The member experience is intrinsically tied to a credit union's growth and retention. The customization, convenience and personal connection that credit unions provide sets them apart from other financial institutions. In order to ensure the best possible experience for your members, your credit union needs a core solution tailored to its specific needs. It is also important to have robust data capabilities that help you better understand your members and their behaviors.
Here are just a few reasons why it is critical for credit unions to select a core provider whose technology is designed to improve the member experience:
1. Members want a personalized approach. Your core solution should provide insightful data, which can be analyzed to identify member behaviors and grow relationships. Data collection and analysis allows your credit union to target members' specific needs, tailor recommendations and keep them engaged through well-placed marketing and cross-selling opportunities.
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2. They also look for accessible information. Members expect access to their financial data anytime, anywhere. Transactions and requests should be easily completed with the click of a button. A core online banking solution that provides an intuitive mobile app and web platform is no longer optional – it's the standard. Digital access will only become increasingly important as credit unions look to attract younger demographics.
3. Time-saving capabilities are a must. Although the home branch is still important, credit union members shouldn't have to spend a lot of time navigating cumbersome processes to obtain a loan or make a transaction. As stated above, members want to be able to conduct transactions as quickly as possible – on their own terms. Your solution should allow members to access transactional data and loan information 24/7. A simplified lending process that decreases members' wait time is crucial. With the most up-to-date core lending solution, loans can be closed in minutes thanks to automation and e-signature capabilities.
4. Member education will help them make the right decisions. The guiding principle of credit unions is to help members succeed financially. To that end, credit unions must provide critical resources – including member education and financial literacy tools. Your core solution not only should be able to analyze member behavior in order to show gaps in education that necessitate financial coaching, but also provide a holistic financial picture so members know where they stand at all times.
5. Loyalty is the key to retention. Loyalty programs have been shown to increase member engagement with financial institutions. Your core solution should motivate members to engage across platforms and incentivize them for doing so. Members need to know that you appreciate their business and the relationship you have with them.
An intuitive and easily accessible core solution that is designed to enhance the member experience will empower your credit union to remain competitive with other financial institutions. In order to achieve optimal member engagement, and subsequently deepen relationships, is vital to use and analyze data in order to offer the right services at the right time – ultimately improving members' financial health. Consider adopting core technology that serves as a springboard to help your credit union achieve its strategic goals – not as a hurdle on the road to success.
Jami Jennings is Product Management Director at EPL, Inc. She can be contacted at 205-408-5300 or [email protected].
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