Now, a year later, it’s clear that the world of finance and banking has been pushed into new territory. Consumer behavior and member needs have drastically changed. People want digital services that can accommodate all their banking transactions quickly and efficiently. This leaves many CUs wondering what to do. How can they provide members with the digital services they demand while also maintaining the human relationships that form the heart of the credit union?
CUs should be proud of what they were able to do last year in the face of unforeseen adversity. Many credit unions had to make major changes and adapt in a matter of weeks or days. However, while most CUs were able to make the necessary changes to maintain their member base, now is not the time to be complacent. The digital world is changing and changing fast.
For credit unions to find a way forward into the digital future without losing their personal relationship with members, improving member experience is a key factor. Listed below are some of the most important ways CUs can enhance their member’s digital experience:
Another important element to consider is how your credit union makes use of data, analytics and AI technology to improve member’s experience. In the past, CUs could get by sending general messages or push notifications to members and handle more nuanced problems in-person. The future involves using rising technologies to send personalized messages and solve complicated problems. Choosing the right technologies to customize communication will be one of the keys to competing in this crowded and competitive financial climate.
Providing members with the products and services they need combined with the best service possible has always been the goal of credit unions. In the future, that goal must be accomplished digitally. One way to do so is by choosing the right credit union core software. A core processing solution like FLEX can lay the infrastructure of your digital banking platform, reduce the reliance for third-party vendors, and provide the solutions that fit your CU’s digital needs.
In 2020, credit unions showed their resilience and ability to adapt. Leveraging the right technologies and having the right attitude will be important in the years to come. Learn how a Long Island City, NY based credit union grew their loan portfolio through the adoption of digital lending strategies.