The COVID-19 pandemic has made it necessary for financial institutions to integrate digital services with their physical offerings to better serve their members and to remain competitive. MSUFCU Chief Marketing Officer Deidre Davis is with us today to discuss how important digital services are to consumers.
Why have financial institutions implemented digital services to their portfolios?
Based on consumer demand for more than just an attractive mobile app, financial institutions have embraced the application of enhanced data, artificial intelligence, robotics, cloud computing, and other technologies for an improved member experience.
Consumer behavior has changed amid COVID-19 when it comes to managing finances, according to a report from Capgemini, a digital transformation consultant; and Efma, a nonprofit helping financial institutions and insurance companies.
These changes include:
· 57% would prefer managing their accounts via the internet
· 55% would prefer using mobile apps for financial management
· 21% would prefer communicating with their financial institutions via chatbots and automated voice services
How has this transformation taken place for financial institutions?
Becoming a “digital” financial institution is challenging. Systems must be upgraded, and business structure, operations, employees, culture, and leadership must all be in sync. In order to accomplish these tasks, many institutions had to quickly pull together plans and make investments at a time in the middle of a pandemic.
How has MSUFCU dealt with the demand for digital services?
MSUFCU has invested in infrastructure and personnel to make digital account access and management fast, easy, and safe for members. With a dedicated team and a focus on continual innovation strategy committed to meeting members’ needs.
MSUFCU has also made it a priority to enhance digital services that complement ComputerLine® (the Credit Union’s online account management system) and its mobile app, through which members can open accounts, apply for loans, transfer funds, and much more. Among the complementary services the Credit Union offers:
- Chatbot – “Fran”, which helps members with topics such as:
- Frequently asked questions, including MSUFCU’s routing number, the location of the nearest ATM, and general inquiries.
- Video Chat – available via smartphone or computer, members can talk face-to-face with an employee and:
- Open new accounts
- Update personal information
- Order checks
- Initiate wire transfers
- Conduct loan transactions, and more
- Video Teller – available at four MSUFCU branches (Berkley, Charlotte, Holt, and Ortonville), members can talk face-to-face with an employee and:
- Make account inquiries
- Conduct cash deposits
- Complete cash withdrawals
- Make loan payments
- Tap to pay – available through a contactless indicator on all Credit Union Visa credit cards, members can:
- Tap their cards on the merchant’s checkout terminal
- Cards generate a secure, one-time code
- Transactions are complete
Learn more by visiting msufcu.org.