Tuning in to the rhythm of your loan origination system: The second act

Welcome back to our second act of this two-part article series. In Volume 1, we explored how to transcend the ‘9 to 5’ boundaries and dance to the tune of streamlined loan processes, all set against the backdrop of transforming your member experiences.

In this set, we’re diving into the consequences of taking a “wait and see” approach to digital progression and exploring strategies to cultivate a lasting “I will always love you” sentiment among your members.

It’s lonely being on the outside, looking in

Don’t be left standing on the sidelines while your members seek superior experiences elsewhere. Just as Taylor Swift’s lyrics in “The Outside” capture feelings of isolation and disconnection, credit unions risk being left out in the cold if their experiences fail to evolve alongside their members’ needs. However, the journey toward digital progression goes beyond mere trend-chasing; it’s about building authentic connections and fostering trust and loyalty with your members.

So, how can you avoid this sense of longing? Here are some key steps to help you get started:

1. Omnichannel engagement. Build a foundation to connect with members on their preferred platforms, catering to newer generations and gaining a competitive edge. Omnichannel banking ensures consumers can interact seamlessly across all touchpoints, whether online, in-person, mobile, phone, email, or video, without disruption.
2. Prioritize personalization. Research by Capco reveals that nearly three-quarters (72%) of consumers consider a personalized banking experience “highly important.” Understanding member behaviors and preferences empowers your credit union to offer tailored recommendations, products, and support. Utilize data-powered digital solutions to gain insights, facilitate intelligent cross-selling, and deliver personalized services across all touchpoints seamlessly.
3. Accelerate your use of analytics and automation. Speedy processing and underwriting are essential for retaining members and gaining a competitive edge. In a recent survey conducted by MeridianLink, approximately 27% of American consumers expressed their willingness to switch financial institutions due to slow or fragmented service. Leveraging advanced automation features supported by data can help your credit union establish efficient operations—and can lead to efficient growth! By automating tedious tasks and allowing staff to focus on support and proactive problem-solving rather than paperwork, your credit union can evolve alongside your members and maintain those hard-won relationships.

Everlasting love among your members

Whether you’re drawn to Dolly Parton’s original rendition of “I Will Always Love You” or find yourself belting out Whitney Houston’s iconic version at karaoke, there’s an undeniable emotional pull to those lyrics. As a credit union, you invest significant effort in acquiring new members, so naturally, you want to retain their trust, loyalty, and admiration.

Consider this: Three out of five people are exploring multiple banking providers. Loyalty stands as a prized asset demanding attentive care, especially in the face of competitors, enticing your members with cutting-edge technology and affordable services.

However, the story doesn’t end with what the competition offers. It’s equally important to look inward and reflect. Are your digital experiences and communication strategies delivering the swift, personalized service with minimal friction that members both love and expect?

In fact, loyalty in financial services is closely linked to service quality. Our consumer survey highlights the pivotal role of member service in shaping and preserving loyalty, with 30% of respondents expressing a willingness to switch financial institutions if faced with subpar service at their local branch. Digital presence and omnichannel experiences are also significant loyalty drivers, with 36% of respondents expressing a desire for their financial institution to prioritize innovation in this area.

In a heartening turn of events, our survey of our financial institution customers reveals that 42% recognize the importance of prioritizing seamless omnichannel experiences in the upcoming year. This collective dedication suggests the lasting bond that can be created between credit unions and their members, encouraging enduring loyalty and mutual satisfaction for years to come.

Step into the spotlight of your members’ financial journey

The stage is set for you to shine and take center stage! Join us at MeridianLink LIVE! in Nashville on April 29-May 2 to discover innovative solutions and insights that will not only keep your institution in tune with the times but also have your consumers singing your praises for years to come.