Here at PSECU, our member experience is built around digital banking which empowers our members to bank on their own terms - when and where they want – without needing to visit a physical location.
So, why is digital banking so important to us at PSECU? And what’s next? We cover all of this and more in our interview with Lindsay Oparowski, AVP of Digital Member Experience for the credit union.
First, we should define digital banking. We use that term to refer to online banking and banking through our mobile app. Digital banking has been a core part of how PSECU helps members achieve more since we launched PSECU at home in 1995 and mailed floppy disks to members to allow them to transact from home. Today we continue to evolve our digital banking experience with our focus remaining on self-service, so members have the peace of mind that their money is accessible to them whenever they need it, wherever they are.
Digital banking and helping members achieve more go hand in hand. As a digital-first credit union, we serve our members by giving them the tools and self-service opportunities they want and need to make their lives easier.
For example, over the last year we have been working hard to make it easier to transfer money in our digital applications. We understand our members have other financial institutions in their lives, and we want to make it easier to connect PSECU with those. So last year we introduced Plaid, which is a service that lets you connect a participating account at another bank instantly (other methods take 3-5 days) so that you can transfer money.
We are serious about our security. We have 24/7 account monitoring on all accounts, we use the best commercially available software, and we regularly let our members know about ways they can help secure their account. Our approach to security is to be proactive. We have many tools in place to protect our members today, and we are dedicated to having all the tools we’ll need tomorrow.
We’re constantly working to put additional layers of security in place. For instance, we recently launched two-way text alerts that we send to members if we notice a card charge that is unusual for their account. This gives members the instant ability to halt the transaction if it was not them without even having to log into the app or online banking. Please note that in these messages, we will never ask you to share personal or account information.
We get feedback in a variety of ways, such as app store reviews, direct feedback submissions through our mobile app, and member surveys. We read and reply to as many of these pieces of feedback as we can, and we listen for what our members want to see next.
An example of this is our new spending summary, which is live in online banking. This tool allows members to have increased awareness of how they’re spending their money. Members can use this feature to view their monthly expenses and withdrawals from their share, Visa® loan, or line of credit. This new feature includes a donut graph, showing top spending categories with the details of the transaction. Members have the ability to see their total spending from their shares or credit cards. This is for withdrawal transactions only and will not include deposits such as payroll, or ATM/mobile deposits. We had a tool like this in previous versions of digital banking, and we heard a lot of member feedback requesting it come back.
It's important to note that there are many steps between receiving feedback and implementing improvements. This means changes may not be instantaneous, but I can assure you that we’re constantly planning new ways to enhance digital banking based on member feedback.
Yes! We have a dedicated testing team. When making a change or introducing something new in digital banking, we make sure it will work on a variety of devices (i.e., smartphone, tablet, and laptop/desktop computers), taking into account that people use different browsers and have varying size screens.
In addition to the spending summary (mentioned above), we have several other new features. These include:
- Total account balance. We have reimagined the accounts dashboard so you can see the total of all your shares and all your loans at a glance. This is now live in online banking and the mobile app.
- Change certificate maturity option. This feature will give members the ability to change where the money in their certificate is going. Before the maturity date, members can choose if they want to automatically renew, send a check for the balance, or transfer the funds to a share on their account. This is now live in online banking and is coming soon to our mobile app.
- View secondary account number. If you need the account number for a specific share within your PSECU account, you can now easily access it in digital banking. Unique share numbers allow you to deposit money into these accounts directly or transfer money to or from that specific account.
- 24/7 live chat in mobile banking. Coming soon! Chat has been available in online banking for a while. Now available in our mobile app, chat gives members access to 24/7 service through the chat icon. Members can get quick answers at all times without having to wait and call in for service during our business hours.
- Card reorder. Coming soon! Members will be able to order a new Visa credit or debit card through digital banking if their existing card was lost, damaged, or stolen.
- Digital document delivery. Coming soon! We are going green by making communications that we have previously sent via the mail available in digital banking for easy access and retention with no wasted paper.
Of these, my favorite update is the total account balance feature. It will change the way the dashboard within digital banking is set up, making the information easier to consume. Seeing those total numbers is impactful and can help members make financial decisions quicker, like opening a certificate if they see that they have extra cash available.
We know there are many financial institutions our members can choose from, and we’re honored that they’ve chosen us. This drives our commitment to ensuring that members have what they need here at PSECU and our vision for making digital banking a one-stop shop to help members achieve more.
The content provided in this publication is for informational purposes only. Nothing stated is to be construed as financial or legal advice. Some products not offered by PSECU. PSECU does not endorse any third parties, including, but not limited to, referenced individuals, companies, organizations, products, blogs, or websites. PSECU does not warrant any advice provided by third parties. PSECU does not guarantee the accuracy or completeness of the information provided by third parties. PSECU recommends that you seek the advice of a qualified financial, tax, legal, or other professional if you have questions.