Although it may sound unbelievable, a recent study revealed a frightening prediction: up to 80% of financial institutions could disappear by the end of the decade. That is unless they can find a way to use technology to innovate their operations, bringing them more in line with the expectations of modern audiences. Note that this number includes not only big banks but credit unions as well. Nobody is immune to the ever-evolving digital world that we are now a part of.
Modernize Your Digital New Accounts Process: Go Digital TODAY!
Digital account openings, for example, can and often should be the first step of this innovation process. They are a perfect example of the potential that core business transformations can bring with them.
The Future of Onboarding is Already Here
Digital onboarding for credit unions has become extremely vital because it's the type of solution that younger members have overwhelmingly shown that they value. Keep in mind that Millennials and those who make up Generation Z are not only quickly becoming the largest segment of credit union members by volume, but they also possess the most wealth, too. When a segment of people with this much influence is telling you that something is meaningful to them, it is in your own best interest to listen.
Younger people don't want to wait a week or more when they need to open an account. They don't want to fill out reams of paperwork and wait for a call from someone who ultimately needs more information. They want to get the results that they need with a few quick clicks of their mouse or taps on their mobile. If your credit union can't provide that level of service, rest assured they will find someone who can.
Capturing basic member data. Verifying their identity accurately and securely. Creating a new account and enabling deposits in a matter of minutes. All of these things are very possible and are great for capturing the attention of a younger generation. You just have to embrace digital transformation in order to do it.
Embracing the Digital World for Credit Union Success
Overall, credit union members expect a few basic things from the organizations they choose to work with. First, they want a personal experience--not the cold and cynical one that they're used to from traditional financial institutions. Secondly, they want services that cater to their needs--that make their lives easier and more straightforward.
The credit unions and other financial institutions that don't understand this will likely fall by the wayside by 2030 as outlined above. Thankfully, the ones that do understand have a tremendous opportunity to leverage digital account services like these to their advantage. Not only will this help them remain competitive today, but it will also allow them to innovate and positively transform their operations over the course of the next decade.
At FLEX, we understand that member onboarding is one of the most essential components for any credit union's success. They say that you can only make one first impression, so you'd better make it a good one. For credit unions, creating an exceptional member onboarding experience is a big part of how they do precisely that. If you'd like to find out more information about what we're talking about, please download our Onboarding eGuide below!