Credit unions excel at member service, and yet some research indicates they’re losing ground to community banks in terms of consumer satisfaction, says Channie Price, senior sales engineer at CO-OP Financial Services, a CUNA associate business member at the elite level.
She led an industry trends breakout session Tuesday at the America’s Credit Union Conference at the Walt Disney World® Resort in Florida.
With disruption affecting credit unions from every direction, it’s more important than ever to have accurate, comprehensive data to ensure positive member experiences, Price says.
“To deliver on member expectations, credit unions need to position themselves at the center of an extended ecosystem that caters to a range of customer-needs beyond transactions and savings products,” she says. “Payments are the gateway to this opportunity, and the future of payments calls for digital transformation.”
Success in this new era requires a better understanding of today’s cultural, marketplace, and technological landscape, and an understanding of the “ecosystem approach” to meeting members’ service expectations, Price says.
Plus, technology partnerships are crucial, particularly in the payments arena. As a credit union service organization, CO-OP Financial Services is uniquely positioned to drive credit unions’ success, she says.
“Your success is our success,” Price says. “It’s a partnership.”
CO-OP Financial was one of three CUNA associate business members who held industry trends breakout sessions this week.