The landscape for credit unions and other financial institutions has certainly changed over the past 5 years. In fact, we took a survey back in 2016, asking credit unions their most preferred form of payment, with 68.2% responding that over the phone through a staff member as their number one choice. While this kind of personal service is appreciated by the client, that tends to be one of the costliest and least effective methods of taking payments, especially if you want to grow your business from a local to a national perspective.
Now, credit unions seem to agree that the preferred method is a convenient online portal. Not only do you put the power back in the member’s hand, but you also decrease the amount of work for your staff. Managing your payments from the comfort of home seems like the obvious choice in 2021 and the pandemic has radically shifted the perspective of most credit unions to adopt these technologies at a much faster rate.
But what’s the next step?
Many CUs want to know what comes next and how it will help them expand their member base. While some competitors have can offer a simple payment portal, BillingTree takes this technology a step further by offering mobile payments as well.
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