COVID-19 has disrupted the old ways and accelerated the pace of digital transformation, as customers and members begin to actively adopt technology in their daily lives. People who prefer brick and mortar and would never have gone digital have to learn to adapt to the new normal in the wake of the COVID-19 pandemic where technology has become key for example safe entry scanning, online banking, virtual annual general meeting and so forth.

ONLINE FACILITIES

To better meet changing customer needs, credit co-operatives have been gradually investing in new technologies to keep in touch with members.

Internet Banking

While the office remains open albeit on a more limited basis especially during the circuit breaker period, credit co-operatives are still accessible by phone or internet. Credit co-operatives such as TCC Credit Co-operative (TCC), AUPE Credit Co-operative (AUPE) and Singapore Statutory Boards Employees' Co-operative Thrift and Loan Society (SSBEC) have an online portal for members. Login details will be required to access the services including online banking facilities.

Banking Apps

Some credit co-operatives like SSBEC and AUPE introduced mobile app for members. Apart from offering convenience, leveraging technology also allows credit co-operatives to offer a personalised and seamless customer experience with the analytics provided, thereby strengthening member engagement.

Online Payment

Online payment is another feature some co-operatives have tapped on. The Singapore Government Staff Credit Co-operative (SGS) allows members to make electronic payment through platforms such as PayNow and NETSPay, while POLWEL Co-operative has an eCommerce platform which allows members and public to make online purchases conveniently.

VIRTUAL ANNUAL GENERAL MEETING

Annual general meetings (AGMs) are critical events for co-operatives as they promote member engagement, governance, and transparency. 

Credit co-operatives traditionally hold AGMs face-to-face to build strong relationships with their members. However, this year, virtual AGMs became the new normal as credit co-operatives sought to minimise COVID-19 transmission risks. Prior to AGM, unique login details are sent to members who have registered for the event. Members who have sent their questions via email in advance of the meeting would have their questions addressed. Citiport Credit Co-operative, Singapore Teachers’ Co-operative Society, Police Credit Co-operative are some examples of credit co-operatives that implemented virtual AGMs in recent months. 

VIRTUAL ENGAGEMENT WITH MEMBERS

As we see the amount of time people spend online per day almost equivalent to the time that we spend sleeping, reaching out to members via online means is an important step to engaging them. Spending more time in the digital space has also become the new normal while we do our part to adhere to safe distancing measures.

By now, we are no stranger to virtual meetings. TCC held virtual sessions with its members on Zoom to stay close to them. Such initiatives allow for two-way communication between the members and the co-operative while keeping members abreast of happenings in the co-operative. The co-operative can also engage its members by understanding their needs and well-being, via real-time video call which adds a personal touch.

On top of existing eBanking and mobile banking facilities, SSBEC has also implemented a corporate Whatsapp number where its members can reach out to the co-operative, thereby providing members with greater convenience. Any enquiry, feedback or update can also be easily shared via the same channel, creating a more engaging environment.