By Brad Powell
One credit union had a significant and very successful business in the credit card space. But the credit union had a problem: Its process for taking credit card applications was complex.
There was an array of different systems: one for member information, another one for making and communicating decisions, one for taking applications online, and another one for taking applications through branches and telephone contact centers. There were a lot of moving parts.
The credit union originally sought to make its application process simpler, from a system perspective. Simpler systems are easier to maintain, to improve, and to keep up with compliance. And they wanted to achieve some staff efficiencies.
By Brad Powell
There are many problems you can solve with electronic signature applications. Some of the most common reasons for implementation are reducing risk, decreasing cost, and offering a better and more convenient product to members at your credit union. And we all know that the next generation of members expects to be able to electronically sign financial instruments on their devices of choice.
Despite those benefits, many credit unions and banks stall on electronic signature applications. The reason is adoption. They fear that once electronic signatures are implemented, the member will still revert to paper.
The fear is not baseless. Getting adoption is not easy. But you can learn from what one credit union has done to achieve more than 90 percent adoption. Though we would love to take credit for the results, success requires a collaborative effort.
By Brad Powell
You may have seen the headlines published around New Year’s Day.
Mobile banking, it was reported, "has already eclipsed physical branches in terms of the percentage of U.S. customers using it to take care of their weekly banking needs."
The news, pulled from a Javelin Strategy & Research report, was not truly surprising. Mobile banking, like everything else on mobile, has been growing. And the pace of branch closings has been pretty steady.
This tipping-point story, however, raises some questions that are more interesting for those of us following closely. Questions like: What is driving mobile banking growth? Can banks and credit unions stimulate even faster growth among their customers? What will come next?
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