Consumers today have the power to book a room across the country, hail a ride to anywhere they want to go, or order nearly any product or service to be delivered to their doorstep – and all of this can be accomplished with just a couple of taps on a smartphone or tablet. In this digitally optimized environment, there’s no longer any room for credit unions to serve up suboptimal user experience via the digital channels offered to members.
That’s because now, and most certainly into the future, digital is the branch. A superior member experience means a superior digital experience – there’s no getting around it. In fact, an online survey facilitated by The Harris Poll on behalf of D3 Banking Technology found that 32 percent of those who have used digital banking in the past 12 months would be willing to leave their current banking relationship for one with an easier digital experience. When credit unions leverage legacy, siloed technology – which many still do – they often can’t provide the features, functionality and user interface that members today expect.
To remain competitive, credit unions in this situation must reevaluate and revamp their digital strategy as more than a simple replacement of online and mobile banking products. An enhanced digital strategy must serve as the foundation for a digital transformation, which sounds like a daunting undertaking to most. So, where does a credit union even begin? A good first step is finding a digital banking partner that can help the credit union transform the member experience through technology. However, not all digital banking providers are created equal.
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