Tech Essentials for Credit Unions: Stay Competitive Now!
Banks are bigger than credit unions. Banks have 71,190 branches in the US while credit unions have 21,566 branches. The top 250 banks have an average asset size of $83 billion while credit unions are at $4.8 billion.
Think you can’t compete with big banks? Think again.
All these statistics might lead you to believe that you can’t offer the same products and services to your members. But with the right technology, you can provide a cutting-edge experience, competitive with big banks.
By understanding the crucial tech that people look for when choosing where to bank, you know exactly what your credit union should focus on in order to remain competitive.
According to industry experts, mobile banking is one of the top things that people look for in a financial institution. This is especially true for people with a net worth of over $1 million. The convenience and accessibility afforded by mobile banking services have become non-negotiable expectations for discerning members in today's fast-paced world.
Fraud Prevention & Detection
Security and fraud prevention features were also among the top priorities someone weighs when determining which institution to open an account with. 92% of people who responded to one survey said it was very important, which puts it tied with quality customer service and slightly ahead of the aforementioned mobile banking.
An Excellent Website
A good website for your credit union is about more than just search engine optimization (SEO). Having a solid website means excellent online access to accounts, which is very important to new members.
Likewise, a poorly designed website tends to make people less inclined to give you their sensitive information, which means they're not going to consider it an option when doing something important like opening an account.
Electronic signatures are critical for new members because they make certain tasks far easier and more secure, like opening a new account or applying for a mortgage. According to one recent study, the global digital signature market is anticipated to hit $14.1 billion in value by as soon as 2026.
Click here to view FLEX's eGuide on eSignatures.
Digital lending is certainly at the top of the list of features that people look for in a credit union among younger people in particular. According to another recent study, the digital lending market size will grow from $408.77 billion in 2023 to an enormous $716.23 billion by 2028.
View FLEX's eGuide on Digital Lending here.
Real-Time Payment Features
Finally, real-time payment functionality through services like Zelle and FedNow are important because they give members the flexibility they need to bank anytime, anywhere. People don't want to wait days to transfer money to a friend or family member--they want it to happen instantly. Solutions like Zelle help make that possible.
According to another recent study, the two largest brands in real-time payments processed nearly 100 billion transactions in 2022 alone.
FLEX has an eGuide on real-time payments, which you can click here to view.
FLEX Delivers Cutting-Edge Tech Solutions for Future Success!
At FLEX, we've always believed that a credit union's core technology is a big part of its long-term success. That's why we've recently written a comprehensive Integrations eGuide to shed light on not only why this is critical today, but the potential it can unlock tomorrow. To read your copy today, click the button below to get started.