Over the last couple of years, the rapid changes in digital banking have put pressure on many credit unions to improve their digital platforms. Creating a successful digital banking platform involves ensuring you offer a frictionless Digital Member Service (DMS) experience. Today, members expect efficient, fast, and user-friendly member services.
People of all ages have become accustomed to banking online, and this trend is unlikely to change soon. Unfortunately, despite clear indicators, many credit unions are resisting enhancements to their digital platforms, and some are even decreasing investments in their digital member experience.
Four Strategies For Improving Your DMS Experience
1. Appoint a DMS Leader
Having a dedicated leader for your digital member service platform is essential. This leader should understand the needs, wants, and expectations of your members and work collaboratively with your team to deliver them.
They should have a vision for the DMS experience and the know-how to personalize and humanize it in line with the CU's vision and in-person experiences. Additionally, they should be keen on advancements in digital technologies within the banking space.
2. Personalize the Experience
To enhance your DMS platform and deliver a top-notch, tailored experience, your credit union can leverage...
- Data
- AI technology
- Push notifications
- Member feedback
This can increase member retention and loyalty, attract new members, and onboard them digitally. Wise use of analytics can spur long-term growth at your credit union.
3. Integrate Digital Channels Seamlessly
Fintech companies have transformed member expectations for digital member service experiences and online banking apps. Members no longer tolerate slow, fragmented experiences filled with friction. If your digital member platform involves too many channels between call centers, mobile apps, and third-party applications, you risk losing members to more seamless apps. Choosing the right technology to help your CU integrate various channels into one seamless DMS experience is critical.
4. Embrace Feedback and Evolve
Digital technology evolves rapidly, so staying up to date with the latest trends is crucial. While you don't have to adopt every technological advancement, your CU must have a strategic approach to upgrading technologies and integrating systems as advancements are made and feedback is collected.
Speed, functionality, and security are vital elements of your DMS platform and can be enhanced by choosing the right credit union core software technology.
The Future of Digital Member Services
With the right technologies and digital services, credit unions can continue to help their members financially without losing the personal touch that makes them special. Planning a DMS platform that is efficient, fast, and personalized will allow you to maintain the core tenets of your CU while satisfying member needs.
To establish a more unified digital member service experience, FLEX has joined forces with Glia. Together, we can help your credit union create a DMS experience that will truly set your CU apart. Download the FLEX and Glia eGuide to learn more.
