As daily life under COVID-19 continues to change, credit unions should prepare for long-term changes to member behavior. With members taking to new banking channels and adjusting their spending behaviors, credit unions can design products and experiences that support their members’ lifestyles now and after COVID-19.
Looking at member behavior leading up to and throughout COVID-19, here are four key areas every credit union should focus on:
1) Immediacy and Digitization
It is no surprise that digital payments have surged throughout COVID-19. A PYMNTS study found that online shopping during COVID-19 has increased 35 percent compared to last year.1 With that spike in usage, members will now have higher expectations around the digital experience. Namely, that it is fast and friction-free.
Zelle has reported double-digital increases in enrollment during COVID-19, as more consumers use the service to send money to family members and friends and reimburse them for canceled events.2 The ability to instantaneously send or receive money will become an expectation among the digital consumer and offering that capability will also help you build frequent touchpoints with your members.
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