Despite having been around since the Great Depression, Pennsylvania State Employees Credit Union has, in recent years, evolved into a beacon of digital banking by fully embracing the digital member experience. In doing so, it has effectively turned its members’ mobile devices into pocket branches.
Today, PSECU has a powerful mobile application backed by the ability to bring state-of-the-art features and capabilities to market quickly, as well as an innovation initiative designed to make its development pipeline more responsive to member wants and needs. And it all started with leadership that understood how important responsiveness had become in a world where banking consumers expect to digitally manage all of their needs when and where they want.
“In today’s digital world, everything is moving so fast, and everybody is trying to grab the consumer’s attention,” said Barbara Bowker, PSECU’s VP of marketing and membership development.
“Member experience is so important, because if you don’t get it right the first time, you really don’t have a second chance.”Barbara Bowker, VP of Marketing
PSECU’s digital-first strategy has helped it keep its fees among the lowest in the credit union field. Yet, from that leadership position, PSECU took a bold approach to getting it even more right, shedding its previous mobile application provider in 2016 in favor of the more flexible approach afforded by Kony (now part of Temenos).
It wasn’t enough for PSECU to simply have a solid mobile app; it needed to have a digital solutions environment in which it could customize apps and roll out new features faster.
Taking AIM at the Member Experience
That capability matched up perfectly with PSECU’s member-centric initiative, known as Taking AIM, with “AIM” standing for Accelerating Innovation for Members. The objective is to ensure that PSECU is always incorporating technologies that improve usability and member experience, provide cutting-edge security, and deliver additional value to members.
Temenos’ mobile development technology enabled PSECU to take over the source code and bring development in-house, armed with a set of tools that provided unprecedented agility in developing new features. PSECU was able to port its existing app into the new environment, freeing it to take the app to the next level without having to rebuild it from the ground up. All of these changes have helped PSECU execute on its Taking AIM initiative.
PSECU’s next-level app makes transactions much simpler. Fewer taps are required to complete tasks, and the modern design makes it easy to find and access features and functions. Plus, in addition to the core capabilities, today’s credit union members want there are new innovations, such as an “account insights” tool that lets members track their month-to-month spending. And it’s not just a more robust app experience itself that Temenos enables;
PSECU is able to deliver a seamless omnichannel experience across mobile, web, ATM, and call center channels, ensuring that member transactions can easily transition from one channel to another as needs dictate.
“If the member starts an application on mobile and then needs to call for help, our agents must have the capability to pick up that application from the point where the member left off,” said PSECU President Greg Smith.
Supporting PSECU’s Digital Strategy with a Streamlined Loan Application Experience
“We’re looking forward to elevating our digital banking application and pushing the limits of what a digital-first, omnichannel experience can provide for our members.”Greg Smith, PSECU President
As it’s envisioned, PSECU’s digital-first strategy stretches to every possible interaction between the credit union and its members. Yet the craving among consumers for fast and low-friction service on digital channels can present serious challenges for more complex products such as loans.
PSECU found itself in just such a conundrum. The credit union’s leadership wanted a streamlined, end-to-end, digital loan application experience, supported by rapid decision-making but it needed some help to make this happen. After reviewing numerous possible solutions, PSECU selected Temenos Infinity Loan Origination due largely to its ability to meet both present and future digital needs.
“As a predominantly branchless credit union, it is important that we provide a fast, safe and simple path from application to funding,” said Andrew Coy, PSECU’s AVP of lending. “The powerful decision engine and overall configurability of the Temenos solution has empowered our business unit to define and refine this process, creating a great loan application experience for our members.”
(See the Detailed Case Study on PSECU’s Loan Origination Success)
Security, Extensibility and More
PSECU also is benefiting from the enhanced application security that comes with having security features embedded in the development environment. Multifactor authentication and certificate pinning keep members and their money safe, enabling them to do more with the app once they’ve logged in.
Temenos’ mobile app technology has even helped PSECU develop a wider audience for its app, as the ability to develop for multiple platforms from a single code base has simplified its efforts to address the highly fragmented Android ecosystem.
And the effort is far from over, as PSECU continues to take full advantage of the capabilities Temenos puts in its hands.
”We’re looking forward to elevating our digital banking application and pushing the limits of what a digital-first, omnichannel experience can provide for our members.”Greg Smith, PSECU President