“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.
digital banking
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 Origins 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.
https://thefinancialbrand.com/95735/digital-online-banking-coronavirus/
Sharing Insights from The Financial Brand article published on April 27, 2020, written by Jim Marous, Co-Publisher of The Financial Brand, Owner/CEO of the Digital Banking Report and host of the Banking Transformed podcast.
https://www.cutimes.com/2020/04/27/digitizing-processes-for-at-home-credit-union-members/
Sharing Insights from CU TIMES article published on April 27, written by Roy Urrico.
The coronavirus pandemic is impacting everyone. Above all else, our thoughts are with those who are sick, as well as with our healthcare workers and first responders who are on the front lines fighting this terrible virus.
And while the emotional toll this pandemic is taking on individuals and communities can’t be overstated, neither can the impact it’s having on businesses all across the country and around the world. This pandemic has escalated importance of remote-access and/or “touchless” transactions as the key to the vitality of organizations moving forward. If you are an organization that relies on in-person exchanges of goods and services, you are an organization that’s severely impacted by this virus – from the nail salons, retail storefronts, entertainment, dine-in restaurants, to travel…. The list goes on and on.
However. If you are a credit union that CAN leverage technology to keep business going, but you are not currently doing so, you’re putting members and employees at risk – as well as risking future health and success of your organization.
The pandemic is a wake-up call for us all on so many levels, but especially for the business community, and specifically the credit union industry, in how we leverage technology to serve our communities. This is an opportunity to re-think processes to ensure the health of our community and the growth of our organizations into the future. Make no mistake, COVID19 is terrible. But the current situation presents an opportunity for digital transformation of our industry – and ultimately improved service delivery.
And while many credit unions are, in fact, still relying on paper forms and applications, even the CUs that have switched to digital forms are facing some challenges.
How do we address this? Now more than ever, it’s important to consider the value of moving to an (improved) online solution. Simply stated: if you don’t have digital account and loan application solutions in place, what is your plan for survival in 2020? This was nicely explained in April 8 post on The Financial Brand(TFB), authored by Jim Marous, TFB co-publisher.
“Fix Your Digital Relationship Opening Process…..
” Before COVID-19, the majority of consumers used the branch to open a new account according to J.D. Power. The same was true of consumers and small businesses who wanted a loan. With most branch offices closed, this is obviously not an option. Unless your organization is prepared to not open another new checking, savings account or loan relationship for the foreseeable future, now is the time to:
- Reassess policies that prohibit the establishment of a new checking, savings or loan relationship of any type without branch engagement.
- Simplifying the digital relationship establishment process by removing steps and improving customer-facing design.
- Convert all back office operations to support new digital relationships using digital technologies and seamless integration.”
Need more supporting data? Consider this. First Service Credit Union (Asset size: 760 million) in Houston, Texas, was the first to pilot and launch Origins for online account opening and loan applications in 2018. They established the eCU Technology CUSO to offer these digital solutions to other credit unions in 2019.
What do your March numbers look like? And what are your projections for Q2 of 2020?
ECU Technology is here to equip our customers with the tools and resources to ensure their ability to complete and succeed in a world where remote-access is the bridge and the key to being able to conduct business moving forward.
We’re here to help you, as you work to help your members and your communities.
CONTACT
INFO:
Larry Hayes
281.705.4841
https://thefinancialbrand.com/94700/covid-19-digital-banking-transformation-opportunities/
Sharing Insights from The Financial Brand article published on April 8, written by Jim Marous, Co-Publisher of The Financial Brand, Owner/CEO of the Digital Banking Report and host of the Banking Transformed podcast.
Sharing Insights from Forbes article published on March 30, written by Simon Chandle.
Sharing Insights from The Financial Brand article published on March 12, 2020, written by Jim Marous, Co-Publisher of The Financial Brand, Owner/CEO of the Digital Banking Report and host of the Banking Transformed podcast.
May 2019 (Houston, TX) – eCU Technology welcomes Ethan Ferrell as Vice President of Development Operations.
Ferrell has over 10 years of experience and will serve as lead developer as well as oversee new hire training, software design, and implementation of new software development. Most recently, Ferrell served as manager of programming at First Service Credit Union in Houston, Texas.
Prior to First Service CU, Ferrell worked in various development and technical support roles at Jaspersoft (now TIBCO) and Reynolds and Reynolds.
Ferrell is a graduate of Sam Houston State University with a BS in Computer Science.
More about eCU Technologies:
Founded in 2017, eCU Technology® is a Credit Union Service Organization (CUSO) owned by First Service Credit Union of Houston, TX. With 20 employees and growing, eCU Technology’s mission is to inspire and cultivate financial institution customer/member relationships with innovative, forward-thinking financial technology services. They are dedicated to the growth and success of financial institutions across the country by providing Origins – their adaptable, online account and loan origination solutions. For more information about eCU Technology and the Origins solution, visit eCUTechnology.com.
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