It’s easy to think of debit as basic. Everyone has it. Everyone uses it. Even as debit transaction growth has slowed a bit, growth is continuous. Yet, members aren’t swooning over debit. And chances are good, neither are you.
But it’s possible to think of debit in another way: as the nerve center of member activity and the central basis for a network of experience-enhancing products and services. Case in point: ELFCU in Indianapolis. ELFCU has over $1 billion in assets and no retail branches. For this credit union, maintaining member access across many channels isn’t a novelty: It’s a necessity.
“Checking accounts are the stickiest product we have, and engagement comes through debit and ATM transactions,” says Tim Greene, vice president of eCommerce at ELFCU. “At its core, access through debit is access to people’s money.”
Access may begin with debit, but it certainly doesn’t end there. Though ELFCU is an example of virtual relationship building, it faces many of the same challenges that all credit unions do. As transactions – and interactions – become increasingly remote, automated and electronic, meeting members’ needs and fulfilling their expectations requires a range of thoughtful products and services.
To that end, ELFCU wanted debit transactions to run flawlessly. But beyond that, they wanted a debit processor that could offer more – greater efficiencies, expanded member service options, everywhere access, state-of-the-art fraud protection, online and mobile enhancements and expert support. With signature and PIN debit processing at the center, ELFCU’s menu of CO-OP services is wide-ranging enough to meet evolving member needs. Services include:
- CO-OP Network ATMs
- CO-OP Shared Branching
- ATM Managed Services
- CO-OP Member Center
- My Deposit Mobile
- Terminal Driving
- Full-Service Credit Processing
These services provide ELFCU members with many points of access, including ATM and shared branch locations and 24/7 telephone support. They also represent an unseen advantage:
By using multiple business lines, ELFCU enjoys relationship pricing and operational efficiencies – which translate into better rates and lower fees for members. ELFCU is also one of CO-OP’s credit union shareholders, which makes them eligible for an annual patronage opportunity.
If debit isn’t the newest or flashiest component in your member experience, remember that it may be one of the hardest working. You can view it as basic, or as the basis for a world of access.