3 Technologies That Are Key To Your Credit Union’s Success

Have you ever stopped to think about how much technology you truly use in a day? The number of times you reach for your cell phone, rely on an app, and consult with the many computers that automate everyday processes in your life is probably pretty astounding.

When you really consider how your reliance on technology has grown, as a consumer yourself, it’s easy to understand the evolution of expectations your credit union’s customers’ have also experienced in recent years.

We live in an ever-connected world, and credit union executives are constantly facing difficult decisions when it comes to balancing member expectations with budgetary restrictions and the well-being of their financial institutions.

Credit unions are part of a staunchly competitive market, and banking technology is often seen as the make-or-break offering consumers consider when they’re shopping for a new financial institution. In order for your credit union to stand out above the crowd, you must ensure that your menu of banking technology is outdoing itself on a regular basis.

The following are three technologies that are key to your credit union’s success:

1. Banking & Social Media Capabilities

In 2016, Millennials make up a major part of your target market. This generation has now fully graduated from buzz phrase to very important market segment. As this digitally-inclined age of customers begins to work its way toward the main portion of the country’s payroll, credit unions need to learn how to engage and interact with this audience (and quickly.)

Millennials are a social species who were raised on social media outlets such as Facebook, Twitter, and LinkedIn. These well-connected consumers expect the companies with which they choose to do business to have an online presence that’s bold and engaging.

If you don’t understand social media, you’re missing out on an enormous market. QUEsocial is a banking technology that’s intended to take the guesswork out of online engagement, and put the power of online presence in the hands of credit unions who are ready to reach out to the world.

Filene has uncovered some very interesting information regarding the benefits credit unions may experience when they embrace social media.

2. Superior Online Member Experience

Online banking is an absolute essential in today’s world. You need to be able to offer your members the ability to check balances, pay bills, and transfer funds from the convenience of their homes, offices, or cell phones.

Online banking is not only convenient for your members, but it also helps to secure a loyal membership base. People who have established bill payments through their financial institutions are typically less likely to pick up and go elsewhere unless something significant drives them away.

While your credit union has likely been offering online banking for years, the challenge is to meet the evolving member expectations.  Your site needs to be optimized for usability and provide an experience similar to what is found at leading institutions.  Online account opening, budgeting, and purchase rewards are just a few of the features members now expect.

Behind the scenes your Core system is capturing the wealth to data from all the channels and presenting relevant offers to members when and where they need them.  Multi-factor authentication and layers of security are needed to ensure the safety of member data.

Digital Insight offers a number of online solutions that can enhance your banking technology offerings.

Click Here to Download White Paper “How Mergers Help Small CUs”

3. Optimal Mobility

Once again, this decision comes down to a Millennial-driven marketplace. According to The Financial Brand, around 93.9% of Millennials have a smart phone, and “52% said they would likely use their bank’s mobile wallet” if such a tool was offered by their traditional financial institutions.

Convenience isn’t the only element mobile wallet users are seeking; these customers want loyalty points, enhanced savings, and rewards for using the service.

Smaller credit unions often experience the most difficulty in terms of keeping up with state-of-the-art banking technology. Limited budgets typically do not afford smaller financial institutions the ability to purchase and maintain the type of banking technology necessary to remain competitive.

As technology becomes even more pronounced in our daily lives, it will become essential for small credit unions to collaborate with other CUs to pool resources and stay viable. Economies of scale can mean all the difference when it comes to attracting a membership base that grows year after year.