Everyone who deals with community banks and credit unions knows that customer relationships are at the heart of everything they do. Financial security is a must for their customers and, particularly in the current climate, it is essential for them in their everyday lives. They may not need to access their financial institution daily, but they do need the services it provides every day. Banking is a fundamental service for customers as it gives them access to other services. Everything from their mortgages to their Netflix accounts are reliant on reliable banking services and the right support.
In today’s world, many face to face interactions at branches have been replaced by remote or digital banking.
In a recent Breaking Banks Fintech podcast, Lee Wetherington, Director of Strategic Insights at Jack Henry. said: “If you do technology right, you’re going to use it to minimise the mundane in order to maximise the meaningful…The meaningful for human beings is, and always will be, irrespective of technology, their relationship with other human beings, especially in the moment of need.”
Due to Covid-19, the way in which customers access banking services and support has changed. What was always dealt with in-branch has now moved to remote or digital banking as many branches have had to close.
Benjamin Metz, Senior Managing Director at Jack Henry Digital and Managing Director at Banno, said: “Digital usage on our platform is through the roof on every measurable dimension. Some of our customers are reporting over 100% uptake on remote deposit capture, for example. Every critical feature is just through the roof.”
At Pulsate, banking customers have seen a 50% rise in app sessions and app users are up 25% across the board. Campaign sends have surged by 285% as financial institutions help their users navigate the app and maximise remote banking services, for example accessing loans and remote deposit capture. These new digital habits are unlikely to revert to branch once the crisis has passed.
Community banks and credit unions continue to provide a local service in the community, therefore the relationship between banking staff and customers remains consistent, albeit at a distance. They can have meaningful conversations about critical areas, such as PPP loans through remote or digital banking, safe in the knowledge that someone they know and trust is advising them. In this way, community banks and credit unions are better equipped than larger financial institutions to respond to community needs by providing a personal service based on trust.
By automating the mundane and freeing up customer support, community banks and credit unions are delivering even better services remotely. There are quicker response times and faster credit applications, loan certificates and overdraft facilities, to name a few. In turn, this reduces costs, improves customer service and creates efficiencies.
Here at Pulsate, we help community banks and credit unions to communicate instantly with their customers about the financial support available to them.
To learn more about how banks and credit unions are proactively communicating with customers through remote banking, contact us here today.