Members expect a seamless digital banking experience
You either offer digital banking or you don’t. At least that’s how your members see it. They want a seamless experience – from opening their accounts to making transactions, managing their money, even applying for a loan. And they want the ability to quickly and simply interact with their credit union, using any device, anywhere.
From the credit union perspective, with its focus on service and relationships, these are reasonable expectations for members to have. But the actual execution can bring its own issues. For many credit unions, every additional service means an additional product they must bring to their digital solution. This introduces the potential for data fragmentation, increased costs, security risks and a member experience that is less than ideal. But with continued adoption of digital banking, getting it right is worth it to credit unions.
According to a 2021 McKinsey report, 85% of Americans used digital payments in 2021, up from 78% in 2020. And although banks and other payment service providers may have been first to the table, there’s an opportunity for credit unions to address a pain point that banks haven’t – digital lending.
Give members what they want
The trademark of credit unions has always been their relationship with members and making decisions according to the community they serve and not some inflexible collection of rules. That’s where the ability to offer digital lending can become a key strategic advantage.