The website: Your credit union’s most important branch
The title says it all, but we think it’s so important (and so true) that we’ll say it again: your website is your credit union’s most important branch.
This idea may prove challenging for some. But challenge is good and we learn from it. When some credit union professionals think “branch” they think only in terms of brick-and-mortar (The West Side Branch, The Oak Street Branch, etc.). While physical branches are important, consider how many members interact with your credit union on a daily basis through its website. Also think about how demographics come into play. With younger, more technologically dependent members, how many will interact with your credit union only through its website?
The numbers don’t lie. According to an American Bankers Association report, 62% of adults say they prefer online banking. This same report also indicates a generational shift in preference to the online world, with 57% of Baby Boomers saying they prefer the online experience versus going to a branch or an ATM. A Pew Research Center report shows that 81% of households banked online in the past year, for a total of 63 million Americans using websites to access their financial institutions.
When we are talking about online branches, we must also consider members accessing your credit union website using smart phones and tablets. The numbers there are also compelling. According to a Wall Street Journal article, over 3 million consumers use mobile banking in some way (often in the form of smart phone apps) and that number is expected to continue rising.
What does this mean for your credit union? On a well-designed credit union website with a robust online banking system, a member can easily open an account, apply for a loan, check their balance on checking/savings/investment accounts, transfer money, pay bills and shop for a new vehicle. With the convenience of home and mobile banking options, the number of members who regularly visit a branch has dropped dramatically, and with it drops your opportunity to build member loyalty and cross-sell products/services.
Your entire team, from the board and senior management to back office staff and front line member service professionals, must learn to see (and promote) the credit union’s website. Your website must be appealing, functional and really grab the members’ eyes.
A few key things to keep in mind when considering website design fundamentals:
- Keep fonts simple
- Keep text to a minimum and use appealing visuals
- Make the navigation simple
- Browser compatibility is important
- Keep an eye out for broken/missing links and pages
To those members who rarely visit a branch, your website is literally the face of your company. These members don’t see your newly remodeled locations or your state-of-the-art ATMs, they see only your website. If it doesn’t match (or exceed) the modernness of your brick-and-mortar branches, you will come off as undesirable and old-fashioned. And being old-fashioned is rarely good for business.
Designing, launching and promoting your credit union website is just as important as the work that goes into physical branch locations. In the future, more and more members (and potential members) will judge your credit union (including its products, services and whether or not they want to join) solely by checking out your website. It’s critical that your credit union put its best online foot forward and offer an outstanding website experience.
