In 2015, just 7% of banking services were completed on digital platforms from start to finish. While the credit union industry has made great strides in the last few years, there is still a lack of digital options for members. This can be a huge deterrent for members especially when digital lending isn't offered. Some small credit unions might be under the impression that they won’t benefit from digital lending platforms due to the demographics of their membership or for budget constraint reasons. However, it has been proven to help many small CUs in crucial ways. Here are some questions small credit unions should keep in mind when considering digital lending platforms.

The Federal Reserve Bank of Boston conducted studies earlier this year that produced shocking results. After polling 565 financial institutions, it was revealed that 20% do not offer mobile banking. 14% of respondents also noted that they have no intention of offering mobile banking any time soon. In a world that’s so focused on mobile, it may come as a surprise that some banks and credit unions are so uninterested in offering mobile banking solutions. Here are 3 reason why digital banking is worth the investment.

Any business in the modern era needs a website. People turn to the internet to find the products and services they need and those who don’t have a website lose out on significant opportunities. However, just having a website isn’t enough. Outdated sites not supported on mobile devices, or those that load slowly will deter members, not to mention lower your credit union's rank in the all-important eyes of Google. Studies have shown that if a user’s attention isn’t captured within 7 seconds, they will leave the website. Thus, the first impression is critical. For credit unions, there are some specific considerations when building or redesigning a website and must-have features to include:

Many credit unions have the best of intentions to create and launch amazing marketing campaigns, but when things get busy throughout the year, marketing is oftentimes the first thing to fade into the background. Now that 2019 is almost here, it’s time to start planning for next year’s marketing initiatives. If your credit union finds that marketing gets pushed off to the side each year, it may be more effective to commit to a few key elements rather than creating an exhaustive plan that will be difficult to manage. Here are 3 key items that will give your credit union the most bang for its buck next year.

When a financial institution states they offer digital account opening, oftentimes that's not the reality. True digital account opening means that the entire process can be completed online, without a visit to the branch. Most credit unions are somewhere in between true digital and traditional in-branch applications, where the process can be started online but must be finished in-branch. With digital ruling as the preferred method of communication for many, providing a complete digital experience for account applications is important for credit unions both big and small. Here are four ways credit unions can get on board with digital account opening.

Big banks are known for their deep pockets, and credit unions for their quality member service. It’s difficult for large banks to provide the same level of care and attention as credit unions but what they lack in customer service is oftentimes made up through robust online banking and digital solutions. Conversely, credit unions are able to provide a phenomenal in-person member experience yet digital technology may prove to be less than helpful to members. It is the impression of some, that credit unions don’t need digital services because they can manage their business offline. Although it’s true that some credit unions get by with little to no digital banking components, small institutions can benefit most from implementing a digital approach. Here’s what your credit union is missing out on by overlooking digital banking solutions.