Consumers are demanding faster, more convenient services, requiring every industry to adjust.
In a survey of financial organization leaders conducted by Microsoft and WBR Insights, 73% of respondents say 50% or more of their customers’ activities switched from in-person to digital services in 2020. That significant shift necessitates credit unions to modify how they do business.
In this episode of the CUNA News Podcast, sponsored by Coconut Software, UMass Five College Federal Credit Union Vice President of Marketing Craig Boivin and Coconut Software Vice President of Costumer Experience Leona Leong discuss how credit unions can adapt and continue providing high-quality member experiences.
With members wanting increased flexibility, Boivin and Leong believe credit unions that don’t adapt could lose market share and growth opportunities. As a result, credit unions must bridge the gap between digital and analog member experiences, offer member-led engagement options, and allow members to choose how to connect with their credit unions.
The goal is to make everything effortless for members however they prefer to be served.
In this episode:
2:07: Introduction to Craig Boivin, Leona Leong, and today’s topic
3:47: How the demand for convenient services is impacting credit unions
6:38: How credit unions are adapting
9:48: The process of adapting
11:27: Technology’s role
13:35: Overcoming barriers to change
18:41: Benefits of change
22:55: Recommendations for other credit unions
24:49: The risks of standing pat
28:12: The next six to 12 months
32:30: Final thoughts