With increased pressure from big banks, fintechs, and regulators, credit unions will need to keep their members—and the member experience—at the forefront of any decisions they make in the future.
“We’re here to build a better experience for the consumers we serve,” says Sundeep Kapur, an educator who works with organizations, including credit unions, on consumer engagement. He addressed CU Direct’s Drive ’17 Conference Tuesday in Las Vegas.
Seven areas Kapur says credit unions need to consider:
1. Transform your branches
When creating the branch of the future, don’t just add technology, redecorate, and rebuild the structure, Kapur says.
Instead, determine what your members want and why they’re coming into the branch, and then create a solution that meets their needs.
“Look at the transactional data,” Kapur says. “That’s key in determining where we’re headed.”
2. Redefine payments
Your members want cards and payment options that offer safety, convenience, and rewards, while the credit union wants to offer a card that is a branded solution that’s noticeable in all channels, has fraud management features, and allows the credit union to earn revenue through fees and interchange income.
“You still need to think in terms of ‘I have the best credit/debit card,’ and what you can do to build the infrastructure to support it,” Kapur says.
3. Integrate digital
Consider the digital services your credit union offers. Are your employees familiar with them, and do they know how to use the credit union’s online banking system or mobile app so they can answer members’ questions?
Make the credit union’s digital presence a part of the new member onboarding process, Kapur says, by showing members how to use online banking and your mobile app, enrolling them in bill pay, demonstrating how to use remote deposit capture, and using email and social media to stay in contact.
4. Protect member data
Review what your credit union is doing to protect member data. Authentication options are no longer merely questions, numbers, or signatures, Kapur says.
Consider biometrics—such as fingerprints, retinal scans, or facial recognition—as ways to authenticate members, protect their data, and build trust with members.
“Fraud is not what it used to be. It’s amazingly sophisticated,” Kapur says. “You have all of this technology that exists, why not use it properly?”
5. Create smarter employees
Give employees the knowledge they need to become smart financial counselors who can assist members with their needs, whether it’s saving for a house or opening a business. This not only includes information about your products and services, but also various financial information, such as how the stock market is performing.
“We’re smart employees who are providing financial information to our members,” Kapur says.
6. Embrace big data and the cognitive cloud
What do you know about your members?
Mine your member data and use it to personalize interactions employees have with members, or create messaging that will align with members’ financial needs.
7. Banking in your pocket
The mobile phone is the highest-performing and hardest-working branch, Kapur says.
He cites a survey that reveals 87% of people have access to the internet and can download a mobile app, but only 35% have downloaded apps.
What is your credit unions doing to create connected experiences and partnerships with members through the mobile app?