3 Retail Banking Technology Projects Every Financial Institution Will Be Inspired By

Have you ever seen All the President’s Men? 

During a critical scene, Woodward and Bernstein meet their confidential informant in a parking garage and are instructed to: “Follow the money.” 

If you want to know which retail banking technology is hot right now, you should do the same. 

What is the hottest retail banking technology right now, you may ask? Well, there is an answer for you.  

Enter CFM. Our mission is to create a better branch experience for every financial institution through our innovative technology and transform how banks and credit unions do business.  

Here are three financial institutions and their “hot retail banking technology projects” that have transformed how they do banking. 

Capitol Credit Union

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Located in Austin, Texas, a city known for its warm weather, thriving economy, and booming tech market, Capitol Credit Union’s mission was to transform the member experience beyond monetary transactions to effectively building relationships. At the heart of Capitol’s strategy was the adoption of the Universal Associate model. The Universal Associate can perform several operations rather than limiting themselves to a single role, and having the right technology was the key ingredient to driving convenience for CCU’s members.

With a branch redesign, removal of three teller lines, and installation of a Service Spot, this opened Capitol's floor plan for an easy transition to the Universal Associate model. At the heart of this transformation was the installation of NEXT, a core-integrated self-service and full-service kiosk capable of completing almost every teller transaction. NEXT allowed the associates to focus on building relationships with members. With the new self-service machines, CFM provided CCU with NOMADIX. This tablet-based teller interface connects to the core and NEXT kiosk to operate at peak efficiency and become the next big thing in providing its members with an elite banking experience.

 

ORNL Federal Credit Union

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There is something always alluring about going outside the lines, and not restricting yourself to do things based on the beliefs of how things should be. ORNL Federal Credit Union realized that the traditional teller line and queue mentality was not the banking experience its members wanted or should have.

Janita Clausell, Chief Member Experience Officer, puts it so beautifully, "We're not the Price is Right with a 'come on down' type of mentality. Instead, we want our staff to come to members the moment they walk in the door and have the ability to serve them from start to finish."

ORNL was on a mission to break outside the lines and revamp how they did business with their members.

However, the problem ORNL faced was a massive gap in technology that would not allow them to achieve their goals. Meeting CFM at a local banking conference and seeing a demo of RTA (Remote Transaction Assistance) was the answer to their prayers! With RTA installed, transactions are faster, and it's much easier to sit and work with members. ORNL Federal Credit Union and RTA were truly delivering the kind of service and experience they set out to achieve and going outside the lines to change the member journey.

Pima Federal Credit Union 

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Pima FCU (already a CFM integration customer) needed to expand the use of its teller cash recyclers and dispensers in its seven branches. They saw a vast improvement from their initial investment, which included purchasing six machines in their budget to replace older equipment.

Pima FCU contacted CFM with a replacement plan, and CFM saw an opportunity to run iQ, a reporting and analytics module for cash recyclers. iQ allows the credit union to understand the performance of its fleet and discover the root cause of failures and actual utilization of its cash-flow data.  

With the help of iQ, Pima FCU was able to pinpoint and identify underutilized machines, branches that would benefit from training, and locations that would benefit from additional recyclers. Pima FCU added two new devices to sites where the iQ tool had proven that it was manually processing $6 mm+ in cash in and out of its vault through a dual-control process. Pima FCU now had a plan of action to fix the root cause and not just the symptoms. 

If you are looking to transform the way you do banking with the hottest retail bank technology for your bank or credit union, it’s important to explore your options, adopt what works for you, and find the right partner to help you achieve your goals. Let’s talk transformation, CFM is here to support you.