At Money 20/20 USA in 2019, thousands of financial professionals gathered to discuss the future of money. CO-OP was onsite to help represent the credit union industry and measure our movement’s progress relative to the rest of the financial services industry.
Here were five takeaways for credit unions we gathered from Money 20/20:
1. 4 in 10 users will leave your mobile site with 3+ second load time
While there is no one channel, device or category-leader dominating financial services it has become clear that eliminating friction for the end-user must be a top priority.
A study presented by Facebook revealed that consumers are increasingly lowering their threshold for what they consider to be a slow or unsatisfying experience: 4 in 10 users will leave your mobile site if it takes longer than 3 seconds to load! Facebook estimates that nearly $213 billion in annual transaction volume is lost due to friction.
Takeaway: Understanding points of friction in your members’ experience (and addressing them) is critical to achieving long-term loyalty. That’s why journey mapping can help give you full transparency into how you’re performing, whether it’s onboarding a new member or resolving a fraud dispute.
continue reading »