As credit unions look to set their goals for 2023, some priorities remain at the top of to-do lists every year: Staying competitive in the ever-evolving payments landscape and providing the services and offerings your members want and expect from their trusted financial partner.
Today, consumers anticipate personalized experiences customized to their preferences, life stages, and more. They demand immediacy and the ability to engage when and where they want, while also demanding safety and security throughout the entire process.
How do credit unions achieve these perennial priorities? The good news: It may be more manageable than it seems. Credit unions have historically provided members with a high level of personal and customized service. Entering 2023, many credit unions are well-positioned to deliver exceptional services even more effectively by utilizing data that credit unions already have readily available.
That said, it is not just better data; it is smarter data. It should come as no surprise that the data most useful in crafting today’s best member experiences differs from before the pandemic and the great digital shift. Consumer banking behaviors have changed over the past few years, and these new habits and expectations are here to stay. By leveraging data insights into consumer behavior developments, credit unions can create and deliver connected experiences that offer value to members across their entire financial portfolios and strengthen the member-credit union relationship.
Connected experiences can help uncover cardholder preferences and individual engagement patterns, as well as the subsequent available channels necessary to reach accountholders where they prefer and are most likely to respond. Each member interaction can be improved by the best-known information about the member and their prior experiences with both the products and channels, consistently connecting relevant data to optimize each channel’s capabilities.
Not only can financial institutions meet consumers where they are, but they can also better protect members against fraud in an intelligent and efficient way.
Through connected experiences, there is an opportunity to drive growth for both the financial institution and the accountholder by considering all available data and identifying how to enhance the relationship as a whole. Creating these seamless, personalized experiences also helps build trust and encourage loyalty, which positions credit unions to compete effectively with big banks while maintaining the personal touch that distinguishes the credit union industry.
To stay ahead of the curve, credit unions should deliberately invest in data and connected experiences in 2023 to better serve and protect their members. Credit unions seeking to meet evolving consumer expectations and stay competitive should consider working closely with a fintech credit union service organization (CUSO) like PSCU that is committed to empowering partners to not only achieve these goals, but to do so in a secure and timely manner. Investing in data-driven personalized experiences now will help credit unions achieve long-term member satisfaction and a competitive advantage. With connected experiences at the forefront of their priorities, the future is bright for credit unions and their members.
JEREMIAH LOTZ is managing vice president of digital and data at PSCU. He directs PSCU's initiatives to empower the company's owner credit unions with innovative and engaging payment solutions. With a focus on creating exceptional digital experiences based on data-driven intelligence, Lotz leads an experienced team dedicated to delivering PSCU's data science, analytics, and digital experience solutions. He also manages the strategic relationships PSCU forges with leading payments technology providers to ensure Owners have access to world-class platforms and solutions that build profitability and loyalty.