Elevating digital banking: The power of bill pay in credit unions
How credit unions can reposition bill pay at the center of their digital experience
Bill pay is an essential feature for credit unions, but it is often not given the attention it deserves. Modernizing the user experience involves enhancing the visibility and accessibility of bill pay on digital platforms, diversifying bill pay features to meet the needs of modern banking consumers, and implementing advanced bill pay solutions. By doing so, credit unions can increase user satisfaction, streamline operations, and stay competitive in a rapidly evolving financial landscape. In this blog, we will discuss how credit unions can reposition bill pay at the center of their digital experience.
The importance of bill pay
Bill pay is a valuable service for members. It allows them to pay their bills on time and avoid late fees. Additionally, bill pay can help to increase customer satisfaction and retention. An Aite-Novarica survey of over 2,000 banking consumers revealed 87% of individuals feel that being able to meet most of one’s financial needs is very or extremely important, and 82% feel that having one’s best interest at heart is very or extremely important. In addition, digital payments have grown in usage and are now a primary driver of daily interactions and member engagement. In a study from Co-op Solutions in partnership with EY and Mastercard, 45% of respondents cited engagement as the top reason for maintaining a primary relationship with their financial services provider. This statistic is especially important considering that credit union members have on average 3x the number of financial relationships as non-credit union members.
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