A couple of weeks ago, I had the opportunity to visit a local credit union and observe the day-to-day business activity taking place at the branch. At one point, a young Earthling entered the lobby and was asking the receptionist questions about accessing his account. He was provided with multiple options on how to do so, including the use of an automated teller machine or speaking with a teller at the credit union.
Then he said something that caught the attention of my alien cranium: “That’s something I really like about credit unions – you can come in and actually speak with people.” It took all I had not to shimmy over on my tentacles and ask him to elaborate on his statement, particularly when I assumed that youth automatically prefer tech options. I avoided doing so, however, as I didn’t want to startle him with my appearance – after all, I am an alien. More importantly, I didn’t want to be mistaken for an eavesdropper, which I’m certainly not! I was simply very close to the reception desk, and he spoke loudly. Just sayin’…
Even without elaboration of the story, I could tell he appreciated the credit union way of doing business and how they assist their members in any way they can. It also reminded me of the balance between the credit union way and the use of technology.
With all the advanced technical solutions available and in use today, credit union mortgage lenders must recognize the importance of technology in meeting the needs of their members and potential borrowers – including millennials such as the young Earthling I spoke of earlier. Millennials use technology at a far greater level than most members and borrowers.
To support our partner credit unions, myCUmortgage continually enhances our tech systems, from OpenClose to Servicing Digital to the most recent redesign of our Smart Rooms. At the same time, we ensure these enhancements provide a personalized experience for members and help in building lasting relationships while delivering excellent service. After all, that’s what a credit union is all about and why members look to them as their trusted financial partners.
Can this level of personalized service be delivered via tech channels? Of course, it can… But how?
This is a question that myCUmortgage has been faced with for quite some time. As a trusted mortgage partner, we want to provide and deliver superior technology to our partner credit unions, and in doing so, we take time to ensure these technologies include the personal touch of the credit unions and their brands wherever possible. We also look within each technology solution to identify tools that are designed specifically to deliver that personal touch when members use them for their mortgage needs. Whether members are working with technology, their credit union or a myCUmortgage expert – or some combination of all the above – we strive to provide the same Five-Star Service.
Not too long ago, myCUmortgage published an e-book titled, Technology & the Credit Union: The Future of Putting Members First. It highlights the importance of providing mortgage technology tools to members and how doing so fits into the scope of the traditional credit union way of doing business. By pairing the two, the e-book concludes credit unions should be setting the pace in mortgage technology.
The e-book is filled with facts and figures supporting these thought processes. For example:
- 43% of Americans already use mobile banking solutions, and 75% of that group have done so from the comfort of their couch! Opportunity certainly exists for your credit union to be the first one seen as they scroll.
- 65% of credit union members are already interacting with their credit union across multiple channels, so how you tell the story depends on the audience – and the platform you’re using.
- 70% of credit union members see their credit union as a partner in managing their finances compared to only 57% of other financial institution customers. Remember: Technology is how you provide member service without limits.
The bottom line: Technology is a tool to help members and an extension of credit union service – not a replacement for that credit union touch. They should be complimentary to each other and work in tandem to provide a superior member experience.
Whether you’ve already fully embraced technology as part of your mortgage lending business or you’re still a bit hesitant to flip the tech switch, I highly encourage you to give the e-book a read. You can download your own copy by Clicking Here.
As an alien who is completely in tune with all technology, I also still feel the need for and want that personal connection. I don’t tell many of my Earth friends this but despite my love and use of technology, I am intimidated and legitimately frightened of drive-throughs. Just talking into that speaker without a human face really bothers me and aggravates my vehoperphodia.
That’s why I try to stick with Chick-fil-A and their car-side ordering. They’re like the credit union of the fast-food industry. While their associates handle the technology, I get to experience the smiling face of someone who is ready to help me with my gastrologic needs. Plus, it’s my excuse for getting and ingesting yummy chicken sandwiches whenever hunger strikes.