Is Your Credit Union Ready for a Channel-Less Future?

Over the past 14 months, everyone’s lives got at least a little more digital. The importance of undergoing a “digital transformation” has been recognized for years, even by credit unions that weren’t quite ready to tackle it. But closed doors and shelter-at-home mandates radically accelerated adoption and meant those who hadn’t gone digital yet had no choice but to dive in.

Once consumers tried digital banking, a recent survey from Forrester1 found two things:

  1. They planned to keep using digital banking — 59% of respondents said they’d keep using this tool, even when stay-at-home restrictions were lifted.
  2. They didn’t give digital solutions good ratings across the board — for instance, online customer support had a net satisfaction level of just 29%.

That first finding isn’t too surprising: Once someone has discovered 24/7, anywhere convenience, they’re likely to continue to use it, at least some of the time. But the second finding tells us something important: The demand for digital is sufficiently strong that consumers are willing to put up with less-than-great resources to get it.

This means credit unions have an opportunity — and an obligation — to improve the digital experience. And part of that improvement should include creating a seamless experience between digital and the rest of your channels.

The Pain of the Channel Switch

Anecdotal evidence suggests a lot of dissatisfaction with digital comes at a critical moment — when a member moves from one channel to the next. What bugs members most about those moments? Starting over again. Sharing their story (and/or personal information) multiple times — and still not being able to get their problem solved.

There can be a tendency to see each channel as a one-stop-shopping event: A member chooses to fill out an online application or uses the live chat or contacts the call center. The truth is that a member might need, and want, to use every one of those channels to manage a task.

The secret to learning what members need? Data. 

Credit unions have access to a lot of it, but data quantity isn’t what matters; it’s what you do with the data that makes a difference. Your ability to quickly and efficiently turn data into insights, insights into tests, and tests into features and products is what will speed up your ability to improve the experience for your members. Assess your current data collection and analysis protocols. Can you learn where members leave the digital process and whether they move to another channel or simply give up?

Trust is critical, regardless of the channel. 

A lot of companies haven’t done a great job managing data security and privacy. It can be challenging for credit unions to deliver member-preferred channels and services while staying compliant.

The solution? Build in safeguards for data integrity and compliance and make them visible to the member. If members are crossing from one channel to another, look for opportunities to seamlessly share data in a way that protects data security and reassures the member.

Ready to deliver a robust, channel-less experience? Strategic Link partner CUNA Mutual Group is here to help credit unions erase the lines between channels and make every member connection easier and more satisfying.

Learn more about CUNA Mutual Group online or contact the Strategic Link team for more information. 

Posted in Industry Insight, Strategic Link.