Technology

CUs Are More Tech-Savvy Than Banks

CUs have 'distinct lead' over banks regarding use of branch automation.

January 07, 2011
KEYWORDS internet , mobile
/ PRINT / ShareShare / Text Size +

Credit unions “have a distinct lead over banks” regarding the use of branch automation solutions, according to “Branch Banking in a Multichannel World: What Ever Happened to the Branch of the Future,” a report from Celent.

The report says credit unions are more likely than banks to use:

  • Teller capture, where images of deposited items are captured at the teller station;
  • Video conferencing for internal training;
  • Cash dispensers at teller stations;
  • Automated account opening systems;
  • Analytical customer relationship management (CRM);
  • Cash recyclers at teller stations;
  • Image ATMs;
  • Automated loan origination systems;
  • Biometrics for staff identification; and
  • Self-assist terminals or kiosks.

Banks exceeded credit unions only in their use of operational CRM, customer video conferencing, and biometrics for customer identification.

The top two branch priorities for credit unions and banks are “improving sales and service results” and managing and delivering on multiple branch priorities (i.e., cost reduction, compliance, and service delivery).

More than half (54%) of banks ranked the branch channel as their top priority, and 73% ranked it among the top two. The Internet banking channel ranked a distant second.

Other channels, including mobile banking, were clearly a lower priority.

But the picture among credit unions is different. The Internet channel is the highest priority: 56% ranked it the top priority and 77% ranked it among the top two.

The branch channel followed at 20% and 55%, respectively, and mobile banking third, at 11% and 31%, respectively, Celent reports.

Learn more about Celent reports here.

Post a comment to this story

heroes

What's Popular

Popular Stories

Recent Discussion

Great article! Unfortunately, most employees don’t feel valued or appreciated by their supervisors or employers. In fact, research has shown that the predominant reason team members quit their jobs is because they don’t feel valued. This is in spite of the fact that employee recognition programs have proliferated in the workplace – over 90% of all organizations in the U.S. has some form of employee recognition activities in place. But most employee recognition programs are viewed with skepticism and cynicism – because they aren’t viewed as being genuine in their communication of appreciation. Getting the “employee of the month” award, receiving a certificate of recognition, or a “Way to go, team!” email just don’t get the job done. How do you communicate authentic appreciation? We have found people have different ways that they want to be shown appreciation, and if you don’t communicate in the language of appreciation important to them, you essentially “miss the mark”. Additionally, employees need to receive recognition more than once a year at their performance review. Otherwise, they view the praise as “going through the motions”. A third component of authentic appreciation is that the communication has to be about them personally – not the department, not their group, but something they did. Finally, they have to believe that you mean what you say. How you treat them has to match the words you use. If you are not sure how your team members want to be shown appreciation, the Motivating By Appreciation Inventory (www.appreciationatwork.com/assess) will identify the language of appreciation and specific actions preferred by each employee. You then can create a group profile for your team, so everyone knows how to encourage one another. Remember, employees want to know that they are valued for what they contribute to the success of the organization. And communicating authentic appreciation in the ways they desire it can make the difference between keeping your quality team members or having a negative work environment that everyone wants to leave. Paul White, Ph.D., is the co-author of The 5 Languages of Appreciation in the Workplace with Dr. Gary Chapman.

Your Say: Who should be Credit Union Magazine's 2014 CU Hero of the Year?

View Results Poll Archive