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The Shift toward Self Service: What Does This Mean to Credit Unions?
Tuesday, July 28, 2015 6:25 AM

Consumers have become acquainted with conducting many day-to-day tasks using a self-service channel, whether opting for the self-check-out line at the grocery store, renting a movie through a Redbox kiosk, or checking into a flight at an airlines’ self-check-in kiosk. The adoption of self-service tools in the financial services industry is no different, especially with the availability of video-enabled ATM machines and other ATM innovations, such as CO-OP NextGen ATM, that streamline the process of handling a transaction.

Many credit unions and other financial institutions are grasping the shift towards self-service in the branch, which has multiple advantages. Members conducting simple transactions such as deposits or withdrawals can save time by using a CO-OP NextGen ATM, for example, to quickly handle their transaction, freeing up branch employees to assist members looking to make a more complex transaction or open an account.

Video-enabled ATM machines are also a great addition to a credit union’s branch offering, especially for after-hours and weekend support. With 24/7 availability, members can count on their credit union to be available when a transaction needs to be made, no matter what time or day it is. The comfort of speaking to and seeing the representative conduct their transaction offers peace of mind to the member, deepening the relationship between the credit union and member.

Through the relationship between CO-OP Financial Services and Diebold, Inc., the availability of these innovative services to credit union members is seamless and inexpensive. The two entities recently joined forces on CO-OP NextGen ATM, the industry-first, self-service innovation that facilitates shared branching transactions at the ATM. This software solution, which is available today, maximizes and leverages the mainline ATM infrastructure, which allows members of participating CO-OP Shared Branching credit unions to conduct nearly all branch transactions, including loan payments, at Diebold Opteva ATMs.

With CO-OP NextGen ATM, members can select a shared branching option to access all of their accounts with the credit union, not just those linked to the card as with standard ATM transactions. Credit unions that participate in CO-OP Shared Branching as acquirers and who allow guest members to visit their branch to conduct transactions can utilize a CO-OP NextGen ATM to decrease lobby traffic by serving the guest members through this channel, while retaining the acquirer revenue. CO-OP NextGen ATM offers credit unions an extension of their branch network, without the expense of brick and mortar and increased staffing.

The innovation continues with the emergence of Concierge Video Services, an initiative headed once again by CO-OP Financial Services and Diebold, with Diebold supporting member identification and video services and CO-OP Financial Services providing network access and terminal capabilities. The solution, which enables the credit union to visually connect with members to answer questions, fulfill marketing opportunities, and process any call center-capable transactions from the ATM, is currently being piloted at Missoula Federal Credit Union in Missoula, Montana, as well as Mountain America Credit Union in Salt Lake City, Utah, with general market availability expected for mid-2013.

As the adoption of the self-service channel continues to evolve throughout the financial services industry and beyond, the partnership between Credit Union Resources and CO-OP makes it possible to easily and affordably offer these innovative services to members, especially for credit unions that already participate in CO-OP Shared Branching.

To find out more about how CO-OP Shared Branching can meet your members’ account access needs, please contact Brian McCueNorma Garza and Cheryl  Sayers in the Remote Transactions area to answer questions.

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CO-OP Financial Services is an endorsed business partner of Credit Union Resources, Inc., and an industry leader in access and convenience products for credit unions. With over 30 years of credit union service, CO-OP connects credit union members to their accounts through network services, payment processing, e-commerce, CO-OP shared branching, and call center services. A total of 3,500 member credit unions, 30 million cardholders, nearly 30,000 surcharge-free ATMs, more than 5,000 shared branch locations, and 200 million-plus monthly transactions make CO-OP Financial Services the nation's largest credit union service organization offering resources that enable deeper member engagement to help credit unions prosper. To learn more visit
www.co-opfs.org.