Online banking boom for SafeAmerica after system switch
Being located in the heart of Silicon Valley means members of SafeAmerica Credit Union have high expectations for technology.
This motivated the $433 million-asset institution to switch from its dated online banking system to an artificial intelligence technology offered by Bankjoy, a mobile banking tech firm. Management found this new system to be nimble and dynamic after only one demo.
To be sure, there were potential risks. Members had to re-enroll in online services, and management was worried that some users wouldn’t take this step. To head off this problem, management was transparent with members and employees about what was happening.
Ultimately the new system led to SafeAmerica increasing its online enrollment by 42 percent in just eight months. Because of this success, the Credit Union Journal has selected SafeAmerica as one of the recipients of its Best Practice Awards this year in the category of boosting online engagement.