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Omnichannel Delivery Drives Revenue, Improves Service

Early adopters will have the competitive edge.

By Jason Bettinger | Updated on March 24, 2015
Jason BettingerDelivering a seamless member experience across physical and digital delivery channels is no longer just an option for credit unions to consider, it is a critical component of effective member acquisition and retention. This evolving method of service is referred to as omnichannel banking and it satisfies banking consumer demand for having a similar level of convenience that members receive from social media, entertainment and news gathering tools. It also benefits credit unions by creating opportunities to increase revenue, improve internal operational efficiency and lower the risk of losing members to other institutions due to slow or inconsistent service.

A complete omnichannel banking model includes an institution’s physical locations as well as mobile, online, self-service kiosks and ATMs. When all elements are integrated into a unified experience, an omnichannel model helps create a more profitable, flexible and agile institution that can quickly react to changing member demands and preferences. Members benefit from the ability to engage the credit union through their preferred channel, giving them greater control over when and where they do business with the credit union. Additionally, their questions are answered quicker, with less effort, and they have a more engaging experience that is personalized for their needs and financial situation. An omnichannel model also opens the door for credit unions to upsell and cross-sell members regarding other products resulting in increased wallet-share.  

Yet, while many credit unions have some digital service components, most do not use them effectively to create a truly comprehensive omnichannel model. As the millennial generation increases its financial influence and we see more digital consumers across age groups, credit unions must leverage the latest technologies to service members anytime and anywhere.

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