"I want to apply for a Credit Union loan, but... why can’t they come to me?"

Life is busy and there are days when there is no way you can get to your branch to fill out applications or meet with your Personal Account Manager. Historically, the number one reason members give us for closing their accounts is location. If our location does not work for our members it means we are not convenient which is a bad position to be in for any financial institution.

Location, Location, Location

This has always been one of the key drivers for financial institutions and their members/customers and the main reason big banks have so many branches. Why? Simply, as part of the quest to supply customers with the most convenient locations and decrease the chance they move to a competitor. But branches are incredibly expensive to build, maintain and staff and over time technology has allowed financial institutions to change the way people can complete their financial transactions. From the beginning these advances have been about supplying customers convenient ways to complete transactions while decreasing the reliance on the branch network.

From ATMs to Apps on Your iPhone

It all started with ATMs, telephone banking and eventually Internet banking. Canadians are known as early adopters of technology and at every turn we have embraced new technology. It is possible to pay bills, fill out applications, transfer money and check balances without ever going into a branch. As long as you have a phone and/or a computer you are set. But you are still tied to your computer. With advances in cell phones and cellular networks it is now possible to complete a variety of financial transactions on your cell phone. From receiving text alerts when your balance gets close to the minimum monthly balance to obtaining listings of recent transactions, transferring money and paying bills, you can do it all on your data enabled cell phone.

Putting Wheels On Your Banker

For the consumer, technology is about convenience, so in the banking world it means you can bank where you want, when you want and how you want – it is about choices. There is no question the new technological advances are fantastic and will allow consumers to complete transactions with great ease. But we are still left with a question – what happens when you need to see a human and you do not have time to get to the branch or your branch is closer to work and you are at home? What if mobile banking also meant the branch was mobile? No, this is not like the ‘bookmobile’ where the local library used to drive to outlying neighbourhoods, it is about the banker coming to you and not the other way around – even if you do not have a zillion dollars.

We C.U.™ How You Want to Be Seen

At The Credit Union listening to our members about their experiences with our products and services is of utmost importance. We have always recognized technology can be used to make your interactions with us more convenient. At the same time we never want to use technology to replace personal relationships and our commitment to be your financial advocate. On the back page of our January 2011 newsletter you will find a short survey about mobile banking in its’ many forms. We ask you to complete the survey by January 30, 2011 and fax it back or drop it off at one of our branches. You can also complete it online – just go to The Credit Union home page and click on Mobile Banking Survey. Your feedback will help us as we move forward in our development of ways to provide the most convenient service to you, our member. We need you to make the best possible decisions – after all you are not only a member you are an owner.