Credit unions deserve recognition for their resiliency. While a number of midsize financial institutions and community banks are closing branches in favor of a lighter footprint, credit unions are in the midst of resurgence in two respects. According to the National Credit Union Administration, they’ve experienced a boomlet in membership, topping 120 million in 2020, up from 90 million in 2010. Furthermore, assets are poised to reach $2 trillion within the next few years compared to $1.2 trillion a decade ago, based on NCUA data.
What is driving success for credit unions? Their willingness to embrace technological innovation and a focus on the member experience both play a role.
How the nation’s first credit union embraced ITM technology
Look no further than St. Mary’s Bank, the nation’s original credit union, as the latest example. With core-integrated interactive teller machines, the 113-year-young credit union headquartered in Manchester, NH is on the cutting edge amongst its peers.
Implementing a “smart rollout”, St Mary’s Bank teamed up with Hyosung America and Convergint to introduce ITMs with core integration facilitating a “self-service first” approach. This has enabled members to perform the vast majority of transactions without assistance.
Ultimately, according to Leo Simard, SVP Retail Sales & Member Experience, the credit union has had “significant, positive feedback from members who have used the machines. Based on this, our (St. Mary’s Bank) investment in the technology is giving us an improved member experience.”
For a more detailed account of the challenges faced by St. Mary’s Bank, its implementation process and the end results, read the full case study below.