What are you doing to strengthen your credit union's core? When looking at core systems for your credit union, or performing a core system review, there is one very important part of the equation that is often times not given the priority it deserves: Member experience.
The heart of every decision that your credit union makes about your core processing system must be the member experience. The Credit Union Times recently wrote an article “6 Tips to Manage the Member Experience.” Here are two important tips on how changes in member expectations can be managed effectively with a quality core solution.
- No term limits: Today’s members are reducing their number of visits to physical branches in favor of mobile options, remote deposits, internet choices and call center interactions. The driving forces are speed and efficiency. To remain relevant and competitive, credit unions must offer a complete set of interaction channels that deliver 24/7 access to accounts and core transactions. While the branch is and will remain a key element of a holistic customer engagement strategy, alternative channels are rapidly rising in importance.
Mobile banking is no longer an option, it's a necessity to remain competitive. A 2014 survey found that 51% of smartphone users in the US have used mobile banking within the past 12 months. Member experience must equate to member convenience. Additionally, providing an app that integrates remote deposit capture, bill pay and other technologies will reduce friction points and drive adoption.
- Let’s make a (good) deal: Members remain highly sensitive to the traditional competitive elements that are inherent in financial relationships. Rates for loans, deposit accounts and credit cards still matter. In addition to price, breadth of offerings and perceived stability are core considerations. While a personal relationship with a credit union manager helps defray some of the price sensitivity, credit unions need to remain aware of and competitive with the marketplace for its core offerings.
Innovative ideas like mobile lending, remote controls for cards, location services, and remote deposits (all of which can be made available through your credit union core system) give the member control and allow for a depth of service offerings that the market demands.
Critical Core Exercise: Using Innovation to Drive Membership
Your core enables you to offer solutions that work for your members. Take for example the Quick Loan program that MariSol Credit Union in Arizona launched in 2007 as a way for its members to avoid the high interest rates of payday loans. This is a unique lending program that is enabled using the FLEX credit union core technology lending platform. Read the full story HERE.
FLEX is the industry’s most advanced credit union core processing system. Innovation in credit union core technology has led credit unions of all sizes to experience the FLEX difference. Learn more about FLEX and how it can truly strengthen your core.