Technology and finance: Staying ahead of what comes next

Technology and banking have definitely grown together over the years, strengthening finance and helping members on multiple fronts. It’s almost so integral into banking that most people forget there was a time without it. A time when checks had to be cashed at a physical location… Or when paying back a friend for dinner meant writing a personal check.

Now banking is almost completely at your fingertips, from scheduling payments online to depositing checks through a mobile app. You might be thinking, “Of course, we know all this and we have all these things at our credit union.” But with today’s technology updates and offerings, the real topic to discuss is what comes next. Experts say that by 2018 about 150 million adults in the U.S. will be using technology for financial purposes.

How often does your team think about what might come next? Or how to improve upon the technology your credit union is already using? With the close competition in banking and finance, plus the shift in millennials’ thoughts about brand loyalty, it’s important to find your edge as a credit union and make sure your members know it exists.

To start, learn what your credit union does and doesn’t offer. Across banks and credit unions, executives are planning to invest almost 31% more in technology to ensure compliance. A quick search online can give an overview of this competition. Or reading on tech and finance websites can keep you and your team updated on how to best use new offerings.

Next you need to apply what you’ve learned to improve your members banking experience. For example, what services does your credit union offer online? From there, can your members access these from a smartphone using an app or is your website mobile-friendly? Think not only about how you currently bank, but how you’d like to bank one day. What would make it easier for you?

If you feel you currently have a good hold of services for your tech-loving members, the next thing to do is make sure your employees know about them too. After all, your members can’t use services they don’t know exist.

Informing your employees about your services, and in turn having them share with members, is a great way to improve member engagement without additional costs to the credit union. You can also share these services through marketing.

Messaging placement is almost exponential. Physical placement like lobby posters or messaging on monthly statements are two traditional ideas, but it’s also important to remember your audience with all messaging. Are you speaking to those who are just starting with online banking, or are you looking to reach your biggest techies to tell them about the newest thing?

Banner ads on your own website, a company blog or email, or on social media sites can be great places to share, and share a lot! Chances are one post or email won’t reach everyone interested, so the more you share the more you can help your members—and gain feedback from members in return. The more you speak with members and create an easier place to bank, the happier they’ll be to stay banking with you.

Ben Prager

Ben Prager

Prior to forming Prager Creative, Ben worked with design studios, branding firms and advertising agencies to push great strategy and design for all his projects. His experience with all aspects ... Web: Details