The QLess Blog

Originally Published in Credit Union Business News

The financial industry has seen ups and downs for centuries. It’s actually the norm as currencies fluctuate, mortgage rates jump and plummet, and people change how they invest. We’ve all seen boom markets and severe downturns, but none of us have ever seen anything remotely like the current pandemic. It has changed everything for the credit union industry, from back-end technologies to customer experience. Unfortunately, in most cases, consumer interactions have suffered because the in-person experience is so different than it was even a few months ago. The good news is that new technologies are helping credit unions improve service and create better experiences for their members.

If you operate a financial institution, you know there are peak busy times and days that draw in crowds. On payday, for instance, customers rush to deposit their paychecks and clog up business for others who want to open accounts, inquire about loans, and conduct other routine banking transactions. Long lines and wait times can frustrate customers and cause unwanted stress for your employees. So, the question is: how to reduce queues in banks and other financial institutions? The answer is to use a modern bank queue software that works by utilizing customers’ cell phones.

Once thought of as the financial institution for your parents, or even your grandparents, credit unions have remained relatively overlooked for a long time. They’ve been slow to implement technology or online banking solutions, and haven’t traditionally marketed their services to younger generations the way modern banking institutes have. But in response to the COVID-19 pandemic, credit unions are now modernizing faster than ever. By implementing innovative technology solutions, they’ve helped to reinvent their status, increase loyalty and customer safety, and appeal to younger members. Below, we’ve highlighted some of the top credit union technology trends coming out of the pandemic.