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Consumer banking transactions are increasingly moving through digital channels, and financial institutions everywhere are embracing this trend. At the same time, digital banking technology is quickly advancing, with huge implications for credit unions and their members.
“Credit unions that expect to grow and protect their membership base have to be keenly focused on a digital banking strategy,” says Jon Bartek, director of national sales and relationship management at CUES Supplier member CO-OP Financial Services, Rancho Cucamonga, Calif. “More than ever, a consumer’s primary touchpoint with financial institutions takes place on a PC, smartphone or tablet.”
Digital Channels Are Quorum FCU’s No. 1 Branch
Headquartered in Purchase, N.Y., Quorum Federal Credit Union recently expanded its digital banking system to better serve an increasingly tech-savvy and widespread membership base. With more than 75,000 members and $867 million in assets, Quorum FCU deployed Alkami Digital Banking with CO-OP Bill Pay, a powerful, fully integrated solution offered by CO-OP in partnership with Alkami Technology, Inc., Plano, Texas.
According to George Cacchiani, Quorum FCU’s VP/information technology, “Our goal was to establish a digital banking platform that is in step with the growing, changing needs of our members. We wanted best-in-class features and functionality, as well as the ability to build out the system with our own new features and enhancements in the future.
It was also critical for us to work with partners that understand our industry.”
Alkami Digital Banking with CO-OP Bill Pay features an intuitive interface that is consistent from device to device and designed for touch on iOS and Android smartphones and tablets. Highly customizable, the interface serves as a branding tool for credit unions while also allowing individual members to personalize its look and feel.
The solution uses APIs (application programming interface) to deliver both a seamless user experience and a highly extendible development platform.
With CO-OP Bill Pay, users can receive, view, manage and pay e-bills, make peer-to-peer payments, expedite same-day payments, customize notifications and alerts, and create their own personalized payment rules and reports.
Digital Banking Solution Reflects Quorum FCU’s Brand
Quorum FCU implemented the solution as part of a major rebranding initiative, so the project coincided with the launch of Quorum FCU’s new, redesigned consumer website.
“The simplicity of our new brand design modernizes the website, and its themes are now incorporated into everything a member touches, from printed brochures and sell sheets to our online and mobile banking platforms,” says Cacchiani. “From a technical standpoint, we streamlined our navigation to ensure seamless continuity between the website and our digital banking offerings.”
To deliver an outstanding user experience from day one, Quorum FCU tested the system extensively, formally trained employees, and made a variety of informational materials available to help transition the Quorum FCU community to a new way of banking.
Once live, the system quickly became a valuable resource for members. Today, 41 percent of Quorum FCU members are active users of the system. Usage of the bill payment features has increased by 36 percent on average and the new budgeting tools are also gaining adoption.
“We are now able to offer a more robust, highly secure mobile banking experience that includes mobile bill-pay, mobile remote deposit capture and ATM locator features,” says Cacchiani.
“In fact, mobile deposit has become our fastest growing service. What sets the mobile component apart from other solutions is that it was developed from the ground up for smart devices. It is not an online website that has been rewrapped for mobile. As a result, it has a native feel to it that appeals to digital consumers and especially to Millennials.”
Cacchiani notes that members also appreciate the more streamlined dashboard, the new, simpler online forms, and the reduced number of clicks it takes to perform routine transactions.
“Having a superior self-service platform is a key focus for us not only because many of our members bank virtually, but also because it is an industry best practice,” says Cacchiani. “And providing a consistent experience across all channels is critical in order to reduce call center inquiries on what should be user-friendly services.”
