Discover the Benefits of Being Digital-First
June 23, 2020
At the height of the pandemic, credit unions encouraged members to use their online banking services, and the push toward digital will only continue to grow. In the coming months, even more focus will be placed on elevating the online member experience to ensure needs are being met quickly and efficiently.
There’s an even better way to do digital banking, making it a personal, data-driven experience. Strategic Link partner, Narmi, provides credit unions with superior technology, namely in the areas of mobile banking, online banking, digital account opening, and banking application programming interfaces (APIs).
Credit unions are naturally nimble and forward-thinking, and Narmi can help them take innovation to the next level. On June 30, the Strategic Link partner will share how to prepare in a changing landscape during a webinar from 1 to 2 p.m. PDT (2 to 3 p.m. MDT). The informative webinar dive into how a renewed focus on digital is impacting credit unions today. Register now for this timely discussion.
Here’s a sneak peek at what will be covered:
Mobile-first drives loyalty and profitability.
Credit unions earn 50% higher loyalty scores from members that use mobile banking. Members who promote their credit union to others own more products from them, spend more on their primary credit cards, and are more receptive to newfinancial products. Most importantly, loyal members are less likely to defect to competitors.
Digital-first drives efficiency.
The loan application and account opening processes can be cumbersome. It requires credit union employees to verify a consumer’s identity (Know-Your-Customer) and can meanmultiple forms of identification. Thanks to innovation over the last five years, this historically lengthy process is being offloaded to companies that can authenticate the identity of the member in less than 5 seconds.
Being digital–first unlocks growth opportunities.
Credit unions are encouraged to consider promotionalopportunities, such as “Refer-A-Friend,” which helped drivedeposits for Philadelphia–based Freedom Credit Union. In the case of FCU, a user of the credit union’s mobile app sends a unique code to a friend, and then both parties receive $50 when the friend opens an account. Other successful tactics include financial and non-financial incentives, such as one-time payouts, fee reductions, gifts, or event invitations.