As a credit union, one of the key competitive advantages you have over larger financial institutions is the quality of the member experience. Your members are not looking for services that feel cold, calculated, and impersonal. They want your credit union to truly know them, care about them, and comprehend their needs and wants when it comes to their essential financial aspect of life.
Your members also want their data and financial information protected. Security measures can oftentimes seem tedious and repetitive, contrasting the culture your credit union has created.
This presents a problem: how can your credit union offer a family-like member experience while also protecting their data? Both are equally important, which means your credit union has to walk a delicate line. Keep reading to find out how to do that.
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Features of Top-Notch Security
Fraud in the credit union industry continues to remain present. Ensuring top-notch security for your credit union is essential. The trust and confidence of your members rely on robust security measures that safeguard their sensitive financial information. Your credit union should implement a comprehensive suite of data security protocols, including:- End-to-end encryption for all transactions and communications
- Stringent access controls to limit unauthorized personnel
- Regular security audits to identify vulnerabilities
- Continuous staff training to enhance awareness
- Staying updated with the latest security trends
By embracing these vital strategies, your credit union protects its members against fraud. While members expect their financial information to be protected, stringent security measures sometimes seem at odds with the warm, family-like culture that your members appreciate.
Features of Good Member Experience
Your credit union understands that cultivating a good member experience is everything. It's not just about transactions; it's about building lasting relationships that reflect your commitment to financial well-being. A superior member experience not only sets you apart but also establishes a strong foundation for growth and loyalty. Key features of a good member experience include:
- Personalized engagement
- Transparent communication
- Effortless accessibility
- Timely problem-solving
- Intuitive user experience
By embracing these key features, your credit union can create a member experience that goes beyond transactions, forging strong bonds and fostering financial empowerment. However, a security breach can completely undermine a positive member experience. Prioritizing both a positive member experience and high-level security measures is crucial, but achieving the balance can be challenging.
How to Strike a Perfect Balance
Effortless, Secure Sign-On
The best way to balance the member experience and security is to make them two parts of the same whole. Security shouldn't be an afterthought--it must be baked into the very DNA of the member experience you're trying to create.
Case in point: supporting single sign-on capability. Rather than forcing members to keep track of many different usernames and passwords, members can easily connect websites, mobile apps, and more together via just one identity through a single secure method. It's a significant step to take to improve security AND to make things easier and more convenient for them at the same time.
Transparency & Communication
It's no secret that credit unions are storing sensitive financial data obtained from members. People want to trust that you're taking steps to safeguard their data. Showcase your security measures by being transparent and communicating with your members.
Stay up to date on all the current regulations governing the collection and storage of member data. Inform people about how it is being used and provide them with the opportunity to opt-out. Stay current with things like age verification and site access. This helps create a member experience they can be confident in.
Commitment to Member Support
Finally, understand that the unique (and personal) member experience is the number one reason people selected your credit union in the first place. If you must implement security measures that could harm that experience, the burden is not on your members to "learn to live with it."
The burden is on you to find a way to meet or exceed their expectations in spite of it. When a member assumes they are going to have to deal with a problem, show great member support and surprise them by how much you are willing and eager to help with lengthy or confusing security measures that are always evolving.
This reinforces the idea of always considering the member journey and how it may transform over time. It is inevitable that your credit union's website, API, and security measures will change, but as long as your credit union is there to provide support, your members will be satisfied with the transition.
FLEX and Alloy: Elevating Security Without Sacrificing the Credit Union Experience
In the end, the "we're a family" culture of credit unions is absolutely one of the most powerful tools they have in the industry--but it's pivotal to remember that family members look after one another, too. Security measures don't have to make your credit union feel cold and cynical with the right approach to implementation. The team at FLEX has recently partnered with Alloy to help organizations of all sizes balance security and their member experience at the same time. Contact FLEX today to learn how you can start improving security and member experience.
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