This summer I had the opportunity to interview a number of credit union executives and chat with them about their experiences with online account opening and their thoughts about the future for community financial institutions. Not only was it great to hear the client side of things, but it also provided me with insight into their foremost concerns and priorities moving forward. From all of them, the message was clear:technology is the way of the future.
Ken Senus, SVP of Information Technology at Navigant Credit Union, said it particularly well. Navigant is a great example of how credit unions and banks can achieve substantial growth through the use of technology. Originally established as a single branch credit union almost 100 years ago, Navigant now has 13 branches and 64,000 members across the country. It achieved such growth by leveraging technology to bring the credit union’s products and services to its members, wherever they may be.
The credit union didn’t stop with online banking and account opening, though. They also entered the mobile app space, and as Ken happily emphasized, they’ve received nothing but positive feedback on the 5-star rated app. They developed the app in response to a flurry of Facebook comments from members who wanted the convenience of mobile banking, so it’s clear Navigant is in touch with its members’ needs. Essentially, Navigant sees the potential that technology offers in furthering the objectives of the credit union, and by utilizing it in multiple ways, has found great success.
I would go into more detail, but I think it’s best to let Ken speak for himself, so I’ve put together a video clip of his thoughts. Click on the image below to hear Ken’s views on the importance of the online channel, oFlows, and what the future holds for community financial institutions.
Melanie is a member of the first class of Venture for America, a two-year fellowship that seeks to revitalize American cities through entrepreneurship by matching recent college graduates with start-ups.You can reach her at email@example.com or on twitter @mfriedri.