Social Distancing Doesn’t Have to Stop Meaningful Face-to-Face Interactions with Members
Credit unions are no longer wondering how much COVID-19 will change the way they deliver products and services; they’re already changing the ways they operate to better serve members in this new environment.
Experts say social distancing recommendations could be a way of life for a long time. Certain groups of people, including retirees, those with compromised immune systems, and those fearful of infectious disease, may avoid in-person interactions for the foreseeable future.
As branch traffic declines and digital channel usage grows, credit unions may have fewer opportunities to have meaningful engagements with their members. To maintain brand loyalty, credit unions are brainstorming ways to provide the same outstanding service members have come to appreciate through virtual channels. The solution lies in video banking.
POPio’s video banking solution combines face-to-face video chat with real-time collaboration, bringing highly engaging branch-like service right to members’ mobile devices, wherever they are. Once integrated, members can virtually connect with credit union staff to securely share financial documents, review and sign forms, authorize new accounts and loans, and address other urgent financial needs. The Strategic Link partner’s platform set-up and training is completed remotely, and the connection takes approximately one week.
“There’s no doubt about it: The future of banking is digital, and credit unions all over the world are adapting accordingly,” said Jason Smith, Vice President of Strategic Resources. “POPio is more prepared than ever to help them continue to offer the close, personal connections members have come to expect and value.”
Several credit unions have already integrated video banking into their branches in creative ways. For example, one credit union completely centralized its lending operations, even going as far as restructuring branch employee incentives to guarantee their support of video banking in lending. To ensure privacy, an office in each branch was reserved exclusively for video banking sessions. This credit union already had a pandemic-smart branch strategy that minimized employee exposure and maintained excellent physical distancing between two groups of customers: those completing transactions and borrowers.
Another credit union closed its branches to walk-up traffic, performing only select services for customers by appointment only. However, because it had already installed personal video teller machines outside of its lobby, it was able to provide an on-demand way to accept check and cash deposits, make cash withdrawals, and, if needed, connect to a live video teller who could perform more robust transactions and problem-solving.