NEW YORK (10/21/10)--Credit unions are considerably more advanced than banks when technology investments in branch infrastructure are compared (FierceFinanceIT.com
Oct. 16). According to a recent study by Celent, New York, credit unions top banks because:
* 34% more credit unions than banks use teller cash dispensers, while 8% more use more teller cash recyclers; * 25% more employ automated account opening systems * 23% more have automated loan origination systems; * 23% more use image ATMs; and * 20% more use in-branch self-service technology.
The Celent report, Branch Banking in a Multichannel World: What Ever Happened to the “Branch of the Future?”
put banks ahead of credit unions only in the use of customer relationship management (CRM) systems. Overall, less than a third of financial institutions participating in the survey, or 28%, had operational CRM systems and 23% had analytic CRM. In addition, 29% of all financial institutions had automated, paperless systems for account opening. One in four financial institutions used teller cash recycling, while only one in five had automated loan origination systems.