In today’s self-service, digital-first world, consumers increasingly rely on financial tools that enable real-time access to account and loan information, credit score monitoring, and more.
This presents an opportunity for credit unions, as trusted financial advisors, to provide the right digital tools to members and educate them on how those tools can build financial health.
Let’s first look at the latest developments in three digital technologies that are facilitating consumer education and engagement: virtual banking assistants, push notifications, and credit score monitoring.
Today’s virtual banking assistants can successfully answer voiced questions such as, “can I spend $80 on dinner?” and the virtual banking assistant will reveal real-time budget and spending history.
They can also guide savings opportunities by providing proactive, actionable insights based on spending behavior, and increase member engagement through dynamic, personalized 24/7/365 financial advice.
In the case of an actionable alert, the member can reply to immediately move money into the account. Actionable alerts allow members to better manage their money on an ongoing basis, and the real-time nature of notifications can flag signs of fraud on their accounts.
By educating accountholders on the factors that most impact their credit scores, members have the knowledge they need to take the right actions to improve them.
Even the most robust suite of digital banking tools must be supported with marketing and education so members know what tools are available and how to use them.
Here are five ways to improve member’s financial health:
Credit union staff already help with some of life’s biggest moments, from first savings accounts to first homes. With today’s digital tools, your staff can even better counsel members on meeting their financial goals.
By understanding today’s evolving financial landscape, credit unions can optimize digital banking experiences to empower members to achieve their financial goals. Doing so requires the right tools, a team that knows how to use and explain them, and an optimized communications strategy that personalizes the experience.
That combination will set up members for financial success, and your credit union for loyal, long-term member relationships.
KELLY STREET is director of consumer marketing, digital channels, and MARIE ANDERSON is consumer adoption and engagement marketing strategist, digital solutions, for Fiserv.