Is it innovation if you do something that is commonplace in another industry but has never been done in your industry? I think it is the smartest form of innovation. Often times we always looking for something that no else is doing instead of looking at what others are doing and applying to our industry. Credit unions need to get better at this because consumers will accept things that they are already doing in other industries and at some point will begin to expect it from their financial institution.
Why did I start thinking about this? I visited the local BMV to renew my license plates. Two years ago I did it online and it was a complete mess. Last year I went to the BMV office and waited 45 minutes. Yesterday, I went to the BMV office and the line to just get a number to be served was 15 people long. Ouch, I knew I was in for an hour long ordeal. Lucky for me to my right a lady was using a self service kiosk to renew her plates. I waited 2 minutes for her to finish and decided to try it myself. Wow, was I impressed! 5 minutes later I am walking out with my new registration and I am done with the BMV for another year.
My point, why can't a mortgage application be that simple? Why can't credit unions offer this simple type of technology as backup or overflow? I was even able to pay for the registration with a credit/debit card or they would initiate an ACH from by checking account. Can't this be a way for us to open new accounts at grocery story branches during non-branch hours? I don't know of any credit unions using kiosks to the extent the Indiana BMV is using these.
Where does inspiration come from? In everyday life and applying to your industry.
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