As the banking and financial services industries at large continue to onboard the latest digital products, the pressure continues to build on credit union cooperatives everywhere to keep pace and deliver new mobile services in the effort to attract and retain members.
While digital banking had been moving toward the mainstream, particularly for younger generations of Americans, as it tends to happen consumers of all ages have joined the mobile movement. The statistics continue to back it up: According to Forbes Advisor, four in five banking customers prefer to manage their finances digitally rather than in-person.
Credit unions, on the other hand, have some ground to make up by comparison. Credit unions trail other financial institutions in this area. Just 6.3 percent of credit union members referred to online banking as a reason for member satisfaction. While that speaks highly of credit unions for all the other myriad of reasons to stay with your local cooperative, that also means credit unions’ efforts or capabilities to upgrade their digital banking assets is sorely lacking.
Digital products and services play such an important role in so many members’ banking experiences they claim they would switch financial institutions in order to attain them. In fact, according to a PYMTS article on customer satisfaction, around 35 percent of members said they would leave their credit union if they didn’t offer services like mobile check deposit, digital cards, P2P payments, digital wallets, and cardless cash withdrawals.
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