Increased member engagement, competitive edge, and cost reduction are just some of the benefits that come with offering digital payment solutions for your members. Your credit union may not be experiencing these benefits to the fullest if you do not have the key components of a solid digital payment strategy. Keep reading to uncover the trends that can guide your credit union's digital payment strategy.
Why are Digital Payments Key for My Credit Union?
For years now, the financial sector has been going digital, but recently, the rate of adoption to digital payments has sky rocketed. According to Statista, the digital payment market growth was accelerated by COVID-19, prioritizing contactless and online payment methods.
In order for your credit union to take part in that digital payment growth, you need to focus on creating a scalable strategy that gives your members what they want. Discover the specific digital payment features that members want and seamlessly integrate them into your strategy.
Key Trends for Your Digital Payment Strategy
Seamless and Effortless Transactions
Gone are the days of trying to figure out what went wrong. When it comes to digital payments, your members expect that the digital payment will work seamlessly each and every time.
Ensuring a consistently smooth experience will not just build trust but also demonstrate the reliability of your credit union's digital payment options.
Transparent Security Measures
Any factors that could sow doubt in a member's mind regarding the security of their payment—like a subpar user experience, previous security breaches, or ambiguous communication—could raise concern. Ensuring the security of the digital payment platform and informing members about it is imperative. Whether you provide bill pay services, facilitate P2P payments, or integrate digital wallets, instilling confidence and security in your members during money transfers is paramount.
Personalized for Each Audience
Do all of your members look, think, and act the same? Most likely not. Different members have different financial needs, so it's important for your credit union to segment your audience to effectively meet those needs.
A great way to segment your market is by generation. Studies show that Gen Z and Millennials prioritize convenience and minimal fees while Gen X and Boomers need to be reassured of digital payment security.
Take Your Digital Payment Strategy to the Next Level
Maintaining a balance between simplicity, revenue generation, and efficiency is a continuous effort. FLEX provides numerous integrations to enhance your digital payment strategy and drive member and asset growth, offering solutions such as omni-channel, P2P, and digital wallet payments. Click the button below to download your free copy of FLEX's integration eGuide to learn more!
