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The Member Journey Is a Mess

How can your credit union be competitive across the entire member experience?

By Ryan Ruud | Updated on February 12, 2016
banking competition through digital channels

As a child, I recall opening my first checking account. Back then, the path to account opening was linear. Hear a radio ad. Maybe see a billboard or a flier. Walk into a branch. That journey has imploded. 2016 will only get messier. 

Today, people ask friends. They scroll through a social media feed. They see an ad tailored just for them. They get notified based on where they are or what they’re doing to apply, upgrade or some other relevant action. They call a phone number. They walk into a branch. In accommodating modern day member needs, credit unions have made monumental strides.

Investment and resource allocation continue to grow. As a result, credit unions of all sizes are building strong virtual services infrastructures. But if you build it, will they come? A modern financial infrastructure does not result in new members. Infrastructure updates are never a one-time expense. Just like the evolving member journey, you can’t set it and forget it. The investment in virtual services and digital banking is responding to market demands. But, it requires acquisition and engagement strategies.

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