“Today’s consumers prefer products and services that allow them to feel more in control of their time,” Vandermause said. However, he was quick to point out that convenience doesn’t always mean digital. This explains why, as mobile continues to explode, the number of credit union branches also continues to rise.

“Digital is leading the way and defines the future in terms of membership growth,” he added. “On the other hand, brick and mortar branches are clearly seeing a renaissance.”

This is because what constitutes convenience depends on the particular situation. Vandermause pointed to 2013 research by Novarta that explored consumer preference in terms of convenience versus complexity.

Not surprisingly, for a transaction as simple as checking an account balance, nearly 90% of consumers preferred a digital channel. At the other end of the spectrum, more than 80% of consumers preferred to get financial advice either in the branch or on the telephone with a live person. At nearly 60%, branches were also the overwhelming favorite for making deposits.

“As the complexity of the transaction increases,” Vandermause said, “it’s actually more convenient to speak with someone who can help.”

According to Vandermause, omni-channel delivery is also becoming increasingly important to member convenience. He clarified the differences between multi-channel and omni-channel, namely that omni-channel delivery focuses on both a consistent user experience across all channels and a customized user experience based on access device, e.g., smartphone vs. tablet.

From Progressive Insurance to your local cable TV company, service providers of all types are encouraging consumers to “bundle” services. Vandermause recommended a similar approach for credit unions seeking to increase member convenience. For example, credit unions can bundle car-buying, auto insurance and financing, reducing a three-purchase proposition to a single transaction.

“If you give people their time back, you’ll do well,” Vandermause concluded.