#United States #El Paso #digital banking #Alkami Technology #Raiz Credit Union

Raiz Federal Credit Union Revolutionizes Community Banking

In a noteworthy advancement for community banking, Raiz Federal Credit Union, based in El Paso, Texas, has adopted the Alkami Digital Sales and Service Platform. This strategic move aims to enhance the member experience and foster growth, leveraging the latest in digital technology.

Enhancing Member Experience

Serving over 79,000 members, Raiz has transformed its banking operations by integrating Alkami's comprehensive digital solutions. With this platform, the credit union has modernized its services, providing users with seamless access to banking through various channels, including online, branch locations, and call centers. Raiz's Vice President of Digital Experience, Amy Krasikov, emphasized the importance of maintaining their signature "Red Carpet" service while evolving their digital offerings. The goal is clear: to improve banking accessibility while retaining the warm, personal touch that defines Raiz.

Streamlined Operations

The implementation of Alkami's platform has led to significant reductions in account opening and funding times, a transformation that is particularly beneficial for customers and staff alike. Before the integration, opening accounts could take up to nine days online and 30-45 minutes in-branch. Now, these processes have been streamlined to just four minutes for online applications and under ten minutes for in-branch visits. Additionally, call center funding time has dropped from several days to approximately nine minutes. This efficiency allows staff to dedicate more time to meaningful customer interactions and financial advisement instead of routine transactions, thereby enhancing the overall banking experience.

Strengthened Fraud Prevention

Security in financial services has become paramount, and Raiz is no exception. By utilizing Alkami's robust fraud prevention capabilities, Raiz has successfully thwarted over 286,000 dollars in reported fraud within the first year of platform adoption. This proactive approach not only enhances the security of member transactions but also fosters trust within the community.

Increase in Digital Engagement

Furthermore, the digital engagement metrics tell a promising story; monthly digital logins have surged from 30% to an impressive 49%. This increase showcases the members’ growing reliance on and comfort with digital banking tools, highlighting the success of Raiz’s digitization efforts.

Future-Focused Strategies

As the banking landscape continues to evolve, Raiz Federal Credit Union demonstrates how community-oriented institutions can adopt innovative solutions without forfeiting personal relationships. Chief Product Officer at Alkami, Benjamin Conant, noted that Raiz serves as a model for other financial institutions, proving that technology can simplify banking processes while still maintaining the critical human connection that distinguishes community banking.

In conclusion, Raiz Federal Credit Union is not just keeping pace with technological advances; it is setting the standard for what modern banking can look like. The collaborative efforts with Alkami are carving a digital path forward that emphasizes accessibility, efficiency, and deeper member engagement. Raiz is ready for the future, ensuring that they can continue serving their community effectively and compassionately.

For those interested in learning more about how Raiz Federal Credit Union continues to evolve its member experience, the full case study is available for reading. This initiative marks a significant step toward Anticipatory Banking, ensuring members receive personalized service defined by their unique needs and preferences.

About Raiz Federal Credit Union

Raiz, formerly known as El Paso Area Teachers Federal Credit Union, has been dedicated to serving its community since 1936. With a strong membership and a commitment to offering quality financial services, Raiz aims to empower all members to achieve their financial goals. As a federally insured credit union by the NCUA, Raiz emphasizes care, community, and an unwavering dedication to its members’ success.