The world has changed drastically since the onset of the pandemic, pushing us into a new digital age where people seek online solutions for problems once handled in person. This shift has had a profound impact on how businesses operate, including credit unions. The days of relying on in-branch interactions are largely behind us, and credit unions must adapt if they hope to thrive in this rapidly evolving environment.
To remain competitive, credit unions need to provide members with digital banking solutions that not only simplify their lives but also deliver an engaging and satisfying member experience—without losing touch with the core values of the credit union movement. As we navigate through 2024 and beyond, having a robust digital banking strategy is essential for credit unions to stay relevant in the financial landscape.
The Must-Haves of Digital Banking in 2024
Credit unions aren’t just adapting to changing consumer behaviors; they’re also facing increasing competition from fintech companies encroaching on the digital banking space. Services like Venmo and PayPal attract younger generations with their social features, while Apple Pay and Google Pay set high standards for digital banking convenience.
In such an innovative and competitive market, credit unions must elevate their digital offerings to stay relevant. This starts with selecting the right technologies that can enhance both member experience and operational efficiency.
Here are some essential features that members expect from modern digital banking services:
Key Features Members Expect:
- Mobile and Online Banking: A seamless digital experience on any device.
- Digital Bill Pay: Simplifying payments for utilities, loans, and more.
Remote Deposits & Direct Deposits: Enabling deposits without visiting a branch. - Digital Lending Services & eSignatures: Streamlined loan processes from application to approval.
- Safety & Security: Ensuring member data is protected with strong security measures.
- Personal Member Service: Delivering personalized assistance, even in a digital environment.
- Peer-to-Peer (P2P) Payments: Offering quick and easy ways for members to transfer money to friends and family.
Digital Account Opening and Member Onboarding: A Critical Component
A particularly significant trend in digital banking post-pandemic has been the rise of digital account opening and member onboarding. Credit unions must attract new members while retaining their current ones, and offering a digital option for account opening is crucial in today’s competitive environment.
As competitors make it easier to join through digital channels, credit unions that don’t provide this option risk falling behind.
Though many credit unions already offer online banking, digital account opening is still gaining momentum. According to a recent survey, streamlining the digital account opening process is a top priority for 80% of financial institutions.
By choosing the right core system, credit unions can improve their digital onboarding processes, enhancing identity verification and eSignature capabilities to make digital account opening more secure and efficient. This will be critical for credit unions looking to grow and sustain their membership base in the years ahead.
Building Your Credit Union’s Digital Game Plan
If your credit union is developing its digital strategy for 2024, choosing the right core provider is the foundation for your digital ecosystem. A technology partner like FLEX can provide tailored software solutions that meet your credit union’s needs and offer integrated connections to the digital products and services your members rely on.
For a deeper dive into mapping the member journey, best practices for digital applications, security considerations, and marketing strategies, download the FLEX Digital Lending eBook.
Start building your digital future today!
