Do 75% of Your Members Want to "Do it Themselves"?

By Preston Packer |

Feb

07

In the past, some credit unions avoided self-service options. Credit unions were built upon the idea of personal service -- providing the highest quality of customized care for their members. However, credit unions today will benefit from self-service offerings. While many members still value personalization in their banking experience, they often prefer self-service channels over face-to-face interactions. According to a survey by Zendesk, 75% of respondents identified self-service as a convenient way to address customer service issues, and 67% prefer self-service over communication with a customer service representative. Self-service channels won’t replace your credit unions valued MSRs, but they will allow for greater efficiencies for both staff and members. Here’s how your credit union can begin to incorporate self-service channels for improved operations and happier members.

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20% of Financial Institutions Are Missing Out On This Major Feature

By Preston Packer |

Dec

12

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.

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5 Savvy Spending Tips that Won't Break the Bank this Season

By Preston Packer |

Dec

05

The holiday season is in full swing and consumers are flooding the internet, local department stores and shopping malls in search of the perfect gifts for family and friends. While this is supposed to be the most wonderful time of the year, it can turn into the most stressful time quite quickly. Although people want to buy what their loved ones want, it’s not always within the budget. Holiday spending is expected to reach 1.1 trillion dollars in the United States this year and while the rest of the nation is busy spending their hard earned cash, your credit union might encourage members to be smart with their finances. Here are 5 tips that will help members stay on budget this season.

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Must-Have Features to Include in Your Credit Union's Website

By Preston Packer |

Nov

15

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:

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Millennials aren't Bullish on the Market, and That's Good for Credit Unions

By Preston Packer |

Aug

28

At the close of trading on August 22, 2018, the stock market made history by setting the record for the longest bull market ever recorded. The last low set by the S&P 500 index was on March 9, 2009, making this run 3,453 days of fairly steady growth, with the S&P 500 climbing by more than 320% over that period. A bull market refers to a market that is on the rise and is typified by a sustained increase in market share prices. During a bull market, investors have faith that this upward trend will continue, and will invest more. But not all investors are keen on stocks these days. Another report made the news last week that surprised some economists: Millennials actually prefer cash investments over the stock market, even in this long-standing bull market.

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10 Fast Facts about the Credit Union Industry

By Preston Packer |

Aug

14

Credit unions often carry a reputation for being too small or not providing the same range of services compared with bigger financial institutions. However, credit unions are a $1.4 trillion industry and they are aggressively competing with their counterparts in the banking industry by offering products and services members are demanding.1  Credit unions have made huge strides to become competitive with banks, and offer a wider variety of members services than one might expect. Here are 10 fast-facts about credit unions that may surprise you:

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The Amazon Effect on the Value of Mobile Banking

By Preston Packer |

Jun

28

The Amazon Effect is a term commonly and increasingly used to describe the effect that the entire digital marketplace has had on traditional forms of commerce. The Amazon Effect has also changed the buying habits and expectations of your members. The impact that Amazon has had on the retail sector is well documented, especially when discussing the changing landscape with a brick and mortar store.  Not only has the Amazon Effect introduced consumers to a near frictionless shopping process, it has changed the mindset of consumers to expect more immediate results, not just in retail, but across many other aspects of their lives. The financial industry has certainly felt the effects and members, especially Millennials, expect a similar experience with their credit union.

Just as retail consumers want a quality experience in front of their computers as when in a shopping mall, members want the Amazon experience from their mobile banking app. They want the same member services as if they were in a branch. Immediate answers, full range of services and assistance just a click away. The more a member can get accomplished on your mobile app, the more they experience the value of mobile banking and the more loyal to the credit union they become. 

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Thorny Core Providers | The Story of Integration

By Preston Packer |

Jun

27

Digital transformation is a fundamental shift in operations as well as a cultural change that requires credit unions to step outside of their comfort zone and innovate  in order to compete with other financial institutions. It requires being agile and adapting to shifts in member demands. Members are constantly influenced by big named companies such as Starbucks, Apple, and Amazon... companies who have never been afraid to embrace and be the first to market with new technologies, even at the risk of failure. Mobile banking has primed credit unions for digital transformation if they can overcome shortcomings in core relationships.
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Have You Mapped Out Your Member Journey?

By Preston Packer |

May

29

With Summer upon us, many families are busy mapping out their summer vacation plans. So get out your atlas and rulers, or make the trip to AAA for that all-important TripTik Travel Planner and guidebook, the only way to get turn by turn directions and a listing of hotels. WAIT - it's not 1988! Clearly, technology has advanced significantly, and the task of planning road trips has gone digital. The same can be said for mapping out your credit union's member journey. 

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5 Must Have Mobile Banking Video Tutorials for Credit Union Websites

By Preston Packer |

May

15

Studies have found that 90% of information transmitted to the brain is visual. Additionally, visuals are processed by the brain 60,000 times faster than text and videos improve learning retention by up to 400% over text-based manuals. Understanding exactly how to use your mobile banking app is critical for your members and their digital experience. While some tools might seem self-explanatory, many features are not so easy to grasp. And while at times, on-screen instructions are sufficient, they often aren’t enough, especially when the task involves multiple steps.

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