Our country continues to face a difficult economic situation. The cost of living is up, supply chain delays persist, and wages are low. For credit unions, it just makes it that much more important to innovate their digital strategy to better serve their members. Below, we've outlined four key credit services that your credit union should be offering.
1. Easy Access to Credit Reports and Scores
It's important for members to keep a close eye on their credit scores and reports, as any negative changes in their balance can signal suspicious activity. In addition, it's wise for members to check their credit files on a monthly basis to ensure accuracy and report any wrong information to the credit bureaus to prevent it from lowering their credit score. Your credit union should provide a valuable, time-saving tool that allows members to review their scores and reports. Doing so will also help you steer members away from competitors, as many big banks promote similar services.
2. Complimentary Credit Monitoring and Notifications
Members can also significantly benefit from a free credit monitoring service that examines their credit in between monthly reviews and automatically sends real-time alerts. With rising unemployment rates and an increase in financial burdens, comes a spike in hacking and scamming incidents. This service allows members the opportunity to impede fraudulent activity and protect their credit--offering them peace of mind.
3. Interest Rate Surveillance
Financial experts agree that every person should have an emergency fund in case of unexpected expenses and economic issues that are happening today. However, many members may not know there could be savings within their mortgage or auto loan. Since current interest rates are at an all-time low, you should encourage members to recall the rates they have now. Incorporating a pre-qualified loan engine in your online banking platform will let members see which loans and credit cards they can save on, while also allowing you the chance to cross-sell your products and services.
4. Credit Training Opportunities
As a credit union, your goal is to help your members succeed financially, so teaching them about their credit and financial situation is a must. Doing so will not only deepen your relationship with your members but also enable them to make wise decisions down the road. In these crazy and confusing times, people are desperately searching for financial help. Your credit union can step up and be the expert and go-to resource for all your members' credit needs.
Empower Members with a Smarter Credit Score Solution
It's more important than ever for your credit union to help protect members' credit by providing easy access to scores and reports, free credit monitoring, interest rate monitoring, and educating members to understand their credit.
At FLEX, we've partnered with SavvyMoney to offer members comprehensive credit score analysis, full credit report, monitoring, and personalized offers, all within a single desktop or mobile dashboard. This integration also helps members understand their credit score, see the factors that impact it, and discover how they can increase it. The platform showcases pre-qualified loans so members always know what they qualify for and what the associated rates are. Are you ready to increase engagement, boost cross-selling, and better serve your members? Download our eGuide today!