Credit unions recognize the appeal of digital banking. They also know their members want to feel seen, not just served, in virtual interactions.
Fortunately, personalized service in the digital space is not only possible; it’s gaining traction across the credit union industry. One credit union’s story demonstrates precisely how essential digital personalization has become. Sixty percent of the loan volume earned by Municipal Credit Union (MCU) now comes through the $4.5 billion credit union’s digital channel.
MCU attributes its success to personalization at scale
MCU credits personalized offers for the success of its online engagement with borrowers. The credit union is deploying those offers through the embedded e-commerce platform Digital Storefront by TruStageTM.
Digital Storefront connects consumers to preapproved offers and applications in just a few clicks. Credit unions determine which offers they want to present—from CDs and preapproved loans to GAP and Mechanical Repair Coverage. TruStage’s robust set of integration partners makes implementation quick and easy.
$182M in new loans in 11 months
Almost immediately after integration, MCU found Digital Storefront to be an essential enabler of its personalization strategy. In the first 11 months with Digital Storefront, MCU enabled:
- $182.7M in consumer loans (auto, personal and credit cards)
- $12.1M in home equity loans
- $26.8M in CDs
- $200K in checking
- $340K in high-yield savings
- $154K in GAP income
Faster approvals can’t be underestimated
Across decades of growth, MCU has learned that delivering the right message at the right time is the fuel that powers member loyalty. However, in the age of fintech, speed is also crucial to conversion.
As one of the first MCU members to engage with Digital Storefront, MCU’s own chief lending officer has seen firsthand the difference a fast, intuitive platform makes to the member experience.
“The process was seamless,” said MCU CLO Michael Savino. “My information was prefilled, and in just a few clicks, I completed my application in under 30 seconds.”
People-first banking still drives growth in the digital-first world
Credit unions are superior at the human side of banking. Perhaps this is why credit union membership continues to rise, even as competitors pour billions into tech upgrades.
To ensure the movement capitalizes on this growth, credit unions must keep investing in the frictionless, always-on and end-to-end digital experiences that consumers expect. Platforms like Digital Storefront provide exactly those capabilities, all while keeping genuine connection and financial empathy—the credit union difference—at the core of the member experience.
Explore the possibilities for Digital Storefront at your credit union
Book a meeting with TruStage’s Jim Komoroski to explore how Digital Storefront can help your credit union enhance the member experience and accelerate growth. If you prefer for a Digital Storefront specialist to contact you, fill in your information below.
All data referenced in this article is MCU internal data.
TruStageTM is the marketing name for TruStage Financial Group, Inc., its subsidiaries and affiliates. Corporate headquarters are located in Madison, Wis. © TruStage
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