only to the platform’s ease of use, but also to its versatility and functionality. “We’ve been able to do everything that we do in a branch through video banking,” Rupp said. “It’s been a great experience.”

“POPi/o has allowed Affinity Plus to see members again.”

Samantha Prudhon Falkowski, a member advisor at Affinity Plus, also commented on POPi/o’s functionality. Falkowski says she generates three to four loans per week through the video banking channel. And more importantly, she takes the video calls as a chance to discuss and compare options with members. By conversing face-to-face, Falkowski can get a sense of what the member is looking for, allowing her to best advise them. “The majority of calls that I’m seeing through video banking are people who want to have that in-depth conversation about ‘What’s the best recommendation?” 

By taking video calls and fielding members’ questions, Falkowski gets to restore the personal connection she shared with members before the pandemic. As she puts it, “POPi/o has allowed Affinity Plus to see members again—to see them in their own spaces, and to help them with their banking needs.”

To learn more about the adoption of video banking by Affinity Plus, watch the video case study.

Dec 04
1
Young boy using smartphone to visit with Santa Claus

Video Brings Santa Claus to Town

By | Blog, Video Banking | No Comments

PCSB Bank has already won Christmas.

The leaders of this $1.5 billion financial institution in Clarinda, Iowa, were crushed to learn that officials had canceled this year’s community Santa House. The cancellation left no place for local kids to meet Santa, share their wish list, and pose for a photo.

Even with social distancing and frequent photoshoot wipe downs, COVID-19 has turned Santa House into a risky spreader event. While the decision made sense, CEO James Johnson felt like he had to do something. The bank couldn’t let local kids miss birthdays, graduations, summer with friends, school, trick or treating, and Santa. It was just too much.

PCSB and his team brainstormed ways the bank could help bring Santa Claus to town. The answer was our video banking.

PCSB is offering free video visits with Santa to local children using its video banking channel, which is available to customers through PCSB’s website and mobile app. The 10-minutes video chats are by appointment only. PCSB is making Santa available to both customers and non-customers. Parents can schedule visits for kids by calling the bank or filling out an online form that provides the jolly ol’ elf with important personal information that makes the moment magical.

I think this is such a great idea because it’s not only good for local kids and the community, it’s good for the bank’s bottom line, too. Here are four benefits, for starters:

  1. Joy for local children. Sure, we love to achieve career success, but real leaders get even more fulfillment out of using their resources and influence for the greater good. They couldn’t have picked a better year to do this!
  2. Corporate citizen goodwill. Community financial institutions are the foundation of healthy communities. By making Santa available to kids for free at a time when families are struggling financially and feel unsure about the future, the bank is providing a sense of normalcy and hope for the future.
  3. Video banking demonstration. I can’t think of a better way to motivate people to try video banking than a visit with Santa. Customers are often impressed with how easy video banking is to use and return to use the channel again and again.
  4. New Customers. All FI marketers know the key to getting new business is being top of mind when the customer is ready to buy. Not only does Santa raise awareness and the bank’s reputation, it cleverly showcases new technology that sets PCSB apart from its competitors. And, I’m sure Santa’s elves are able to transfer Mom or Dad to a service representative if the topic of a credit card to pay for all of those toys comes up in conversation.

“When we learned that the children in our town would miss out on meeting Santa Claus this year, we were crushed—and determined to find a way to help,” said James Johnson, CEO of PCSB Bank. “We’re thrilled to bring some merriness and cheer to all the people we know and love in this great community.”

How can you use POPi/o video banking to spread good cheer? Drop your ideas in the comments section below.

Dec 03
0

CUbroadcast – POPi/o Customer Data Reveals Benefits of Virtual

By | POPi/o in the News | No Comments

This year, more than ever, the virtual branch has been discussed quite a bit — for obvious reasons surrounding the pandemic. It’s topic that’s increasing more and more for credit unions, as they discover new ways to serve their members in our current, touchless environment.

