Member centricity is in every credit union’s DNA. But putting member needs at your core in a digitally accelerated world calls for new understanding and new approaches. To better understand what members want and need from their financial services providers now, CO-OP partnered with EY to survey 3,000 credit union members and prospects. What we learned was eye-opening:
- Changes in needs, expectations and interactions: No surprise, the market has shifted permanently toward digital experience as the means and measure of a financial service’s worth. More than half (54%) of respondents say they expect to continue using digital channels they’ve adopted in recent years. Members are increasingly open to alternative providers: 40% say they would look outside their Primary Financial Relationships, even for core products like savings accounts. And, more than a third (36%) would switch more assets to their PFR if it offered more benefits and personalized features.
- Fragmented financial relationships: You are no longer your members’ one and only. The average member has five financial relationships.
- Building trust by fulfilling member needs. Respondents named PayPal as their most trusted financial brand—even ahead of their credit unions. How can this be? PayPal offers a convenient, secure, seamless payments experience respondents rely on over and over in their everyday lives.
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