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From our sponsor: CO-OP Nextgen ATM usage lets the CU's staff focus on more complex transactions and lending
In 2012 $1.3 billion/100,000-member Elevations Credit Union, Boulder, Colo., conducted a study and found just how popular the unique credit union benefit of shared branching really is: more than 200,000 shared branching guest members were making transactions at its 10 branches every year. Add to this the annual number of transactions made by its own members and it translated to quite a bit of in-branch, staff-related activity.
“When we discovered CO-OP NextGen ATM, we knew we had found a way to leverage our technology investment to increase productivity and provide both our own members and shared branching members an enhanced self-service experience,” says Gary Kindle, VP/operations.
Elevations CU went live in September 2013 with the CO-OP NextGen ATM software on one machine for a three-week test. The credit union was so impressed with the results that it rolled out one ATM at a time until all 32 locations were up and running with CO-OP NextGen ATM in early December 2013.
“In some cases we offered to take members out to the machine to walk them through the sign-in process and introduce them to the product,” says Kindle. “The added features and convenience are especially popular with young parents and older members. Our efforts were well received, and we even had members just stop by to say hello to the staff and get a cup of coffee because they’ve already handled their transactions at the ATM.”
Shifting the bulk of transactions from human tellers to ATMs meant more time for branch staff to focus on more complex financial transactions and lending. Enhanced capabilities at the ATM also meant their own members had access to new features such as making loan and credit card payments.
“The CO-OP NextGen ATM lets Elevations CU expand our reach, while offering new 24/7 self-service capabilities to our own members and visitors from other credit unions,” says Kindle. “This higher self-service standard leverages the infrastructure of one of our most important delivery channels, our ATMs.”
Offered through CO-OP Financial Services and Diebold, Inc., CO-OP NextGen ATM is an industry first. This new software allows CO-OP credit unions to let members select the shared branching option to access all their credit union accounts, not just those linked to their card as with standard ATM transactions.
The member experience at the ATM is a familiar one via CO-OP NextGen ATM. The shared branching transaction set allows members to make cash transactions, balance inquiries, print statements, transfer funds, make payments and handle shared branching transactions at their convenience. With on-screen instructions, these robust ATMs are easy to use, save time and allow for 24/7 access.
CO-OP NextGen ATM also provides an additional source of acquirer interchange revenue for credit unions, by extending shared branch transactions to the nearly 1,800 credit unions and 32 million members in the CO-OP Shared Branch network.
Increased Efficiencies Lead to New Branching Concept
Moving shared branching transactions to the ATM means credit unions have more time to concentrate on more complex revenue activities. For Elevations CU, that meant the introduction of its first Branch 2.0 in Loveland last February.
This new branch concept features one in-branch ATM and two drive-up ATMs equipped with CO-OP NextGen ATM software. This configuration moves most shared branching activities to the ATMs, where members can conduct the majority of their business. This shift allows the staff to focus on a more consultative approach, emphasizing quality member engagement. The branch is set up to allow members to meet with not only branch staff but also a broad spectrum of specialists. These experts in wealth management, mortgage lending and business services, can serve customers in a private and comfortable setting.
According to Elevations CU, focusing on quality service regardless of how members chooses to access their accounts – Click, Talk or Walk – is common ground for both the credit union and CO-OP Financial Services.
“CO-OP and Diebold have been fantastic partners,” says Kindle, “and we look forward to sharing our results with them to further enhance the product.” Elevations CU is looking to launch a new promotional campaign for the enhanced ATMs during the summer of 2014.
Bill Prichard is manager/public relations and corporate communications at CO-OP Financial Services, Rancho Cucamonga, Calif. He can be reached at bill.prichard@co-opfs.org and 800.782.9042, ext. 3450.
