Community Service with the Personal Touch

September 23, 2014
/   Insights

Question: Community branch, personal service, mobile banking—which is the odd one out? Answer: None. Otherwise, the industry is in trouble. For some time now, there have been discussions about the future of community banks...

Cause and Effect: If you build it, will they come?

July 23, 2014
/   Spotlight

Many financial institutions assume that digital banking is lucrative because the most valuable customers happen to bank online. While there is certainly a correlation between online bankers and higher profitability, quantitative evidence suggests that...

Fast Facts: Student Loans

January 22, 2013
/   Insights

The Financial Services Roundtable recently released another iteration of its Fast Facts, reliable, bullet-point research about issues facing the financial services industry. Topics span TARP, Dodd-Frank, insurance, lending, retirement savings and more.  Below are some updated Fast...

Intuit 2020 Report: The Future of Financial Services

April 11, 2011
/   Insights

Today, Intuit released the latest edition of the Intuit 2020 report, Intuit 2020 Report: The Future of Financial Services, which identifies and examines four key trend areas that will  transform the financial services industry...

Small Business: Perception vs. Reality

November 21, 2012
/   Insights

In the most recent election cycle, like most others before it, the one sector of the economy that got the most attention was small business.  This is the future, we were told by every...

The Top 10 Trends in the Digital Banking Industry

December 18, 2013
/   Spotlight

2014 is rapidly approaching and as the year wraps, the Digital Insight team has pulled together the top 10 trends in the digital banking industry based on data and trends from studying financial institutions....

Mobile Banking Engagement: Data from Digital Insight

June 24, 2013
/   Spotlight

Intuit Financial Services has been conducting a comprehensive and ongoing study of financial institution customers. From these studies, the company has been able to provide a deeper view of banking customer behavior across several...

Financial Literacy Month: How are you celebrating?

March 22, 2013
/   Insights

With April approaching, it’s almost time to kick off Financial Literacy Month! Strongly supported by the United States Congress and the Financial Literacy and Education Commission, Financial Literacy Month aims to promote the importance...

Social Banking: Blessing or Curse?

August 1, 2012
/   Insights

While the topic of Facebook and banking has generated plenty of heat (though not necessarily a lot of light), the debate seems mostly focused on two broad issues: The much-maligned IPO, and the notion...

AZFCU-Logo

In our latest FI Spotlight we spoke with Aaron Oplinger, Senior Director of eServices & Channel Integration at Arizona Federal Credit Union. Notably, Arizona FCU recently changed their branch model, resulting in astounding increases including 74%  in mobile remote deposit capture penetration, 23% in self-service utilization and 28% for average debit/credit interchange per-customer.  Aaron shared AFCU’s recent initiatives with us and discussed how they are better serving their members and have increased profitability 361% per-customer.

 

Q: In a few sentences, can you tell us about recent initiatives at Arizona Federal Credit Union? 

In January 2013, Arizona Federal Credit Union redesigned itself internally and externally in support of its mission statement, “to develop and serve an empowered membership through the delivery of financial services and expertise, producing mutually beneficial results.” This included a redesign of our staffing model and physical locations, driving active use of self-service products, reinforcing membership benefits and increasing member participation.

Aaron Oplinger headshot March 2014Q: How did redesigning your staffing model impact the relationship between staff and members?

Our staffing model was changed from a teller/personal banker model to a combined role so that any person within a branch could assist a member with any financial need. The physical branches are also being remodeled to create a more open space that eliminates barriers between staff and members, such as greeting stations, teller lines, etc. Additionally, staff at remodeled locations use wireless tablet PCs that are fully functional with the credit union’s core processor, creating a shoulder to shoulder conversation with members versus being behind a desk or counter.

Q: Specifically, how did you increase the active use of self-service products?

We’ve pre-loaded iPads in every location with our apps as well as 40-50 financial education apps, such as mortgage and loan calculators, auto and home research, valuation and repair apps, gas price apps and more.

Q: How have you found the response amongst your members so far? 

Our members are increasingly becoming familiar and comfortable with our apps.  And, they are also receiving additional value from the financial education tools we provide, supporting our mission statement of providing financial expertise. Early data indicates that the first remodeled branch has the highest penetration rate for both acceptance and usage for Mobile Remote Deposit Capture.

Q: Can you tell us more about your membership rewards? 

As an industry first, Arizona Federal Credit Union began charging $3 each month for membership dues. The dues have shown an increased use of services and we were able to give back $8 million to members from December 2012 through December 2013, with the average actively participating member receiving more than $50, well beyond the $36 per year that is paid.

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James W. Gabberty

Gabberty is a professor of information systems at Pace University in New York City. An alumnus of the Massachusetts Institute of Technology and New York University Polytechnic Institute, he has served as an expert witness in telecommunication and information security at the federal and state levels and holds numerous certifications from SANS & ISACA.

Brad Strothkamp

http://www.forrester.com/rb/analyst/brad_strothkamp

Marisa Mann

Marisa Mann brings over 15 years of experience in consulting and financial services industries to the Solstice team, working on large scale enterprise initiatives across many technologies, including specializing in the digital space – Internet and mobile. Mann is passionate about mobile and the endless possibilities for the enterprise, delivering business value through strong brand recognition and driving to excellence in the consumer experience. Prior to Solstice, Mann worked at JP Morgan Chase, Diamond Management and Technology Consultants, Washington Mutual, Inc, and Accenture.

Zachary Ehrlich

25-year-old writer, and as a native San Franciscan, I am unreasonably loyal to Bank of America, if only for their superhero-like origin story, involving the 1906 earthquake and Italian fruit vendors.