” Business will not be as it was prior to COVID-19 anytime soon. With this new reality, credit unions must also be prepared to adapt to a new future. They need to not only look ahead at how things will be going forward, but also be prepared for the possibility of a second shutdown. …” Sharing an article from Charles Schwab and Capstone Strategic, posted on CUInsights.
HOUSTON – With new pressure on ways to enhance online services amid the pandemic, eCU Technology is reporting its Origins Suite has “slashed abandonment rates” and reduced the time to complete mobile-first membership, consumer loan and business deposit applications.
According to the company, Origins’ current abandonment rate is a “mere 18% compared with the industry average of 40% and the average time to complete an online application is five minutes compared with the industry average of 18.45 minutes.”
eCU Technology said the suite of digital application solutions it created is designed to help credit unions of all sizes compete with national financial institutions by offering an unbeatable digital experience.
“A mobile-friendly application solution is no longer a nice to have, it’s now a matter of survival for community financial institutions of all sizes,” said David Bleazard, president/CEO of First Service Credit Union and chairman of the Board for eCU Technology.
Some great points from industry leaders. Shared from BAI.org, published in June 2020.
“Banking has changed irrevocably as a result of the pandemic. The pivot to digital has been supercharged,” says Jane Fraser, president of Citigroup and CEO of its gigantic consumer bank. …”
Click here to read the full story on Forbes.com, written by Antoine Gara, and published on June 8, 2020.
Are your digital strategies aligned with customer preferences? On a recent webinar (April 2020), BAI shared the findings from the latest BAI Banking Outlook research. This links to some notable highlights. on Bai.org
HOUSTON – During March and April, eCU Technology is reporting it saw increased online membership and loan applications for its credit union clients, up as much as 200% for some, compared to the previous year.
eCU Technology said the total number of member applications Origins’ clients processed were 1,631 in March and 2,983 in April, for a total of 4,614. The company added the total number of loan applications origins’ clients processed was 1,633 in March and 1,814 in April for a total of 3,447.
The company said its Origens Suite includes mobile-friendly applications for membership, consumer loans and business loans,
“These numbers are an example of how credit unions are driving business and growth despite challenges presented by COVID-19,” said Larry Hayes, president of eCU Technology. “FIs chose the Origins Suite because it offers applications that are mobile-first, simple for their members to navigate, and fast to complete – averaging five minutes. The results speak to the robust solutions these applications provide. ”
“The suite of digital applications offered by eCU Technology was created to help credit unions of all sizes compete with national financial institutions by offering an unbeatable digital experience,” the company said.
“COVID-19 has changed the way people work, shop, socialize, do their banking and make payments. While some consumers had already embraced digital options, others have moved to digital options for the first time. As the pandemic continues, what are the long-term implications of these behavioral shifts?….”
Linking to the complete story How COVID-19 Has Changed Payments & Banking Behaviors Forever on TheFinancialBrand.com. Written By Jim Marous, Co-Publisher of The Financial Brand, Owner/CEO of the Digital Banking Report and host of the Banking Transformed podcast.
“Inadequate customer experience and security are causing financial institutions to lose customers and money. The combination of poor customer experience in digital channels and ineffective security negatively impacts customer loyalty, retention and profitability. “
Sharing best practices from BAI, written by: Sameer Hajarnis. May 14, 2020
https://www.cutimes.com/2020/05/07/worldwide-foundation-for-credit-unions-launches-digital-campaign/
Sharing Insights from Credit Union Times article published on May 7, 2020, written by Lisa Helem
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