Matt Wilcox of Fiserv recently shared insights with Credit Union Magazine readers on the mobile transformation of payments.
In this follow-up article, I will focus on how member education can help increase the adoption of digital banking and payments.
Digital financial services are far more convenient for the speed of life today. It makes sense for credit unions to promote adoption of these services because research has shown they drive member satisfaction and engagement.
In addition, recent Fiserv research finds those who use mobile banking, bill pay and person-to-person (P2P) payments are among a financial institutions’ most valuable.
Unfortunately, many members aren't even aware their credit unions offer these services.
Recent findings from Expectations & Experiences: Consumer Payments, the Fiserv consumer trends survey, highlight the importance of member education in driving increases in adoption and use of those compelling services.
The survey, conducted by Harris Poll among 3,048 U.S. adults with checking accounts, found several digital banking and payment services are underused because people don't know the products exist or don't know how they work.
For example, 45% of those surveyed don't know if their financial organizations' bill pay services allow receiving or viewing bills online.
And 24% of those not currently using person P2P payments say they don't use the service because they don't know how it works.
To overcome adoption barriers, consider three high-priority actions:
1. Simplify messaging
Control and convenience are key drivers of behavior, according to focus groups and other market research.
Members may not need to know every technical detail about a service, but they do need to know how a particular service will simplify their lives and put them in control of their finances.
Messaging also should address specific barriers to adoption and use. For example, security concerns are known to be obstacles to adoption of mobile banking, so messages should reinforce the service's relative high security.
2. Empower front-line staff to evangelize
One of the most important ways to affect awareness and proficiency is to give branch and call center employees the tools to market services.
Those teams should be trained to identify transactions that can be done through digital channels and be ready to talk about the benefits and offer training via demos.
Fiserv has a variety of tools, such as video demos and product sheets, you and your staff can use to discuss different solutions.
3. Surface the services
The most important action you can take to drive adoption is to “unhide” those important services.
That seems intuitive, but many digital banking platforms did not originally include complex features.
When online and mobile banking were launched, they were primarily used to check balances, with additional capabilities being added over time. As a result, it may take a click or two to reach newer features.
Audit your digital channels to understand what's visible and what isn't. If members don't know a service exists, examine your overall payments journey and ask if it reflects the easy, intuitive experience your members expect.
The common theme across these recommendations? Understand what matters to your members and deliver accordingly.
“Expectations & Experiences: Consumer Payments” makes clear that members want secure, reliable, convenient, and fast payment options.
The key is to meaningfully communicate how existing services can meet those expectations.