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Corner Office Articles

Corner Office - September / October 2017

by Alex Schitter | Sep 20, 2017
Information is changing at such a rapid pace, it is impossible to keep up with it all.
Kent L. Lugrand, President/CEO
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Changing Vision but Same Values

Information is changing at such a rapid pace, it is impossible to keep up with it all. It is not surprising that consumers are choosing to obtain information from traditional sources, social media outlets, and all kinds of media venues in between. We are being inundated with information, some useful, some trash, and some based on advocacy. As a result, the viewpoint of the information’s source is almost as important as the information itself, and the information’s value is a sliding scale choice between the readers’ desire to “know the ugly truth” versus finding something that validates their own opinions and biases. As a culture, we have truly evolved  “truth” to be a relative versus a concrete concept; meaning InTouch Credit Union has always focused on delivering values-based facts that benefit members and the membership above those that benefit the Credit Union. That has not, nor will not, change going forward; however, a change in delivery methods is coming.

Over the last several years, smartphones, tablets, and mobile delivery systems have drastically changed the way consumers conduct business. You do not have to be a special or prolific connoisseur of news to read about how Amazon, Uber, AirBNB, and shopping on-line have changed the dynamic of “delivering products to market” and redefined the meaning of service delivery. In fact, most traditional retailers (if honest) will acknowledge that many consumers will go into one of their stores to “try on” or examine their inventory before leaving without purchasing only to see if they can find what they want cheaper on-line. Let’s face it: we may or may not like how fast things are changing with so many retail companies changing their business models, closing stores, laying off employees, and filing for bankruptcy protection; but our behavior as consumers is what is driving the current environment.

Those behaviors are also changing the way consumers and members borrow, save, and invest their monies. Therefore, because we exist to serve you, we are changing our delivery systems as well. Over the next year, ITCU will be delivering more products, services, features, and benefits through digital channels. We plan to install Interactive Teller Machines (ITMs) in all branches to perform the most basic paying and receiving transactions, which will allow branch employees to individually focus on helping you achieve your financial dreams. We also plan to implement upgrades to our Online Banking and bill payment platforms, Mobile Banking, person-to-person banking, online applications, and other electronic delivery systems, as well as adding chat capabilities. The financial efficiency produced through these updated or new delivery systems will also allow ITCU to increase deposit rates, lower loan rates, and decrease, waive, or eliminate fees to members that will deliver on your communicated desire for ITCU. In our most recent membership survey, the majority of members indicated members wanted more-advanced electronic access options, better rates, and fewer fees; and since we work for you, we plan to do just that.