Please Wait a Moment
X

Blog

28Jul

COVID’s Impacts Illustrate the Value of MemberPass in our New Normal

COVID’s Impacts Illustrate the Value of MemberPass in our New Normal

By Rick Cranston

One of the most bizarre byproducts of the COVID-19 pandemic has been its effect on credit union branch protocol. As recently as this winter, the idea of a masked man walking up to a teller window would have been unheard of, if not downright illegal. Four months later, many credit unions have enacted policies requiring masks for entry.

This addresses one issue while creating another- how can a credit union confirm the identity of a member cashing a check or making a withdrawal? Even a photo ID is insufficient if you’re unable to compare it to the features of the person standing in front of you.

Until recently, identity verification headaches were centered on remote channels- particularly online and mobile. Few of us anticipated challenges validating even in-person interactions. Fortunately, when MemberPass began tackling this issue in 2017, it approached the situation from a member-centric rather than account-centric angle. As a result its blockchain-based self-sovereign identity solution can be applied across as many channels as desired.

Here’s another plus- Identity is a two-way street. Credit unions have an obligation to confirm identity before transacting with a member, but when a CU is the party doing the outreach, the member wants the peace of mind of knowing they’re actually dealing with their credit union as well. MemberPass can also address this pain point. A teller, call center rep or online routine can initiate an encrypted verification request to an enrolled member’s phone- including the masked man standing in front of them at the branch.  That tech is actually in use today at several credit unions. In the not-too-distant future members will be able to initiate these requests as well. 

With development shops as busy as ever- not to mention learning to navigate the added hurdles of managing systems from afar- MemberPass sought to create as easy an on-ramp to its services as possible. Naturally it’s already integrated with BIG’s FIVE voice banking offerings for Amazon Alexa and Google Home. MemberPass recently added Corelation/Keystone, Fiserv DNA and FIS Miser to its roster of integrations, joining Symitar through its PowerOn marketplace, and has ten CUs live or in various stages of implementation.

Credit union leaders need to understanding that this technology is coming to the banking space- quickly! In February 2020 Business Insider projected voice payments adoption to explode from 8% to 31% of adults by 2022- and this was before COVID-19 placed an added premium on digital solutions.

BIG is proud to have been a part of MemberPass from the beginning, dating back to 2015 when John Best and I first envisioned the CULedger initiative.  With “touchless” banking rising to the top of credit union priorities and new layers of complexity being added to the already urgent challenge of identity verification, this compelling initiative has become even more important for credit unions’ success. We encourage you to take a closer look at how MemberPass can enhance your member experience while also solving critical and time-consuming operational issues.  

About the Author

Related

Credit Union Member Growth

Credit union membership growth! How do you measure it? It seems like a simple question, just like “...

Read More >
Find Out Why Digital Banking Will Never Be the Same

Find Out Why Digital Banking Will Never Be the Same

One of the biggest financial stories to emerge from the pandemic has been the forward jolt to digita...

Read More >
Who Sets the Rules for the Gig Economy?

Who Sets the Rules for the Gig Economy?

The gig economy is driving one of the greatest labor market transformations in generations. Such shi...

Read More >
2020’s Biggest Fintech Stories, Part 2- Gigs, Newly Chartered Waters, Credit Skirmishes

2020’s Biggest Fintech Stories, Part 2- Gigs, Newly Chartered Waters, Credit Skirmishes

Last week we recapped five of the most important fintech stories of the past year (don’t worry; non...

Read More >
Extraordinary Performance is Defined by a Strategic Center of Gravity

Extraordinary Performance is Defined by a Strategic Center of Gravity

The time for credit unions is NOW! You can dominate markets and grow by over 13% a year! Yes, that’...

Read More >

About Us

Best Innovation Group, Inc is a technology innovation and development company catering to the financial industry. We invite you to join the hundreds of financial institutions that have already worked with our team of experts in designing technology solutions to fit their growing needs.

Contact Us

Toll Free: 877.244.4964
Office: 813.377.4963
Fax: 813.425.2390

Subscribe To Our Mailer