Technology is becoming more and more a part of our lives. It impacts the way we conduct business, the way we entertain, how we communicate and the way we accomplish daily tasks including how we bank. As the world sees a dynamic growth in finance technology, credit unions are proactively responding to the trends in strategic ways to provide a better banking experience for their members. By investing in digitizing member products and services, many credit unions now provide a competitive and wide variety of accessibility and financial management options which leads to an increase in member satisfaction.
Here are 5 ways technology can positively impact the credit union banking relationship with its members:
- Enables Outstanding Member Experience
Many members prefer to work with a credit union because of the personalized service and outstanding experience. The more a credit union adopts and applies the latest technological products and services for its members in their business process, the more services are streamlined, and the more time becomes available to be spent with the members in the branch to address their needs. This, in turn, leads to happier members, better results and more productive work environments.
- Responsive Money Management
Online banking has drastically changed the way members manage their finances. Most credit union members do not just want instantaneous transactions; they expect it. Millennials, especially, are looking for the financial institutions they do business with to have digital services with little or no downtime and the tech-connected member expects digital support, available 24/7, in essence, accessible mobile banking on-the-go. Credit unions are embracing this movement with open arms, providing an increasing array of apps, transaction portals, and digital security options. For example, Suffolk Federal, one of the leading credit unions in Suffolk County, NY with assets in excess of $1 billion, 10 branch locations and more than 60,000 members, recently unveiled its newly redesigned online banking platform available both online and through a mobile app which allows their members to bank where they want, when they want, no matter where in the world they may be. “Our new system was specifically designed to provide an extraordinary user experience and to support the credit union’s mission which is strongly focused on member satisfaction,” explained said Ralph D. Spencer, Jr., Suffolk Federal President and CEO.
- Cybersecurity & Data Protection Options
Credit unions are finding new ways to tackle an influx of cybersecurity issues with the use of technology and are constantly exploring digital tools to help their members to proactively reduce fraud, protect and manage their security and provide a safer banking experience. For example, following several concerns from members over identity theft, Suffolk Federal began offering members CardLock and CardValet, which allow members to manage debit and credit card control, fraud mitigation and security. When used together with Suffolk Federal’s Digital Wallet, members receive an extra level of security and this leads to a level of comfort.
- Empowering Members with Better Products and Services
Technology which embraces state-of-the-art innovative tactics and unique solutions to deliver better products and tools for members is revolutionizing the financial industry positively impacting how members are serviced. And credit unions are proactively leading the way by investing in mobile and online innovation and digital improvements which will effectively enhance the banking experience for their members.
- Stronger Understanding of Member Needs
As mentioned earlier, members bank with a credit union because they appreciate a custom-tailored approach to their banking needs. Members appreciate when their bank understands their needs and provides tailored solutions that help them to achieve their financial goals. And, thanks to technology, credit unions now know more about members better than ever. This helps the credit union create personalized experiences and offer more effective tools (such as lending offers before a customer knows they need credit) that lead to strong customer retention.
As technology is more deeply integrated in our lives, how we manage our money will be affected. Technology as part of a relationship driven member service package offered by a credit union and, when effectively implemented, can help to ensure superior member service and loyalty take place on an ongoing basis.