By: Nancy Steadman
Americans have different banking needs, with some requiring more services and programs than others. Economic volatility and the unstable job market have created more of a demand for flexible and affordable services, and more Americans are turning to credit union programs to fulfill their needs. And for good reason. Many credit unions are creating new programs and services to serve different segments of the population, from business owners, mortgage seekers and, more recently, the underbanked.
For example, Nebraska-based Centris Credit Union is investing in new kiosk systems that allow underbanked individuals to complete several different types of financial transactions at a single location, American Banker reports. The kiosks, were are provided by Nexxo, are bilingual and allow users to cash checks, order and load prepaid cards and add minutes to cell phones. In addition, the kiosks are equipped with phones that allow consumers to contact customer service agents for questions or concerns.
"We see kiosks as solving a problem for the underserved community," Laura Castro de Cortes, Centris Credit Union's vice president of alternative financial services, told American Banker. "We can stay open longer and be in more locations, so that people can perform financial transactions on their own time and not on our time. And we can also provide service in their own language."
The credit union is also ensuring that the new kiosks do not diminish personalized customer service or member relationships. Credit union representatives will be available on-site and by phone to help consumers not only use the machines, but also learn about additional financial education resources to help them manage their money.
"One of the things that's a big turnoff in our community is the fact that some financial transactions take a long time, or that the institution is not accessible," de Cortes told the news source. "This will hopefully address that."
Other credit unions across the country have remained committed to building a strong membership base by creating programs that benefit the community. Many have established financial education programs to improve children's money management. Others have created programs that allow members to become stakeholders in the credit union and earn benefits. Financial analysts say credit union membership will continue to grow in the future as Americans turn away from the impersonal and costly services many large institutions provide.