Cutting-Edge Technology Makes Financial Management More Efficient
As the words ‘virtual’ and ‘technology’ become an essential part of our everyday language, credit unions are proactively responding by providing a better banking experience through online and mobile offerings. “Advances in banking technology combined with the national pandemic have changed how people go about their lives and how they manage their finances,” explains Eva Casale, Suffolk Federal’s Senior VP of Information Technology. “As we look towards the future, state-of-the-art technology and innovative technological options will continue to be a significant focus and serve an integral part of the Suffolk Federal mission,” she continued.
The following five tips highlight the vital role technology plays in the banking relationship between a credit union and its members:
Enhanced Member Ease and Convenience
It has become increasingly important for financial institutions to be responsive in terms of technology and online banking options. Mobile banking apps, online services and voice banking all provide an opportunity to manage money. Suffolk Federal has ensured that no matter where their more than 62,000 members are located, members can bank easily. This is accomplished through comprehensive online and mobile platforms, which present a user-friendly experience, streamlined design and efficient functionality, offering connectivity in a matter of seconds.
Responsive Money Management through Mobile and Online Banking
Tech-connected members expect digital services with little to no downtime, 24/7 support and accessible banking on-the-go. Credit unions on the forefront of incorporating technology into their mission are embracing this movement, providing an increasing array of apps, transaction portals and digital security options. For Suffolk Federal, the focus on members’ needs is incorporated into tools, resources and technological updates with provide easy access to view accounts, transfer funds, examine balance and transaction information, and deposit checks without having to drive to an ATM or requiring in-person contact.
Increased Cybersecurity & Data Protection
Credit unions are continuously exploring new ways to tackle cybersecurity issues with the use of technology. Digital tools can proactively reduce fraud and provide a safer banking experience. Suffolk Federal provides member tools such CardValet, & the Suffolk Credit Cards App which allows members to manage debit and credit card control and fraud mitigation. When used together with Suffolk Federal’s Digital Wallet, members receive an extra level of security, leading to a new level of comfort.
Empowering Members to Manage their Money
Because the COVID-19 pandemic has affected the nation’s economy overall, keeping track of expenses is extremely important. Credit unions which offer plenty of electronic budget tools designed to enable both business owners and individuals to have around-the-clock access to banking services and accounts help to alleviate members financial stress. An added benefit is enabling members to enroll in direct deposit and automatic bill pay.
Virtual and Online Learning
According to CUInsight.com, two third of millennials are reported to access digital banking from their mobile devices as compared to over half of baby boomers who do so from a laptop or computer. Credit unions who embrace this opportunity will be empowering members. With the Suffolk Federal app, members can learn how to build a strong money foundation.
Additionally, forward thinking credit unions have responded to the national pandemic in creative ways to ensure that the virtual online learning process was always accessible. Suffolk Federal redesigned and transformed a “First Time Home Buying Seminar” into a virtual program offered in both Spanish and English to provide essential tips and tools to enable participants to purchase the home of their dreams.
By investing in digital member products and services, credit unions provide members a competitive and wide variety of accessibility and essential financial management options. Thanks to innovative technology, credit unions who recognize the importance that technology plays in banking can become vital by connecting with members better than ever before, helping them achieve their financial goals and offering instantaneous transactions as well as 24/7 digital support no matter where they are located.