How digital tools can amplify credit unions’ membership advantage

When it comes to building financial health, there are three fundamental concepts intrinsic to a customer’s journey: math, money and data. Whether a potential customer is fresh out of college or a first-time homebuyer, everything from the types of loans they are eligible for, the rates they can get, how much they are able to save and the class of home or vehicle they can afford hinges on mastery of these concepts. Unfortunately, the complex nature of the financial services industry overall can make it difficult for the consumer to do so.

While credit unions, specifically, have always been vested in the member first and foremost, the advent of digital tools makes it easier than ever before to deliver the kinds of positive member experiences that equip them to achieve financial health — regardless of where they are on their financial journey. With the right personalized tools and education, credit union members don’t have to be experts in math, money and data as they go through their financial journey, but rather feel empowered to achieve financial health.

Let’s break these down on a more granular level and how digital tools can transform math, money and data:

Math: When we think about math as it relates to a member’s banking experience, determining how much money they are bringing in and what they can afford to spend is a key consideration in understanding the full scope of their financial health. For example, most people don’t realize how much they’re spending on multimedia each month, making digital features like a recurring expense tracker that can help them track and understand recurring expenses extremely valuable — and, especially crucial — in a subscription-fueled era.

 

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