HSFCU Strategy and Fortitude Wins Future Branches Awards with Hyosung Tech
In 2019 Hawaii State Federal Credit Union (HSFCU) partnered with NextBranch and Hyosung to implement new products and services. With their successful efforts, HSFCU received the 2021 Future Branches Innovators Awards for Most Effective Branch Technology Implementation.
The Future Branches Innovators Awards
The Innovators Awards are a chance to nominate fellow finance leaders that have succeeded in implementing design, staffing, and technology. Participation in the awards not only gives you recognition for all the excellent work that has been done but also helps elevate one’s credibility and thought leadership in the financial services industry.
The 2021 winners for Most Effective Branch Technology Implementation were: Hiway Credit Union for Outstanding Branch Design, Teachers Federal Credit Union for Best Approach to Customer Financial Literacy & Education, and last but not least, Hawaii State Federal Credit Union. The Most Effective Branch Technology Implementation Award not only recognizes the Technology, but also recognizes the way it was implemented and adopted by employees and customers. The winners of each category were announced and showcased at the annual Future Branches Austin conference that took place in late December 2021.
Partnership with Hyosung
HSFCU opened its Salt Lake branch in Honolulu prior to the pandemic in August 2019. The Salt Lake branch was able to pilot new technology, help create a process to build opportunities in underserved areas and prepare the credit union for an unprecedented pandemic all with the help of their partnerships.
The branch was designed with teller-pods integrated with Hyosung’s core connected Interactive Teller Machine (ITM), which enabled employees to engage with members when they needed help and also educated members on new technology. Hyosung is the world’s leader in ATM/ITM technology. Because of their shared vision and Hyosung's complete branch transformation solution set, HSCFU chose to partner up with Hyosung.
Partnerships were critical in the project’s process and only six month’s time was budgeted to connect with Hyosung’s MX8800, which they were able to implement in the allotted time. Hyosung’s MX8800 was successful in surpassing the credit union’s expectations and provided its members with a simple way to access their account information.
Benefits and Improvements
The goals that HSFCU had prior to the project were to be able to shrink its ecological footprint, bring technology to its members, and continue to connect credit unions employees with its members; all of which were achieved with the Salt Lake branch.
Using ITM’s surprisingly had a positive adoption rate among traditionalists and baby boomers. Overall, 97% of surveyed respondents said they would use an ITM again. Having trained employees and members on ITM usage has most definitely had a positive effect and made ITM an approachable service. Over 200,000 transactions have been conducted on the ITM self-service and this number is expected to grow as members become more comfortable with the technology.
Due to the success rate of ITM usage, HSFCU plans to adopt its technology and expand micro-branches into existing retail store locations. These changes will still allow a high level of service to its members while also minimizing contact and helping with paperless efforts.
With the help of marketing, implementation of new technology, and properly training its employees and members, HSFCU’s hard work and success were able to win the Future Branches Innovation Awards. Congratulations!
Read the full case study here