Now more than ever new devices and applications are being launched that are changing the way consumers interact with brands. Technology is creating connectivity and efficiencies that consumers have come to expect. How will your credit union meet and exceed these expectations?
Selecting the right technology for your credit union is part of a well-crafted strategy to create a memorable branded experience and deeper connections with your members. If you integrate technology as part of an overall strategy, you will be better positioned to shape member loyalty, drive traffic in your branch and increase financial performance.
Consumer purchasing behavior has drastically changed, all stemming from the evolution of technology. With knowledge literally at their fingertips, consumers are making decisions about your brand, your organization, before they even step through your doors. In a 2017 consumer report by Salesforce, 55% of shoppers say retail experiences are disconnected across channels. Technology allows you to shape the experience you want for your members in your physical space as well as in the digital space. But if the technology integration is not being translated properly through your digital and physical spaces, that puts you at risk for losing existing members as well as diminishing the potential for attracting new members.
In order to be purposeful in your technology selections, you need to fully understand your members and their mindset as consumers. How are consumers using various tools to interact with financials? How does it fit in with their everyday lifestyle? You need to step into their shoes and think about every touch point—what is their purpose, motivation, preferred medium and expectation along their journey through your branch?
Our philosophy when it comes to strategically integrating technology into a facility is simply put: strategic. We believe that all technology that gets deployed into a facility must serve several purposes to ultimately provide you with the greatest return on investment.
We’ve identified a few things to keep in mind in order to successfully integrate technology into your branches.
1. Technology integration MUST be strategic. It cannot be an afterthought.
Placing monitors in the appropriate location is just as important as what they are communicating. Simply having a monitor on the wall for the sake of having a monitor isn’t serving you or your members if you aren’t curating branded, digital content. Thinking outside the standard of displaying the weather forecast or rates will create a stronger brand connection between your organization and your members.
2. Identifying what technology will work in your facilities comes down to analyzing your market demographics.
Factors like socioeconomics, market trends and geographic segmentation are just a few of the things you need to take into consideration when planning a strategic technology integration. Understanding who your target audience is will help match the appropriate technology with your members and deliver on your brand promise.
3. Complementary vs Cool. With new tools becoming available almost daily, think beyond the cool factor and focus on how it will complement your offerings.
Just because new technology is now available doesn’t mean you need to start having it in your facility. Technology is a tool that allows for convenience, entertainment, efficiency and connectivity. Is your technology causing headaches or is it providing those values to your staff, members and community?
4. Ask for Help.
It can be an overwhelming task to strategize the optimal way to connect to your members through technology. By partnering with a team that understands the financial industry, consumer habits and the latest trends in design and technology, you will be better positioned to stay on top of where the industry is headed and ultimately grow your business.
There is no doubt that the evolution of technology provides a myriad of powerful possibilities for your organization. When you think strategically about how to integrate technology into your branches cohesively across the digital and physical landscapes, you will elevate the member experience and position your credit union for a bright future.