Making Members’ Lives Easier

Situation

CoVantage Credit Union sets out to make their members’ lives easier. They are hitting the mark with their new technology and staffing model. With 20 locations in northcentral Wisconsin, including Green Bay and Fox Valley as well as upper Michigan, they commit to:

  • Sharing the credit union's success with members since 1953

  • Investing in Technology

  • Expanding hours and contact center hours

  • Offering Financial Education and Financial Counseling  

Objectives

  • Utilize technology to respond to declining transactions, while better controlling operating and staffing expenses

  • Enhance the member experience

Solution: Why ITM Technology?

Location #1 - Keshena
Many members were traveling 20+ miles to the nearest branch to cash checks. The freestanding ITM was placed in a high traffic area to meet the check cashing needs of the demographic there. The 24/7 ITM brought more services to the community.

Location #2 – Rothschild Branch
Relocating the branch opened the opportunity to reimagine their model to design their Branch of the Future.

ITM Plan

  • Deploy 5 Hyosung ITMs

    • 2 interior models

    • 3 exterior drive-up models

  • Staffing Optimization

    • Virtual tellers support members from a centralized location. This allows for these employees to be multi-functional between virtual teller needs and digital channel tasks.

    • Branch Member Services Representatives function as universal employees.

Member Transition to Technology

  • Member communication strategy includes FAQs and videos that are easily accessible online and through social media

  • Walk alongside members to teach technology and show the convenience of self-service

Success: Branch of the Future Results

Branch FTE Reduction
The Rothschild branch opened with 5 FTE. A typical branch with similar hours and drive-up would need 8 FTE without the technology. CoVantage saved 2 FTE, or up to $120,000 in annual salary savings.  

Self-Service Results
When calculating true transaction numbers, CoVantage removes cash withdrawals from the equation – as those are potentially ATM transactions they would have had anyway. This gives an accurate glimpse into adoption of technology. CoVantage’s impressive findings demonstrate 7 of 10 transactions are legitimate self-service transactions.

Member Acceptance
Despite COVID-19 and closed lobbies, CoVantage is finding members are adapting to the technology. A key component in transition is having staff walk members through transactions to familiarize them with the technology. CoVantage has done a remarkable job of communicating and training on their website. FAQs, videos, expectations and service descriptions are laid out clearly and concisely that enable members to have a positive experience.

Branch Transformation, ITMErin Mason