CO-OP is introducing ATMs that do almost everything a shared branch does – without the branch.
With so much discussion about emerging technologies, it’s easy to forget that credit unions already offer a technology that is established, widespread and universally accepted in everyday life: automated teller machines. What if credit unions could leverage the convenience of shared branching by linking it to ATMs? Members could get more done in a self-service format they love. Credit unions could offer automated services in their branches, extend their branch reach without the expense of brick and mortar, and share capabilities with other credit unions nationwide – all without the trouble of creating and introducing unfamiliar technology. That’s the idea behind CO-OP NextGen ATM: bringing the shared branch experience to the ATM. Starting at the end of first quarter 2012, CO-OP NextGen ATM will be available to CO-OP Network members as an upgrade to their existing service. CO-OP NextGen ATM is a software-only solution, designed to work with existing fleet hardware investments. How are CO-OP NextGen ATMs going to be different from the current standard? Shared branching transactions. In addition to the traditional ATM transactions, CO-OP NextGen ATMs will be able to accept loan payments and deposits, and allow transfers and access to all available member accounts. This is true even at other credit unions’ ATMs, provided that the credit unions involved are both CO-OP Shared Branching members. CO-OP NextGen ATMs also provide “cardless” access. Using their credit union name, account number and a card (with account name embedded) or driver’s license for authentication, members can perform transactions without their ATM cards, just as they would inside a branch. “We call this the next big thing in teller automation,” says Terry Pierce, Senior Product Manager, CO-OP. “Credit unions are looking for operational efficiency and for ways to cut costs. This is a new solution that doesn’t require kiosks and will work across vendors using existing machines.” CO-OP NextGen ATM will be tested this fall (at the ATM in the lobby of CO-OP’s Rancho Cucamonga, Calif., headquarters), and CO-OP envisions a fast future for this new technology. Barriers to entry are low and the speed of evolution in branch services is high. “By making greater use of automated technology, credit unions free up their branch tellers to cross sell and provide higher levels of member service,” says Pierce. “At the same time, consumers demand convenience, and they’re increasingly comfortable with self-service.” CO-OP NextGen ATM is available exclusively through CO-OP and has been developed as a partnership between CO-OP, FIS and Diebold. Its introduction marks the beginning of a new chapter in credit union networks, one that integrates the best elements of automated access; round-the-clock, go-everywhere convenience; credit union in-branch service; and the cooperative spirit that makes credit unions strong. To learn more about CO-OP NextGen ATMs, contact your CO-OP relationship manager.