Quiz: Is it time to level up your digital banking provider?

Most financial institutions (FIs) today offer a digital banking platform. How does yours stack up? Is it keeping pace with those of your competitors? It’s vital for credit unions (CUs) to leverage digital technology to deliver easy-to-navigate, self-servicing, and personalized experiences to compete with the megabanks and neobanks, as well as other CUs. That’s because digital banking is growing in usage and platform sophistication.

Forbes reported in March 2023 that 78 percent of people prefer to bank via mobile app or website. With that ubiquity, member demands and expectations are growing. That means CUs need to offer a digital banking platform that goes well beyond the simple remote deposit and bill pay features of the not-so-distant past. It’s crucial to provide members with a platform that is built around data, squarely focused on their personal financial journeys.

Does your experience need an upgrade? Here’s how to know.

Quiz: Is It Time to Level Up Your Digital Banking Provider?

• Has your FI seen a reduction in the volume of calls you get for balance inquiries, money transfers, loan payments or statement confusion?
  • Yes, we rarely, if ever, field these calls anymore because those questions are easily answered via digital banking
  • The call center volume has been consistent, not a noticeable shift
  • No, we still get a high volume of calls about these issues, in fact these calls may be increasing
• Is your FI able to provide in-app advertising as well as retargeting advertising to your members based on what their next likely purchase will be?
  • Yes
  • No, is that possible?
  • We manually build audiences based on product adoption and mass market to those members
• Can your users easily view their credit score, along with actionable advice on how to improve their scores, directly on your digital banking platform?
  • Yes, it is entirely integrated and easily available to them and we send out email alerts if there has been a change in score
  • With a few clicks, yes, but they’re taken off to a third-party website for this information
  • No, we don’t offer that information
• Does your FI have one platform for retail and business banking?
  • Yes
  • No
• Do you believe your FI’s technology is modern?
  • Yes, we’re very satisfied
  • It could use an upgrade, there are a few new features we really want to add soon
  • No, we find ourselves complaining about the outdated technology often
• Does your FI’s digital banking platform offer a layered approach to security and fraud prevention?
  • Yes, our platform layers technology like behavioral biometrics, rules based decisioning, and multi-factor authentication to protect members
  • No, we only leverage a single technology like multi-factor authentication to protect members
• Can a new member open an account digitally in 5 minutes or less?
  • Yes
  • No, it takes more than 5 minutes, typically 10 minutes or longer
  • We offer digital account opening, but the member must come in-branch to complete the application
  • We do not have digital account opening
• Do your digital banking channels allow users to send funds in real time to individuals or other accounts?
  • Yes
  • They can transfer within the institution
  • No

If your answers are mostly “yes,” congratulations, you’re likely in good shape. But if you find these questions are hitting on your key frustrations or you have answered mostly “no,” it’s time to consider looking for a new provider.

What to look for when selecting a digital banking provider

The undertaking of selecting the best technology provider for your digital banking needs can be taxing. You want a true partner that demonstrates excellence across the board. Your members as well as your CU front and back office teams deserve nothing less.

Here are a few must haves to look for when vetting a digital platform provider.

• Best-in-class technology and UX/UI for both retail and business users
• The ability to extend the platform and integrate with major core providers, card processors and best-of-breed fintechs
• A proven track record of happy end users
• Great results in both successful implementation and ROI
• The ability to manage member relationships
• Data and actionable insights to create and automate personalized experiences for end users
• Invested time and capital for ongoing platform improvement and education for all clients
• Advanced data insights and full campaign attribution reporting
• Multi-layered security and fraud prevention that protects the FI and its members
• Dedicated client success managers to provide your FI with ongoing education and support

Insights gleaned from transaction data allow FIs to anticipate the needs of their consumer and business members and turn that knowledge into personalized offers, providing products and services at the right time. Done right, digital banking can increase loyalty with spot-on service when members need it, making them feel seen and known. It can increase sales by offering products they may need, perhaps even before they know it themselves. Ultimately, by focusing on sales and service, a great digital platform can increase a financial institution’s bottom line while delivering the level of personalization your members expect.

The most successful credit unions are choosing Alkami. Head over to Alkami.com to learn why.