As we blink in the sunlight of the pandemic’s aftermath, the question is: can we go back to normal? It’s a fair question, one I think we’ve all pondered at some point, and it lends itself to every facet of our lives.
However, we’re not here today to discuss the possible philosophical changes in our world (phew!), we’re talking about banking. And, in particular, we’re talking about the member experience. Can that ever go back to normal?
The answer may be different than you think.
Here’s the thing: technology is vital in the world we live in today and COVID has proven that digital transformation is no longer a nice to have, but a mandate for financial institutions to stay in the game.
So, if that is something your credit union is dragging its feet on, it’s time to tie up those laces and get to running (especially when it could boost your sales by 50 percent).
But (and this is a big but) when it comes to the member experience, technology is just half of the equation. An uptick in digital engagement does not equate to an increase in member satisfaction. In fact, in many instances, it’s just the opposite.
And while very few people were keen on switching financial institutions during the pandemic, now that it’s winding down, that satisfaction is more important than ever. Especially when it comes to keeping members for the long haul and enticing new ones to enter the doors.
This is where technology only goes so far. Human touch cannot be forgotten about, and if we’re thinking about that question, “Can things ever back to normal?” in this area, they have to.
Technology is meant to bolster the experience, both for the member and the employee, but it isn’t supposed to drive it all together. While members desire technology for ease-of-use, they also desire human connection – especially when we’re talking about loyalty.
No one is loyal to a chatbot, but a financial institution that cares about you and your financial wellness? Now, that’s something that will keep credit unions in the game for a long time.
So, embrace this year of transformation, remember that technology is here to stay, but people aren’t going anywhere. Because at the end of the day, nothing beats that personal touch.