Walking in Your Members’ Shoes
In today’s digital landscape, the key to online success for credit unions can be achieved by understanding how various members approach and use technology. A key driver of this success is to create a digital credo that guides development of the digital experience. Despite advancements in technology and digital solutions for credit union operations, the basics of customer service remain the same.
There’s a wonderful boutique hotel in San Antonio, Texas, that demonstrates mastery in the customer experience they provide. Built within a historic brewery, it beautifully integrates the past with modern luxury. From the giant historic pump in the lobby, to the exquisite lobby furniture, to the custom sandalwood scent permeating every room, the experience is immersive. The staff’s attention to detail—such as remembering returning guests and offering VIP seating—creates a loyalty that ensures guests will return, even if it stretches their budget.
Credit unions can learn from this level of commitment to the full customer experience and apply it to their digital offerings. It starts by ensuring that every interaction is intentional and makes members feel valued and understood at every touchpoint.
The Digital Member Journey
Understanding the digital journey of a credit union member means understanding and appreciating the steps they go through when they consider your credit union:
- Identifying a Need: It starts with members recognizing a financial need, such as opening a checking account, securing a loan or getting a better rate on a certificate.
- Awareness and Consideration: Marketing plays a key role in keeping your credit union top of mind and ensuring members see it as a viable solution for their needs.
- Conversion: Make the transition from interest to action fast and seamless.
- Usage and Retention: The ongoing digital member experience lives in online banking, so your online platform should be simple, intuitive and personalized to drive long-term engagement. This is the place members go to add more products so it should be an easy click-through solution.
Collaboration between marketing and product teams is essential for creating a smooth, consistent transition through these stages. New members’ first in-depth experience will likely be browsing your website, followed by becoming a member by “buying” a product like checking or a certificate. Once a member, credit unions should treat online banking as prime real estate for personalized offers, new product introductions and engagement strategies.
Simplifying the Buying Experience
Simplicity, consistency and automation are the pillars of a digital experience that leaves members impressed, creating brand loyalists with each interaction. Many credit unions fail by presenting disjointed systems that look and feel different across online banking, account opening and loan applications. A unified experience fosters trust and confidence and reinforces your brand at various touchpoints.
Enhancing the digital experience requires three key improvements. The first is streamlining onboarding by minimizing unnecessary steps, like eliminating redundant membership explanations. The second is using behavioral insights to identify and remove friction points in the application process. The third is ensuring a completely seamless mobile experience for modern users who expect a frictionless app-like sign-up.
Understanding Your Digital Members
To build an effective digital strategy, credit unions should acknowledge different member personas and realize which ones are growing the fastest—and which ones need cultivation to survive.
- Digital Day One: Young users born with a smart phone, who expect instant access via mobile apps.
- Digital Doers: Active online banking users who rely heavily on digital financial tools.
- Digital Dodgers: Less tech-savvy members who may actively avoid or never fully transition to digital banking.
For younger members, processes must mirror their expectations. They won’t ask if their credit union has a peer-to-peer payment option—they’ll expect to pay friends the way friends want to be paid—and social constructs have a direct influence on this that reinforces the practice. They won’t think to use bill pay—they’ll just enable autopay with their service providers. Credit unions must adapt their language and offerings to meet these expectations.
The Role of a Digital Credo
To align internal teams, a Digital Credo—a shared set of no more than 10 guiding principles—is a valuable tool that ensures your organization agrees on the specific elements that produce an incredible digital experience. Core principles should include:
- Consistency: A familiar, uniform experience across all digital channels.
- Simplicity: Stripping complexity from applications and processes.
- Automation: Minimizing manual data entry and eliminating unnecessary steps.
- Unified Access: One login for all banking activities.
The Path to Digital Success
For today’s credit unions to excel in a digital world, it takes more than just implementing technology. Success requires a full understanding of members’ needs – credit unions that adapt to digital-first expectations while maintaining their core values of service and trust will thrive. By investing in a consistent, seamless and user-friendly experience, you can build lasting relationships with a new generation of members.
As we look ahead, the challenge is clear: to compete and win, credit unions must become digital experience leaders with a solid digital credo that guides decisioning at every step. That starts by understanding your members and walking in their shoes.