By Kevin Forrester | June 19, 2018
Community financial institutions face immense competitive pressure on many fronts; the nation’s mega-banks, the fast pace of changing technology, and new Fintech disruptors, to name a few. In efforts to sustain relevancy, innovation leaders like Nutmeg State Financial Credit Union, are re-thinking their conventional go-to-market and engagement strategies.
Credit union leaders striving to sustain their own relevance can look to Nutmeg’s model for innovation and change. Three tenets of Nutmeg’s model for success are vision, strategy, and execution.
The leadership team at Nutmeg State envisioned a unique public/private sector service and engagement model that provided a welcomed solution to a community problem – extreme wait times at the Department of Motor Vehicles offices. This solution afforded them the opportunity to serve the citizens of Connecticut and their members with a better experience.
Nutmeg State Financial Credit Union’s innovation strategy was keenly focused on solving a significant community problem with DMV wait times, and, creating a tellerless branch. Nutmeg orchestrated its own internal resources and assembled best-in-class software developers, hardware manufacturers, and integrators to create a platform and make their vision a reality.
Successful execution of innovative initiatives, like Nutmeg’s, are measured by results. Upon opening day and in the first weeks since, the volume of customers and members served in the DMV Express and in Nutmeg’s tellerless branch has aligned with expected annual objectives, projecting great success.
Source Technologies is privileged to be the kiosk hardware partner chosen by Nutmeg to make their vision a reality.
Nutmeg State Financial Credit Union (NSFCU) is a member owned, not-for-profit, financial cooperative. As such, Nutmeg practices the philosophy of returning profits to members (where profits belong). These profits come in the form of excellent rates, programs and services. Founded in 1936, NSFCU has grown to be one of the largest credit unions in the country. Growth has been steady, but NSFCU has never deviated from its original premise: to offer the finest rates and services while maintaining financial stability. Those principles have served Nutmeg well over the years.
From paper check to Fintech, over thirty years, Source Technologies has been enabling banks and credit unions to provide a worthy branch-experience through convenience-oriented solutions. We collaborate with innovators to bring break-through solutions to financial institutions that innovate to solve problems, provide a better experience, and sustain on-going relevance.
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