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Credit Union JULY 2019

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Credit union JULY 2019 Allied Payment Network demonstrates real-time bill payment for CUs News and Trends (Page 9) How CUs are using AI to create more trust, engagement with customers Deep Dive (Page 13) TAKING A DATA-CENTRIC APPROACH To Member Services FEATURE STORY (Page 6) TABLE OF CONTENTS WHAT’S INSIDE A look at what’s new with credit unions and why many are 03 focusing on loyalty and technology innovation FEATURE STORY Gail DeBoer, president of Cobalt Credit Union, on the CU’s data- 06 driven approach to forming its member engagement strategy NEWS AND TRENDS The latest credit union headlines, including why CUs such as Capitol Credit Union are adding self-serve kiosks to their 09 branches DEEP DIVE An exploration of how credit unions are utilizing AI for fraud protection and to create more engaging customer 13 experiences ACKNOWLEDGMENT The Credit Union Tracker was done in collaboration with PSCU, and PYMNTS is grateful for the company’s support ABOUT and insight. PYMNTS.com retains full editorial control over the following findings, methodology and data analysis. 15 Information on PYMNTS.com and PSCU 3 WHAT'S INSIDE Credit unions (CUs) remain essential cogs in the banking highlight loyalty and rewards innovation as an area on machine, and many are now partnering with FinTechs or which they wish their credit unions would focus. Just other financial institutions (FIs) to enhance their digital 29.4 percent of CUs actively do so, but have seen a banking platforms for customers. CUs are still focused significant jump in customer engagement because of on providing simple user experiences and offering the such efforts. personalized touches customers expect as their bank- Crafting engagement is becoming critical, especially as ing needs change, however — and doing so regardless additional credit unions launch mobile apps that jock- of the channel. ey for space on consumers’ smartphones. The channel Credit unions are developing that simplicity in a number is a top priority for CUs when it comes to keeping cus- of ways, too, with some leveraging artificial intelligence tomers loyal, as just 14 percent of the United States' (AI), self-serve kiosks and other new technologies both 7,346 credit unions do not offer mobile apps. Mobile in- online and in branches. Others are focused on loyalty novation and development will likely continue to grow in and rewards, which is an area of increasing importance. importance as members come to rely on smartphones A PYMNTS study found 49.1 percent of CU members for their banking institution interactions. © 2019 PYMNTS.com All Rights Reserved JULY 2019 What’s Inside 4 AROUND THE CREDIT UNION WORLD HOW COBALT CU IS IMPROVING MEMBER ENGAGEMENT CUs that innovate their mobile apps must make sure CUs must constantly work to improve engagement with the processes are not moving too quickly for custom- their members to keep them loyal and ensure that their er comfort, however. Those that are complex or difficult innovation pursuits are on target. To that end, Cobalt to navigate can frustrate members, even leading them Credit Union recently implemented interactive vid- to abandon their FIs for competitors. A recent study eo banking services for its web and online channels, of 17,424 banking customers unsurprisingly found that enabling members to remotely perform several trans- customers are most satisfied with apps that offer sim- actions. In the July Feature Story (p. 6), president Gail ple or easy-to-use features, giving CUs all the more DeBoer discussed how the credit union pairs commu- reason to scrutinize their emerging offerings. nication and data analytics to engage members and inform its innovation priorities. Customers’ need for simplicity is reflected when they visit credit union branches, too, which may be why some CUs are now adding engagement-improving tech- DEEP DIVE: HOW CUs ARE TURNING TO AI FOR CUSTOMER nologies. Austin, Texas-based Capital Credit Union SECURITY, SUPPORT recently partnered with technology provider DBSI to de- More Americans than ever are looking to prioritize ploy a self-service kiosk called NEXT. The solution aims their personal banking data’s safety, with 71 percent to bring convenience and efficiency into credit union admitting they fear hackers or other bad actors will ac- branch experiences, and to more quickly assist custom- cess their financial information. These customers also ers who are often dissatisfied with long waits. have growing fears of identity theft, phishing and oth- Other CUs are turning to partnerships to provide these er scams, but still place the burden of protecting that improved experiences. Among them is Tennessee-based information on their banks, FinTechs, credit unions or Ascend Federal Credit Union, which recently announced other FIs. a pairing with payment services company Jack Henry FIs are thus looking to