This morning we brought up the QA site for the XML bridge and it worked! It was amazing to see data updated from a secure web page to your SQL Sybase server both ways. This creates a myriad of new products, enhanced products, member management of products and services 7/24, with much cheaper and quicker development times and unbelievable possibilities.
Any member interaction through the web can now be made in a completely secure fashion without touching the banking system. No security breaches. With our MemberNote product (text message alerts whenever you use your plastic at a merchant or ATM) our enhancements that are completely member controlled are:
- Turning MemberNote on and off
- Not getting messages between certain times (then getting all stored messages after your latest time)
- Choosing a value minimum value for messaging i.e. don’t send any messages less than $10
- Adding the balance of the account as part of the message
- Etc.
The beauty of this is that the member controls all of these variables. They can play around with them making the product fit to what they want. Sort of like DIY (Do It Yourself) account alerts. The staff don’t manage any of this. We are calling this MemberNote 2 and have kept the choices simple in order to keep development times to a minimum. There are a ton ideas for MemberNote 3.
What’s next? By combining text message alerts, a secure internet banking site and the creation of DIY products it will probably be left to whatever you can imagine. What does this cost the members. Nothing, gratis, free. The benefit? Creating a niche with products and services in a highly competitive market. This establishes a stronger relationship.
So how can a $38M credit union with 1832 members do this? That’s something for another blog entry. A key point is this — with all the reasons for merging (see The Tiger or the Monkey?) there are just as many reasons for not merging. I always thought monkeys were smarter than tigers? And that is something for yet another blog entry.
Tinfoiling 
OK – here’s something that would save so many people grief: could it text-message anytime the account is overdrawn, giving the member the heads-up so they can get some more funds in their account before the cheque/pap is bounced?
You would be cherished and beloved, if you could!
Excellent idea Nancy. We could broadcast to the MemberNote users their daily balance IF it is overdrawn. Or when an account beomes an overdraft. Or set them up on an automatic transfer system that moves a block of money anytime they are overdrawn. MemberNote2 will give them the balance which would include an overdraft but should it also give them the option of send a savings account balance so they know they could transfer funds when needed? The key is to give them an option they are comfortable with and manage themselves. Which option would they prefer or are there others we haven’t thought of? There are two important points. Give members the DIY (do it yourself) accounts and services by creating the technologies for them to use. And keep the tech products free so people will use them.