The Importance of Delivery Channel Planning

By Terence Roche

The fast pace of members migrating from traditional channels, such as branches and call centers, to new channels, including online banking and mobile, is unprecedented:

  • On average, 60-70% of members with checking accounts now access their accounts online
  • One-third of loan applications are received through the web
  • 10% of members are now using remote check deposit through their smart phone or tablet
  • Some credit unions have already seen 5–10% of deposit applications started on the web

Your members’ behaviors and preferred ways of interacting with your credit union are changing rapidly thanks to new technology, and you need to be ready to serve them through these outlets just as well as you have at your branches. Do you have a plan?

First, I’d suggest you determine how to manage these new channels as they relate to your overall credit union strategy and your commitment to member service. Decide how you will influence member movement to new channels. Identify the ways you can integrate all of your delivery channels. Specifically, how will your members interact with your credit union across channels? A good example is the loan application process. Your member may submit a loan application online, but visit your branch to sign the final loan papers.

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