Improving the digital experience on the front end gets a lot of attention, and rightly so. Members want a seamless digital experience, especially via mobile channels. But you must also provide a seamless digital experience for your back office, or the front-end experience will fall flat.
Often, large, well-marketed lenders sell their superior digital experience, but when moving from the front line to the back office, it can often be another story. Don’t make your digital experience smoke and mirrors; make sure it’s seamless from start to finish.
The most common place to start is in document processing. Members expect to be able to take a photo of their driver’s license or paystub with their phone and deliver it to you securely. If you invest in a tool that provides this service, it will not only improve your member experience. It also will speed up your processing and increase your loan production.
Marketing is another back-office area in which credit unions should look to increase their digital investment.
The days of batch emails to your entire member list are long over. Implementing a digital marketing strategy can significantly strengthen member relationships, capture more loan opportunities, and improve the borrowing experience. Using data science to send targeted emails, text alerts and other mobile messages delivers real value to members and will increase their likelihood of responding to your offer.
Customer data in your core banking and lending systems can be integrated into an advanced marketing automation platform, such as Origence’s CRM. This intelligence allows the marketing team to effectively leverage information your credit union already knows about members to automatically match them with meaningful marketing messages. This connects them with the right loan products and services for them.
Keep in mind back-office tech upgrades may require the use of APIs and cloud storage. Forget hardcoding—in three years this will be outdated. APIs and the cloud allow you to update and replace apps and other technology. Transitioning to those solutions will pay off well into the future, with a better experience for your members and employees.