experiment with AI to enhance & Associates’ Symitar core data processing division. fraud protection and create that sense of security. The The partnership enables the former to use the latter’s technology can be used to add security layers, better Episys platform to enable more innovative customer identify fraudsters, protect customers' data and im- services and move its core infrastructure to the cloud, prove the trust that is become paramount in consumers’ creating better security and greater convenience for end experiences, among other applications. This month’s customers. Deep Dive (p. 13) explores how CUs are making use of For more on these stories and other credit union head- AI in this manner. lines, visit the Tracker’s News and Trends section (p. 9). © 2019 PYMNTS.com All Rights Reserved JULY 2019 What’s Inside 5 39.8% Share of members who want their CUs to focus on loyalty innovation and would consider switching to other FIs 33.3% 5,567 Share of loyalty- Number of credit unions focused CUs that report in operation as of April, innovating to meet five fewer than in March members’ needs 71.6% 30% Share of CUs that Portion of loyalty- focused on fraud focused credit management over the unions that innovate past three years to meet potential members’ needs © 2019 PYMNTS.com All Rights Reserved JULY 2019 6 FEATURE STORY TAKING A DATA-CENTRIC APPROACH To Member Services © 2019 PYMNTS.com All Rights Reserved JULY 2019 Feature Story 7 Modern credit unions understand all too well that loyal- opening accounts and holding real-time conversations ty innovation is critical to staying in business, and that with members using web and mobile-based interfaces. those that do not prioritize it risk losing a significant These services can help change long-held perceptions of share of their members. Loyalty-based innovation is credit unions, DeBoer said. many CU members’ top concern, as outlined in the lat- “Credit unions have a reputation for not investing in tech- est Credit Union Innovation Playbook. It found nearly nology as readily as the big banks,” she explained. “This 40 percent of them would consider leaving their current [technology] shows we can compete with our banking CUs because the FIs provide inconvenient services or are counterparts. I don’t think that’s always been the reputa- unable to address their problems and data security con- tion CUs have had.” cerns, among other reasons. DeBoer added that the video banking service can be Given the high stakes, it is clear that credit unions must accessed via smartphone, and that Cobalt staff are avail- pursue the innovations members value most. This leads able to train members on how to use it. Rural members to a challenging question for CU decision-makers: Which may find it especially helpful, because the connected vid- loyalty innovations will deliver the greatest returns on eo technology can spare them from traveling miles to the investment? Some credit unions are going right to the nearest branch location to conduct financial business. source to understand their members’ innovation prefer- Access to services via web and smartphone also enables ences. This includes Cobalt Credit Union, a CU with 26 Cobalt to more effectively engage with its member base. locations across Iowa and Nebraska that holds more than $1 billion in assets. The right mix of member en- “Our members really like that face-to-face contact,” gagement and data analytics is among the most effective DeBoer said. “They want us to know them, and they want ways to understand the innovations members will value, the ability to have that person-to-person relationship. according to its president and CEO, Gail DeBoer — and to This really solves that problem.” determine which will deliver the highest payoffs. DeBoer recently spoke with PYMNTS about how Cobalt's GLEANING DATA DIRECTLY FROM MEMBERS communication and data analytics strategy informs its Cobalt is eager to hear directly from members as it works innovative pursuits, including its recent move to imple- to deliver the more personal relationships they want, ment interactive video services through its web and DeBoer said. The CU conducts an annual survey featur- mobile channels. ing more than 100 questions to gain deeper insights into “Technology is not cheap,” DeBoer said. “You want to the state of member relationships and how they transact make sure the things you are buying and implementing with the credit union. are meeting whatever members have told [you] they like.” “We ask our members often how we are doing and how we’re meeting their needs,” she said. “That’s important to AN INTERACTIVE INNOVATION continuously have that feedback.” In early July, Cobalt introduced an interactive video bank- Receiving insight from members helps the CU determine ing service for its web and mobile channels that enables the types of innovations that will deliver the highest re- members to engage with the CU in real time.
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