RANCHO CUCAMONGA, Calif.–If there is a headline item when it comes to fake news in the credit union community, it’s that CUs must keep up with commercial banks on the latest technology trends. Actually, they should be aiming a little higher than that.
“Credit unions need to keep up with Amazon.com,” according to Samantha Paxson, chief marketing and experience manager at CO-OP Financial Services.
Paxson’s comments are part of a series by CUToday.info examining “Fake News” within credit unions; that is, misconceptions that need to be corrected and deserve more thought.
In this case, credit union members “need their financial providers to be as convenient, relevant and digitally-driven as Amazon,” Paxson explained.
Paxson believes it’s “false news” that credit unions aren’t as convenient or as accessible or have the same technological prowess as banks. To remedy that, she thinks credit unions should be “showing as much as telling” their members how fast and tech-savvy their services are.
“That should be part of a credit union’s brand story,” she said, demonstrating to members the variety of ways a credit union can integrate its office for their benefit.
The 'Smartest Choice'
Credit unions are “truly the smartest, most clever choice” among financial institutions, she feels.
Credit union managers should be thinking, “How do I link my mobile experience with my online experience and my branch experience and how do I make it as seamless as possible,” she said.
Making services findable and making it easy for a member to enroll are other keys
When a member accesses digital banking through a mobile device, “they want to have the same experience, but with more features” than traditional banking, according to Paxson
So a challenge for credit unions is “how to add value across those points of engagement.”
A credit union member “is a clever person,” Paxson said.. “The savviest people are credit union members.”
Nevertheless, “people don’t think credit unions are accessible,” Paxson acknowledged.
“Show your variety of services,” she recommended. “Make it simple to do business with your credit union.” Show members “you’re not going to be taken advantage of with fees. You’re going to get tremendous rates on a loan.”
Must Make It Easier
The average American spends five hours a week managing their finances, according to Paxson. “We have to make it a heck of a lot easier to get that job done” through convenience, accessibility and speed.
Among the credit unions Paxson said are showing the way in technology and integrated services are Navy Federal Credit Union, Vienna, Va., First Tech Credit Union, Palo Alto, Calif. and BECU in Tukwila, Wash.
“Credit unions have evolved” their level of technology engagement, Paxson said. It’s a trend she added as been noticeable for at least the past 10 years and accelerating during the last five.
CO-OP Financial Services serves 3,500 credit unions representing 60-million 60 million account holders.
—Mark Fogarty