For a deeper dive on the virtual branch and its benefits to credit unions moving forward, we invited Jed Taylor, POPi/o President & COO, and Tim Pranger, POPi/o Director of Strategy & Solution Consulting, on the show. Jed and Tim talked about the rapid changes POPi/o saw during those first months of the pandemic — which resulted in its surge of client activity looking for digital answers.

They also discussed POPi/o’s customer data showing results of virtual branch benefits:

  • Members always have access to product experts for meaningful and profitable financial solutions
  • Never be over/understaffed in branches
  • Improve both customer and employee satisfaction

Do you have questions? Talk to a video banking expert.

Talk to an expert
Dec 01
0

CUbroadcast – How Educators Credit Union Is Using Video To Enhance Member Service During COVID…

By | POPi/o in the News | No Comments

If you really look at it, the pandemic has forced many organizations in various industries to develop more efficient processes and procedures to better serve their audiences. As we all know, video is many times a central tool in providing this enhanced customer service. Credit unions are no stranger to this development, as well.

To illustrate this point, we invited POPi/o Sales Director Mike Mares and Educators Credit Union VP of Digital Services Kimberly Schmidt on the show. Both Mike and Kimberly discuss how video banking helped Educators pivot in the midst of COVID to better serve members in need.

Here what we asked them

  • How has COVID created improved customer experiences with video being the key, here?
  • How has COVID improved your credit union’s member service?
  • What was going on at your credit union to look in the direction of a company like POPi/o’s video banking services?
  • What have been the results so far?
  • What’s next for this partnership in the area of video banking to continue this momentum?

Do you have questions? Talk to a video banking expert.

Talk to an expert
Nov 19
0
Economics of building a virtual branch webinar

Virtual Branch Solutions

By | Webinar

Do you want to take your bank or credit union to the next level? Have you considered a virtual branch? This relatively new concept in banking allows your consumers to have access to all bank services anywhere — with the touch of human interaction. If you’re unsure of the economics of a virtual branch for your financial institution’s budget, watch the video from POPi/o above that explains all the financial benefits and requirements of a virtual branch.

What Can You Provide Your Consumers With a Virtual Branch?

Even if you’ve already embraced online banking, virtual banking brings a face to your financial institution. A virtual branch allows you to:

  • Enhance your mobile banking services
  • Interact with consumers online
  • Take care of customers’ financial needs from anywhere
  • Provide key services such as new account openings, lending, digital documentation signing, wire transfer, or identity verification
  • Work from the comfort of home, centralized facility, or in-branch environment

All these capabilities allow consumers to make important financial decisions, allow you to showcase your various financial services or products, and let everyone build rapport for better interactions.

If you don’t know if a virtual branch and its associated costs are right for you, we’d love to demonstrate what we can offer. We provide a range of virtual branch solutions that work for your specific bank or credit union. Our goal is to help your financial institution provide consumers with transparent, convenient, and cost-effective solutions for their financial needs.

If you’re interested in learning more, we invite you to watch the video above for the specific economics of a virtual branch. To speak with a product expert and see a comprehensive demonstration of what video banking can offer your financial institution, schedule your appointment now.

Do you have questions? Please talk to an expert

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Nov 05
1
Educators Credit Union Branch

Careful and Steady Wins the Tech Urgency Race

By | Blog, Video Banking | No Comments

Financial institutions have had to pivot quickly this year when it comes to delivering products and services, launching new delivery channels adding to and modifying using existing ones. Even those banks and credit unions confident in their digital delivery strategies were caught off guard by the dual challenges of operating remotely and switching to entirely digital interactions.

Andy Crisenberry, SVP of eLending Solutions at real estate lending fintech Black Knight, said his firm scrambled to provide support for its remote online notarization product after COVID-19 shuttered its clients’ real estate lending offices.

“This is a great technology solution that really helps with the challenges of COVID-19, but unless your business is ready to deploy, use and support RON, you won’t be very successful,” Crisenberry told HousingWire.

