Credit unions’ digital future: More like YouTube, less like online banking

Digital banking is not the main element that drives consumers toward using a credit union. According to the Credit Union Innovation Playbook, a PYMNTS and PSCU collaboration, trust is the driving factor in that choice.

However, as Lumin Digital President Jeff Chambers told Karen Webster in a recent conversation, that doesn’t mean the digital banking experience isn’t critical to credit unions’ relationships with their members. Customers may come in for the trust, but without a reliably good omnichannel experience, they won’t stay.

As of 2019, three quarters of customer interactions with credit unions are digital — the remaining 25 percent is split between branch visits, ATM stops and call center calls. That result, Chambers noted, is just an average.

On a demographic level, Gen X and baby boomer customers still tap into physical channels. Millennials, Bridge Millennials and the rapidly up-and-coming Gen Z consumers mostly prefer digital banking as their go-to when they interact.

 

continue reading »

More News