KODIAK, Alaska–“Life is about experiences,” according to one person, who challenged credit unions to think about how their members experience the CU.
Speaking to the Alaska CU League’s annual meeting here, Chris Gunnare, EVP with Strategic Resource Management, addressed “Humanizing the Digital Experience: Creating Continued Exceptional Member Experiences,” and he pointed to the changes in the world since COVID, most especially the adoption of mobile applications.
He urged credit unions to slow down and think about the changes that have occurred in consumer thinking, and then to really listen and understand what it means for any credit union’s offerings.
“Serving experiences is really the differentiator for credit unions,” said Gunnare. “What really is your competitive advantage and how do you deliver that through experiences?”
One change, he cited: from 2019 to 2022 the number of ATMs in the U.S. decreased by 19,000 as more consumers use digital and also became less dependent on cash.
Gunnare said he long believed consumers were driving change, but often “consumers and members don’t know what they need,” and “sometimes it’s our jobs to educate and bring to them easier ways to lead their lives.”
The Stats
Other statistics cited by Gunnare:
- 82% of consumer have become more comfortable with self-service than prior to the pandemic.
- 35% of consumers say their consider their mobile device to be their primary banking channel
- 42% of consumers say they prefer to use their mobile app over an in-person experience at a branch
- 54% of financial services companies have developed a digital transformation strategy, but have not started on it.
The Change to the New World
Gunnare said digital transformation is a complex challenge that involves digital business strategy and culture; staff and member engagement; process and innovation; technology, and data and analytics.
“You hear a lot about technology, but what does it really mean for us? How can you use the data around you to enable a better member service experience?” asked Gunnare. “Understanding the segmentation of your members and your future members is important. How do you personalize your individual experience to that individual segment?”
Taking multiple experiences and creating a common experience across interactions remains the challenge, said Gunnare, adding a guide motto to keep in mind is, “Easy is the new loyalty.”
The Recommendations
Gunnare also recommended:
- Credit unions invest in continuing education
- Teams need to be taught to think about efficiencies and process changes in a positive way
- The drivers of member usage and satisfaction are ease, speed, personalization, and integration into fast-paced lives
- Brands have to be better, different, or cheaper—or else not around for very long.
Gunnare offered these actions below for credit unions to act upon.