The greatest differentiator for a credit union versus a bank is the connection, the personal touch, the fabled "credit union difference." A credit union is a local business, invested in the community and its people. In return, its members are invested in the credit union, too. They feel recognized when they come in, like Norm walking into Cheers. But, as people are trying to limit in-person contact, branch visits are down dramatically. And those members that do come in expect to receive service that aligns with their expectations of high-touch personalization. So, how can a credit union create that personal connection with or without actually being in person? By leveraging the right technology.
The world is becoming increasingly digital. People want to be able to do everything from their smartphones and that includes banking, applying for loans, and sending money. A digital service offering, like an app, is no longer a nice-to-have, it's a must-have. Failure to recognize and respond to this will have negative consequences for your credit union. Not only do you need to have a digital footprint today, but you need to have the ability to adapt it as demands and needs change in the future. Agility in your technology is critical.
Fortunately, modern core providers are prepared to support credit unions with core technology that enable both in-branch and online transactions in a highly-accessible and customizable way. Part of this technology shift has been enabled by the cloud. The cloud can reduce the need for legacy hardware that is challenging to update without significant investment. The cloud also levels the playing field by giving access to enterprise level services without the level of cost. It creates an agility that is unparalleled, making the addition of new features quick and relatively low cost. Whether a member is banking via the app, or standing in front of a member services representative, the cloud can seamlessly help your member access all of their information to serve up products and services that are just right, right then.
A Core with More
Credit unions will always rely on a core, but a core no longer has to just be your "core" functions. With open interfaces, you can incorporate most of your services into the core, allowing the information to flow through, creating a single picture instead of many single points of data, giving your credit union the opportunity to personalize service. Today's application interfaces can provide enhanced data analytics that can give your credit union the ability to connect members with products and services that are suited just for them which builds the lifelong relationship credit unions strive for.
If you don't have the opportunity to interact in person, then you need self-service solutions that make your members feel valued and recognized. According to a ZenDesk survey, 75% of respondents identified self-service as a convenient way to address customer service issues, and 67% prefer self-service over communications with a customer service representative. Self-service doesn't replace MSRs, but it does allow for more options and greater efficiencies for your team and your members. Your members want access to real-time account and card information. Built-in account and card management on the core can provide that.
Whether you're seeing your members in person or not, they need to experience personalized, modern service. Your core should enable and empower that.
Here's how one credit union benefited from utilizing the powerful core from FLEX.