New Technology Implemented to Better Serve Members
Technology is a significant part of many industries, and financial services are no exception. Over the course of their nearly 55 years in business, member-owned financial cooperative Marshfield Medical Center Credit Union (MMCCU) has witnessed the evolution of technology in financial services.
President Carol Adler recalls the advent of typewriters as an early significant step for MMCCU.
“At almost 55 years in business, a lot has changed. And, truthfully an automatic typewriter was an major improvement in the day,” she said. “Also, calculators, copy machines, fax machines, as well as numerous improvements in data processing and telecom.”
Significant milestones for MMCCU technology included transitioning to a data center for transaction processing in the early 1980s and adding PC’s in the mid-1980s, which culminated in networks and a massive improvement in productivity.
MMCCU’s remodel earlier this year has introduced a new era of technology to benefit members and the business.
“We installed teller cash recyclers (TCRs) allowing more efficient and accurate cash management, new & improved drive up kiosks with two-way video, and the newest technology for security and telecom – to name some of the newest technology,” said Adler. “We are always researching and exploring additional options.”
The remodel also allows for faster processing times in the lobby and in the drive up.
“Everyone likes things faster but it also improves accuracy,” said Adler, adding that goals of the renovation were to update the building, make significant improvements and complete maintenance items needed – all while creating a new modern feel and comfortable atmosphere for members.
“We are striving to serve the members’ needs by introducing suitable technology for Marshfield – this isn’t a major metropolis and things happen slower here. But we do envision artificial intelligence coming into play in several channels/platforms very soon,” said Adler.
“Our credit union aims to take a responsible approach to growing technology,” added David Murphy, Vice President of Finance & Risk. “As a smaller credit union, we want to make sure every dollar we invest in a new area, such as technology, goes to good use and isn’t wasted. We may not explore or add every new technology available to us if we don’t think it’ll provide a good value to our members.”
Murphy added that while technology helps MMCCU in how they reach and serve members and their financial needs, the reasons why they serve their members continues to stay the same.
“Technology is ever-changing, but whether it was tracking members account balances on paper back in the old days to allowing real-time access to accounts, balances, and transactions through tablets, laptops, and cell phones, or even through a nationwide network like CO-OP Shared Branching, we always have and will continue to put our members’ needs first,” he said.
Author: News Desk
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