Member-Centric Banking: Top Credit Union Services Revealed

Unlocking growth opportunities and increasing member loyalty lies in giving the people what they want. In this blog post, we dive into the top banking services that members wanted last year to guide your offerings for this coming year. 

By staying ahead of the curve and meeting the evolving expectations of consumers, you not only enhance member engagement but also positions your credit union as forward-thinking and responsive to industry trends.

 

 

Top Banking Services

Checking Account

Nearly 108 million Americans rely on the convenience and security of having a checking account. These essential banking services have seen a remarkable transformation in recent years, with a surge in high-yield accounts and a wave of slashed fees and enticing perks.

This unprecedented differentiation in checking accounts has made it even more important for your credit union's mobile banking app to stand out. 

When choosing a checking account, people take into consideration the...

  • Monthly or annual fees
  • Minimum Deposit Requirements
  • Overdraft protection

To gain a competitive advantage in the industry, it is crucial to understand your members' preferences and integrate those desired offers into your checking account. By doing so, you can ensure that your credit union's services stand out from the rest and meet the unique needs and expectations of your current and future members.

 

Digital Account Opening

According to recent research conducted by PWC, a significant percentage of consumers, around 20-25%, express a strong desire to open an account online. However, many of them are currently unable to do so with their current financial institution.

This growing demand for digital account opening stems from members valuing the convenience, speed, and flexibility it offers, allowing them to complete the process on their own terms and at their own convenience.

To capture potential members, make your digital account opening is...

  • Simple
  • Efficient
  • Trustworthy

Not only will this enhance member satisfaction and loyalty, but it will also attract potential members who value the convenience and speed of digital banking. By staying ahead of the curve and meeting the evolving expectations of consumers, your credit union can position itself as a leader in the industry.

 

Mobile Banking

With more than half of consumers favoring the convenience of mobile banking over traditional branch visits, it's clear that mobile banking has become an essential financial service since 2010.

The market is flooded with hundreds of mobile banking apps, which means that in order to stand out and keep your members engaged, you need to provide them with exactly what they are looking for.

Some of the most desired mobile banking features are...

  • Easy-to-understand transaction history
  • Convenient account management
  • Card management

In order to attract potential members, it is crucial to have a mobile banking app that exceeds member expectations. With mobile banking apps now being the standard expectation, it is important to go the extra mile and differentiate yourself from your competitors.

Continue reading: 5 Reasons Why Your Members Aren't Downloading Your Mobile Banking App

 

Contactless Payments

Contactless payment is a secure and convenient transaction method that allows individuals to make purchases by simply tapping their contactless-enabled cards or mobile devices on compatible payment terminals, eliminating the need for physical contact or inserting cards into machines.

Studies show that 87% of consumers prefer contactless payments. Reach more potential members by offering contactless-enabled cards or mobile wallet integration. 

To encourage members to embrace contactless payments, your credit union can introduce rewards programs or cashback incentives for transactions made using contactless methods. This not only enhances member engagement but also positions your credit union as forward-thinking and responsive to evolving payment trends.

Check out: Digital Payments May Be the Key to Pushing Credit Unions Forward

 

Unlock Opportunities with Must-Have Financial Services

The dynamic landscape of financial services demands that your credit union evolve to meet the changing needs and preferences of your members. The transformation of checking accounts, the increasing demand for digital account opening, the pivotal role of mobile banking, and the rise of contactless payments all underscore the imperative for credit unions to stay ahead of the curve.

By understanding and integrating the desired features into their offerings, your credit union can enhance member satisfaction and attract new members. Click the button below to download your free copy of our member services eGuide. 

FLEX Core Integrations eBook

 

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