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28Jul

COVID’s Impacts Illustrate the Value of MemberPass in our New Normal

COVID’s Impacts Illustrate the Value of MemberPass in our New Normal

By Rick Cranston

One of the most bizarre byproducts of the COVID-19 pandemic has been its effect on credit union branch protocol. As recently as this winter, the idea of a masked man walking up to a teller window would have been unheard of, if not downright illegal. Four months later, many credit unions have enacted policies requiring masks for entry.

This addresses one issue while creating another- how can a credit union confirm the identity of a member cashing a check or making a withdrawal? Even a photo ID is insufficient if you’re unable to compare it to the features of the person standing in front of you.

Until recently, identity verification headaches were centered on remote channels- particularly online and mobile. Few of us anticipated challenges validating even in-person interactions. Fortunately, when MemberPass began tackling this issue in 2017, it approached the situation from a member-centric rather than account-centric angle. As a result its blockchain-based self-sovereign identity solution can be applied across as many channels as desired.

Here’s another plus- Identity is a two-way street. Credit unions have an obligation to confirm identity before transacting with a member, but when a CU is the party doing the outreach, the member wants the peace of mind of knowing they’re actually dealing with their credit union as well. MemberPass can also address this pain point. A teller, call center rep or online routine can initiate an encrypted verification request to an enrolled member’s phone- including the masked man standing in front of them at the branch.  That tech is actually in use today at several credit unions. In the not-too-distant future members will be able to initiate these requests as well. 

With development shops as busy as ever- not to mention learning to navigate the added hurdles of managing systems from afar- MemberPass sought to create as easy an on-ramp to its services as possible. Naturally it’s already integrated with BIG’s FIVE voice banking offerings for Amazon Alexa and Google Home. MemberPass recently added Corelation/Keystone, Fiserv DNA and FIS Miser to its roster of integrations, joining Symitar through its PowerOn marketplace, and has ten CUs live or in various stages of implementation.

Credit union leaders need to understanding that this technology is coming to the banking space- quickly! In February 2020 Business Insider projected voice payments adoption to explode from 8% to 31% of adults by 2022- and this was before COVID-19 placed an added premium on digital solutions.

BIG is proud to have been a part of MemberPass from the beginning, dating back to 2015 when John Best and I first envisioned the CULedger initiative.  With “touchless” banking rising to the top of credit union priorities and new layers of complexity being added to the already urgent challenge of identity verification, this compelling initiative has become even more important for credit unions’ success. We encourage you to take a closer look at how MemberPass can enhance your member experience while also solving critical and time-consuming operational issues.  

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