The Digital Revolution: Prepare for the millennials!
As a generation who has been raised online begins its financial journey, digital demands on financial services will begin exploding.
by: Nate Wentzlaff
The credit union industry is the middle of a digital revolution. As technological innovations continue, members will shift toward digital channels to interact with their credit union. Basic transactions continue to take place though online and mobile banking channels where members can take control of their financial needs. Depositing checks, transferring money, and paying bills can all be accomplished through this channel. Members no longer need to rely on the branch for basic transactions. The main drivers of digitization are the millennials who were born at the advent of the internet. Their lives have been surrounded by the interconnected digital world. Consequently, they will demand a digital credit union that meets all of their financial needs when (and where) they need them.
Online/Mobile Banking
Online and mobile banking has revolutionized how the world banks by opening endless opportunities for innovation. For example, the camera was imbedded into the smartphone to give customers the ability to take pictures. Now, the camera has turned into a self-service bank teller. Credit union members can reach into their pocket and complete transactions that previously needed a physical branch. For most millennials, going to the branch is seen as a chore. Branches are usually over-crowded at the time members can make it in. Waiting in line to deposit a $100 check is yesterday’s problem. Now, it is as simple as taking a picture and depositing the check through a mobile app. The online/mobile platform has arrived just in time to meet millennial membership demand.
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