Spokane Valley, WA – September 16th, 2020 – Since the emergence of COVID-19 and its associated lockdowns, social distancing, and quarantines, remote technology has been incredibly important for the successful running of a credit union. “Remote technology” is any system or technology that permits credit union members to continue their banking activities without visiting a branch.
Technology Can Help Us Get Through This
ESP has been heavily invested in remote technology for many years. Where the smartphone ushered in the advent of remote technology the coronavirus has pushed all adoption timelines to the forefront.
For most credit unions, the continuation of services is their main priority. Namely, can the membership access their accounts and pay their bills without a visit to the credit union? That’s where ESP’s remote technology can help.
Empowering Members With Technology
One of the technologies that can dramatically and positively impact the member is Multi-Factor Authentication (MFA). In our application, this technology allows members to recover usernames and reset passwords in web banking without calling the credit union or visiting a branch.
For our credit unions running MFA, it has been a game-changer. One of our recently deployed credit unions with 7,000 members processed 4,800 MFA requests for username retrieval and password resets. That is a considerable reduction in call volume for them.
Remote Deposit Capture (RDC) has also set a new standard in credit union accessibility. RDC allows members to deposit paper checks via the camera on their smartphone. This advanced technology has become a godsend for members seeking to deposit that check that just came in the mail but are reluctant to venture to the branch.
Move Forward With Growth
Another aspect that credit unions should consider is the technology that continues to grow your credit union despite social distancing. With the cancellations of farmer’s markets, community fairs, 5Ks, and college fairs, community outreach is nearly impossible. How does a credit union continue to grow when all previous marketing channels are shut down? Plus, what do you do with all that swag?
Well, we can’t help with the swag unless it’s barrel-aged. ESP has remote technology to build membership and facilitate loans right through a credit union’s website. Our in-house solution, New Membership Application, can accept potential members’ applications online and make them available for review right within our core, FORZA. Plus, with our close partnerships with third-party vendors, your members may apply for various loan types from the comfort of their home or from their smartphone.
ESP’s Remote Technology
Here’s the ESP shortlist of technology that can continue to deliver the same quality of service that members expect despite the challenges of coronavirus:
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Web Banking
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Mobile Banking
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Audio Banking
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Multi-Factor Authentication (MFA)
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New Membership Application
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Online Loan Origination
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Bill Pay
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Remote Deposit Capture
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Electronic Document Signing
The questions that credit unions need to ask are what does the membership really need and what can the credit union honestly deliver? ESP can help.
