SAN MATEO, Calif.–A newly released report evaluates the digital experiences offered by the 50 largest credit unions in the United States, and also highlighting what it said are several key industry trends.
The report, from Finalytics.ai, which offers what it calls “segment-of-one” digital experiences financial institutions, summarizes what the company called a comprehensive review of digital presence in the country’s leading credit unions including their commercial website, online account origination, digital marketing, key features and functionality, SEO optimization, web analytics and overall member experience.
Finalytics.ai scored the credit unions based on both quantitative and qualitative criteria, the company said.
“The credit unions who achieved the highest average scores across all categories, earned their place as digital experience leaders,” Finalytics.ai said. “These include PenFed Credit Union, Patelco Credit Union, and Desert Financial Credit Union.”
The company added that Virginia-based PenFed Credit Union placed sixth in the report, scoring high in all categories.
Just One-Third Using Customized Analytics
According to the analysis, just 34% of the credit unions surveyed had highly customized analytics, applying a combination of Google Analytics, ad tracking and retargeting tracking to gain a holistic view of consumers.
In releasing an overview of the findings, Finalytics.ai did not disclose which credit unions are clients and which are not.
Patelco Credit Union in Dublin, Calif., placed second in the Analytics and SEO category. “Enhancing our digital capabilities has been a strong strategic initiative of ours over the last few years, so when COVID-19 hit and our digital adoption increased, we were prepared to promptly and smoothly make that shift,” said Rina Johnson, VP of marketing at Patelco, in a statement distributed by the company. “This enabled us to put additional resources into analytics tools to gain a complete understanding of user behavior and guide improvements to the member experience.”
Few CUs Offer Personalization
According to Finalytics.ai, “although an increasing amount of consumers are expecting their financial institutions to provide personalized offers that meet their needs, the report found that only 14% of credit unions exhibited some level of personalization.”
The Finalytica.ai report placed Desert Financial Credit Union in Arizona first in the personalization category.
The report further found that the majority of credit union websites did not cross sell products anywhere within the digital experience and only a handful of credit unions provide members with a holistic view of how their products can serve them in their financial journeys, according to the company.
The report can be downloaded here.