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Leaders in Lending | Ep. 86

Expanding Digital Service to Members

Cheryl Purrington, Chief Lending Officer at ACFCU, shares her experience building new digital systems that create that balance between human service and digital accessibility.

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GUEST SPEAKER

Cheryl Purrington

Cheryl Purrington started out in the Credit Union industry in 1992 as a part time teller, and she has worked her way through the ranks. Previously, Purrington has served as a branch manager, loan officer, Assistant Lending Manager, Collections Manager and VP of Collections before her current role as Chief Lending Officer. She has spent the last 20 yrs with ACFCU and seen tremendous growth over these last few years.

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ABOUT

ACFCU

ACFCU has been providing financial services for over 75 years. They strive to make financial dreams reality and want to be THE financial solution for all of their members. They serve over 38,000 members and strive daily to exceed their members expectations.

 

 

 

Key Takeaways

  1. The model of ITMs (Interactive Teller Machines) in bringing high-touch, digitally-accessible service to members

  2. The elements that go into driving your institution through a digital transformation

  3. How you find the right leadership staff to motivate and manage teams to deliver high-quality service in the digital space

EPISODE RECAP & SUMMARY

Delivering the best member service at credit unions was once totally dependent on face-to-face relationships, and while that is still important today, the digital transformation has upended what constitutes personalized service. The balance between a human high-touch level of service and digital ease is now table stakes in lending. 

The model of ITMs bringing high-touch service to members

ITMs (Interactive Teller Machines) are combining the warmth of an in-branch experience with the ease of an ATM.

A normal ATM experience consists of pushing a bunch of buttons, following prompts and making the transaction happen alone. And while for some people this may sound ideal, others occasionally need assistance or want to speak to someone to further ease the movement of funds. This is where ITMs step in. 

“We are going into a digital transformation. We're going to have interactive teller machines where people still will be able to have face to face interactions with their favorite tellers,” explained Purrington. 

Going to an ITM will be as easy as an ATM experience. The member is in control of the steps and still has access to all ATM functions, but if they wanted to speak to a bank teller at any point in the process, there is one available at all times through an on-screen feature.

The teller is there to have conversation with the member and guide them through the transaction process. Purrington explained that tellers will be located at an off-site location and connected to the members virtually, making it easier for them to be accessible at various locations of the ITMs. 

“If we are not spending enough time and energy on our current members, sooner or later, someone's gonna get them,” said Purrington.

Driving your institution through a digital transformation

The digital transformation of financial services is one that is happening right before our eyes. In order to keep up with the ever-changing reality, the whole team needs to be on board. 

According to Purrington, a major part of the success her team has experienced throughout their digital transformation has been maintaining a close-knit executive team and making sure that everyone has the same future vision in mind. 

They also have visited various credit unions to seek insight and take a look at how other unions were doing things in order to tweak their efforts accordingly. 

All of this is in the name of providing technologically advanced and accessible service to ensure that their clientele continues to grow and that current members remain loyal to their credit union.

“57 percent of people will spend more on [services] that they're loyal to,” said Purrington.

The ITMs are still a couple months out from their launch, and a part of it is trial and error. With the entire team on board and advice from other credit unions that are trying out similar initiatives, Purrington is confident in their success. 

How to find the right leadership staff to deliver high-quality service in the digital space

When hiring leaders at such a transformative time in the industry, credit unions have to know exactly what they’re looking for.

Purrington said that when hiring for her team, knowing their vision, what kind of employees they want on the team and seeking out that “all-in” attitude are the main things they consider during the hiring process as opposed to just experience. 

During the interview process, various unique tests and situations are presented to the candidates to really put them in the shoes of the position that they are applying to in order to avoid hiring someone who just says all of the right things.

Her team’s CEO at ACFCU, Scott Rose, exemplifies qualities of a leader set to lead a team through a major digital transformation. By being active with all of his employees and teaching classes on a regular basis to ensure they are passionate and educated on the credit union’s vision, the team behind him is both well supported and ready to work towards the same mission.

The team at ACFCU is empowered to share their input on decisions at the union and the journey through the digital world is a unified one where every employee has a part in it.

Want to learn more about ITMs and how credit unions are navigating the expansion of digital services? Listen on Spotify, Apple Music or wherever you find your podcasts.


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