April 9, 2020
The Importance of Digital Banking and Collaboration Amid COVID-19
The novel coronavirus (COVID-19) has taken a major toll on everything from the economy to our daily routines. It has largely affected how we operate our businesses and how we live our everyday lives – including the way we bank. With nearly all businesses now operating remotely, or at least within social distancing guidelines, we have all had to temporarily alter the way we interact with one another and the organizations we work with.
That’s why now, probably more than ever before, digital banking has become critical for credit unions and financial institutions everywhere to implement and utilize to its fullest in order to keep things running as smoothly as possible. Digital banking, among other digital channels, is essentially how financial institutions are communicating with members and customers for the foreseeable future, so you can understand just how critical it is. Members depend on it. Small businesses depend on it. Even the economy depends on it.
Over the past few weeks, we have seen a number of credit unions encouraging members to download their mobile apps to start banking digitally only to encourage staying at home. In addition to the basic banking offered on the apps, credit unions should also tout other digital offerings and features on top of basic banking solutions that are available for members. These added offerings and features can help credit unions continue virtually servicing clients beyond basic digital banking needs.
That’s where we come in. At Constellation, we are committed to helping credit unions access the latest digital technologies. We help overcome the barriers they have faced in providing members with the digital banking services they truly need, especially during times like these. Our secure marketplace brings fintech developers and credit unions together to collaborate for the direct benefit of members.
Collaboration itself has been a welcomed bright spot amid the coronavirus crisis. Communities have been gathering together to support those in need and businesses have been rallying to help their employees. We have also noticed how credit unions and fintechs have been collaborating with each other and their teams during the crisis to help ease the stress that this situation has caused. Check out how some of our fintech partners are helping make a difference right now:
- Atando is using its AI chatbot technology to educate credit union members about adjusted services and provide data for credit unions to share information on digital banking offerings.
- LenderClose announced it has completed the first-ever remote online notarizations (RONs) to close a mortgage loan in Iowa and now have five credit unions (and counting) participating in remote online notarization.
- POPio shared that it is providing a limited number of free video seat licenses right now for financial institutions to use for maintaining business continuity.
- QCash Financial launched a COVID-19 relief program is for U.S.-based credit unions looking for a responsible, short-term credit solution to offer members who need access to instant liquidity during this pandemic.
- Finovera, a digital bill aggregation and payment platform is offering a Personal Bill Manager to credit unions for free so their customers can manage their bills easily in these tough times.
We know how imperative digital banking is for credit unions, fintech developers and credit union members – whether it’s during a time of crisis or not. If your credit union’s mobile app is not offering your members what you wish it could, let’s connect. The Constellation Platform was built for this moment by connecting credit unions to innovators and improving members’ digital banking experiences. We can help you put members back at the center of your business strategy.
Until we see you again in person, please know that we’re here for you and we hope you, your family and your team members are staying healthy and doing well.
– Ryan Talbot, Channel Services Manager – Constellation Digital Partners