Page 10 - Michigan Credit Union League: 2018 Contact Q3

Adams’ speech focused on seven areas that credit unions Community Choice Credit Union President/CEO Robert Bava.

can evaluate in order to think big: member experience, advo- “Understanding that our mobile solutions touch more members

cacy and compliance, risk management, fintech and big than any one member center, our mindset has changed when

tech partnerships, leadership development, social missions we consider investments in digital and mobile solutions.”

and mobile solutions. This article singles out that last one,

looking at how a few Michigan credit unions are thinking big “Understanding that our mobile
about their mobile offerings.

In a video played during Adams’ presentation, Dan Munro, solutions touch more members
EVP/COO of Community Choice Credit Union, said that 88 than any one member center,

percent of his credit union’s members make transactions

online, often using a mobile channel, while 11 percent rely our mindset has changed when

on the brick-and-mortar locations. When faced with such

we consider investments instark numbers, Munro said Community Choice evaluated

how much they were investing in brick-and-mortar locations digital and mobile solutions.”
versus their mobile solutions.

“When you spend a million or more dollars on a new Robert Bava, President/CEO
branch, are you spending that much to improve your Community Choice Credit Union

digital channels?” asked Munro. Maybe it sounds obvi-

ous, but his question might prove more difficult to Bava continued, saying his Farmington Hills-based credit

face than some think. union is now much more willing to support mobile solutions

with dollars and manpower to ensure a good experience

Changing your budget to account for the growth of new, for his members. “Our latest efforts have been to unify the

modern strategies means taking funds from another, most experience between desktop, tablet and mobile. We know

likely older, strategy, and it can be easy for anyone to get that voice-assist capabilities are around the corner. Our

stuck in their old ways. We’re all familiar with the adage “If larger goal is to be able to communicate with our members

it ain’t broke, don’t fix it,” but that can easily turn into a in real time through our mobile channels when they need

motto for stagnation — just because a strategy isn’t broken, us for advice or help with financial decisions.”

doesn’t mean it’s allowing you to grow.

David Leusink, CEO of 4Front Credit Union in Traverse City,

“Our future is equally threatened by those that want to change echoed Bava’s commitment to members. “We deliberately

everything as those that want to change nothing. We need consider the member journey and ask, ‘What digital solution

to find the balance,” said Adams. The question is, as you can we offer that makes the member experience easier?’”

shift your budget to usher in growth, what do you keep and Currently, 4Front is utilizing its partnership with its online

what do you leave in the past? That really comes down to banking vendor to embed complimentary digital services via

each individual credit union, and the needs and wants of their a single sign-on, eliminating the need for additional apps or

particular membership. But for most credit unions, having a login credentials.

modern mobile app is a necessity for growth and relevance

in a competitive industry. “We also rely on member surveys, app reviews and Contact

Center feedback to influence our digital direction,” said

HOW ARE CREDIT UNIONS THINKING Leusink. “We survey members in real time, and in response
BIG ABOUT MOBILE SOLUTIONS? to that feedback we’ve implemented digital wallet services and
plan to extend P2P (peer-to-peer) payments in the near future.”

We reached out to a few CEOs to hear how credit unions Additionally, 4Front has shifted from simply offering mobile
around the state are thinking big about their mobile offerings. access for online solutions to offering mobile access that
is then mirrored in the online environment. “Ultimately, we
“For years, we’ve been willing to spend considerable sums on don’t consider how we compare to our financial peers; we
brick-and-mortar locations while viewing investments in digi- consider how we compare to consumer applications across
tal channels as an expense that should be minimized,” said all industries,” Leusink added.

10 THIRD QUARTER 2018 I CONTACT