Four Critical Payment Plays for Credit Union CEOs During the Pandemic and Beyond
July 14, 2020
As consumers continue to engage remotely and aggregate their financial lives from a multitude of apps and institutions, there is a significant opportunity for credit unions to shift their strategic approach and win members through their daily exercise of making payments.
This is the premise of a new guide from Strategic Link partner, CO-OP Financial Services, which offers strategies for leveraging payments as a pathway to earning primary financial relationships with members.
“The Payments Playbook: A Credit Union CEO’s Guide to Winning the Payments Game” is available immediately for free download here.
“Payments already represent the vast majority of member interactions with the institution that holds their primary financial relationship,” said Todd Clark, President and CEO of CO-OP. “Think about the dozen times per day, year-round, that a member dips, taps, or clicks to pay, and how that everyday interaction can lead to more opportunities within your credit union — from lending to selling other products and services. CO-OP processes more than 8 billion transactions annually; that volume alone tells us that payments can be one of the credit union’s most powerful drivers of revenue and membership growth.”
Clark continues, “By focusing on achieving PFR status, credit unions can continue to maintain the trust and loyalty of their members, in this present COVID-19 environment and long into the future.”
The following is a brief look at four winning payment plays, each of which is explored in much greater depth in the playbook:
Deliver an Exceptional Payment Experience
- Leverage integration with technology partners to give members access to the ever-growing number of payment mechanisms.
- Commit to continuous improvement with a heavy focus on frequent updates to the payments experience.
Leverage Data to Understand and Predict Member Needs
- Utilize member intelligence to generate highly relevant, hyper-personalized experiences that go beyond member expectations.
- Turn payments transaction data into insights on the relevancy of other products the credit union already does or should offer.
Invest in Tools That Give Members Transparency and Control
- Provide cardholders with controls and alerts functionality, like turning a card on or off, setting spending limits or limiting transactions to a certain location.
- Equip your mobile banking app with features that make member moments simple and enjoyable.
Maximize the Member Experience When There’s a Problem
- Invest in enhancements to the contact center to ensure members receive friendly, reassuring, and empathetic communication alongside fast answers to their most pressing problems.
- Make strategic improvements to the disputes and chargebacks experience.