Digital Member Experience Goes a Long Way Toward Trust

Bad mobile banking experience

Consumer trust in banking is at an all-time high – a mere 57%, according to an Edelman Study completed earlier in 2019. Local, cooperative, not-for-profit credit unions have a real chance to boost their marketshare growth even further by upping their digital game.

Banking is moving toward a consumer-centric relationship rather than a financial institution-centric transaction. Credit unions have always had a leg up in that regard, but we need to do some work in the digital arena. Last year, a Javelin report found that 49% of new banking accounts were opened by millennials – the highest of any demographic, which is great. But imagine this: 43% abandoned mobile banking activities because they took too long (36%) or could not remember their password (28%). That many more, younger members heading toward their prime earning and borrowing years gave up on mobile banking processes because they were subpar. The digital experience goes a long way toward trust in the digital world, and if you don’t have it, you don’t have it.

As banking is becoming more digital, it’s important to help drive member satisfaction and build trust in your bank or credit union, and a key piece of that is offering a robust and seamless member experience.

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Cultivating trust with consumers can be accelerated by creating experiences centered around them. Your products and services must be built around what matters most to your member in a way that shows you’re listening and responding to their feedback. Winning the long game is always the challenge; some of the work will be more difficult than other parts.

According to Forbes, consumers want frictionless experiences and higher levels of accessibility and transparency. Mobile and internet banking are the new norm for enabling these experiences, with IoT solutions and voice interaction growing at a rapid pace. But that’s just one piece in the overall puzzle. A Federal Reserve study showed that business members still have the highest satisfaction when dealing with the local branch, so the traditional branch still has legs in the digital world.

frictionless mobile smartphone bankingFrictionless, accessible and high-touch are swiftly becoming the new norm. While technology can enable this, it’s important to leverage these gains in your credit union’s internal operations. Extend the personal touch beyond the experience of the small screen, making your message about solving their pain points instead of selling them products. Blanket ads using yesterday’s tech aren’t going to cut it with today’s members, so personalization is critical.

Success in the digital arena will be gauged on the user experience. And I mean the entire experience: Not just how cool the new landing pages are or how sexy your mobile app is. The experience is every component of the member journey, from speed to accuracy to look and feel to fair lending compliance. How they feel when they sign up for an account - Was it easy? Did it feel safe? - to the advice they receive from the bank (JD Powers finds 78% of the members still value advice from their financial institution), how long they have to wait to get help in your branch, and how your products stack up against the competition.

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And while you’re improving your digital presence for your members, remember that acquisition and onboarding are key components. Components that can prove tricky for Credit Unions meeting their field of membership restrictions. Thankfully, CUCollaborate’s JoinCU product can make that process easy for your prospective members. JoinCU integrated into search solutions to help members find your institution so you can deliver your offers and messages. Once the member decides to move forward, we can help you target, validate and onboard members in the digital world and adhere to your credit union’s field of membership.

So, while you’re improving the member experience, check out how CUCollaborate can help you find the right prospective members online, deliver your message to them, help with onboarding, and drive growth in your credit union - all while providing an exceptional user experience.

CUCollaborate’s JoinCU when paired with our other FOM tools can give your credit union the edge to attract the right members and grow your membership. Contact us today!

July 08, 2019