All new technology produces unexpected friction. In a normal year, launches are carefully planned and include feedback that identifies friction. Yes, COVID-19 drastically increased the urgency with which firms needed to launch technology or find new ways to use existing technology. However, increasing consumer expectations for intuitive, real-time digital service had already been pushing CX modernization forward faster than expected in all sectors well in advance of the COVID-19 pandemic.

Take, for example, the $2.5 billion Educators Credit Union in Racine, Wis. Like many community FIs, Educators had already determined smaller branches, supported by video access to centralized product specialists, was the most effective strategy to serve its market. It planned an in-branch video banking launch offering auto lending, mortgage and investment services that included training, testing and weeding out of all known friction points. On March 5, the credit union excitedly opened its first modern branch featuring video banking.

Less than two weeks later, COVID-19 closed every branch lobby in the credit union’s network. Existing online and mobile banking products handled essential transactions well on a dime, but new service friction points quickly popped up, including a hasty transition for employees to work from home.

Around this time, POPi/o reached out to Educators and asked if they would like to launch video banking digitally, through the credit union’s website. Within days, the executive team approved the initiative.

While this decision seems like a no brainer, consider that it required Educators to execute a 180-degree shift in video banking strategy. Staffing and workflows had to shift; the technology would now be used to provide branch services like cashless transactions and new accounts, not specialized lending and investments. Second, staff would have to be trained remotely and access new technology from their homes. Third, because Coronavirus had blocked access to lobby branch service, time was of the essence.

The solution to this challenge was a balance of speed and CX in the form of a measured, step-by-step rollout. To begin, Educators reviewed what it did know: how to train employees on using the technology and how to provide effective service on camera. It also had staff with video experience in its existing interactive teller machine service department, a valuable resource for the video skill set.

Within 60 days, the credit union had a team trained, staged, connected and ready to serve members via video banking. Educators was ready for the next step, a soft launch. On May 19, WeCU video banking branch was open for business. The launch was purposely limited, offering video banking via a widget button on the credit union’s website only a couple of days a week. Because there was no advertising, adoption numbers were small; on the first day, only 16 video calls were completed. However, this soft launch allowed the credit union to collect ample feedback from members and employees, and then take the time to address friction before taking the next step.

After one week, WeCU was promoted on the credit union’s website and social media accounts. Traffic climbed quickly and by the end of May, in just four total days of service, Educators had completed 193 video sessions.

Feedback and adjustments weren’t just limited to friction. From the first day, members raved about being able to see credit union employees face-to-face while in lockdown. Educators capitalized on the benefit of personalization and added the video banking representative’s branch location or department to the welcome screen.

Step by step, Educators collected feedback, made adjustments, increased service hours and carefully managed channel growth. Changes during the summer included increasing service hours to Monday through Saturday, providing staff with professional lighting, staging, and more on-camera training.

Educators launched its mobile app on August 12. After a couple of weeks to work out any bugs, a marketing campaign followed. By the end of October, ECU handled 5,278 sessions.

What began as an operational pivot during the Coronavirus pandemic has developed into a popular service delivery channel that members will continue utilizing after branches resume regular service. ECU didn’t change its original video banking strategy; it expanded it. The credit union will continue to offer video banking through digital channels, while also executing its original plan to provide specialized lending and investment services in branch from centrally located staff.

The future still isn’t clear when it comes to how COVID-19 has permanently changed consumer habits, but ECU has all its delivery bases covered with the ability to provide a branch experience in person or digitally through a virtual branch. This allows the credit union to focus on the future instead of worrying about it. ECU can instead focus on enhancing video banking to improve CX and achieve new member and loan growth goals.

Like other financial institutions, the Coronavirus shutdown turned ECU’s service delivery strategy on its head. Despite the urgency of the situation, credit union leaders calmly rolled out video banking using a carefully measured approach. The result was a new delivery channel that will pay dividends for ECU and its members long after its branch network reopens.

Interested in a deeper dive into Educators’ remarkable business pivot? Click here to download ECU’s case study and learn more about the unique way POPi/o approaches your growth and service goals.

To learn how POPi/o Video Banking can help your financial institutions maintain relevance and personal service, request a FREE demo.

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