How Credit Unions Can Hit the Ground Running With Digital Payments
In the 16 years since the iPhone was introduced, the world has changed immeasurably. Not only has nearly every facet of our lives become highly digitized, but it's also all hyper-connected as well.
Thanks to smartphones, tablets, and other types of mobile devices in particular, people are connected to the Internet--and to each other--essentially 24 hours a day, seven days a week. Because of that, they expect the experiences they have to be more convenient, streamlined, and personalized than ever--especially when it comes to where and how they handle their financial needs.
While this was initially a disruption to credit unions in particular, it truly is a major opportunity. One that can allow organizations to embrace digital services like digital payments. By doing so, credit unions can lay a strong foundation for future success and growth that will carry them beyond the next decade.
It's a Digital World, We're Just Living In It
All it takes is one look at the benefits that digital payments bring with them to see why this is such a crucial move for credit unions to make at this time.
For starters, digital payments have become the new norm. Not only do everyday members love them, but businesses do as well. It's an easier way to pay bills or manage their financial portfolios from any device connected to the Internet. Digital payments are also an option that offers a superior level of personalization--allowing each member to take control of their own experience, crafting something that meets their own needs and preferences, regardless of how unique they happen to be.
Digital payments in particular also offer better interaction between a credit union and its members. Members can leverage virtually any channel at any time--from email to SMS text messaging to social media. They don't have to stand in long lines at a branch to carry out their goals and they don't have to hope that there is a branch close enough to drive to at some point during their busy day.
Digital payments accomplish a great deal all at once for both credit unions and members alike, which is why this is one opportunity that is far too lucrative to pass up.
Building Upon a Rock-Solid Foundation of Digital Services
Think about the fast-paced modern world from the point of view of a prospective credit union member. They're not just looking for a place to safely store their money. They want to send funds. They want to receive funds. They want to split expenses with others in their lives. Digital payments (with Zelle integration being just one example) are how they want to do it and if you truly want to offer them the exceptional experience they won't be able to find anywhere else, your credit union needs to rise to meet that demand.
At FLEX, we believe that a healthy emphasis on robust digital services for credit unions isn't "the future" any longer--it's officially here and it's up to you to take full advantage of it. That's why we've recently authored a Digital Account Services eGuide that covers digital payments and more so that you can make sure that your organization is serving your members in all the precise ways that they want and need. To find out more, click the button below to read the eGuide today.