By Bill Prichard
Consumers today – that is, all of us – have an attention-deficit challenge that leaves them striving to fill every empty moment of their time with content and engagement.
This dynamic is impacting how consumers think, behave and interact with others – and how they engage with financial institutions as well. With communication increasingly moving through mobile and digital channels – and these platforms advancing at the speed of light – what can credit unions learn in order to keep up?
About the Market…
Consumers in this digital age value experience. According to research, Millennials overwhelmingly would choose to spend money on an experience over a product; and consumer spending across all ages on experiences over products has increased rapidly in the last three years.
But, there is also a growing impatience among consumers for experiences that are poorly executed. The bottom line is that credit unions have one chance to make a first impression – and frequently that impression is made online or via a mobile device.
About Members…
Mobile and digital channels have taught consumers that they can order up anything they want, exactly the way they want it – and receive it on demand flawlessly. And, contrary to conventional wisdom, the consumer bond with mobile and digital platforms transcends generations.
Consumers today expect to be treated as individuals. Accordingly, a credit union’s product mix should be personalized, nurture connections with members, and recognize their differences in lifestyle and values. This approach is known as human-centered design, and it is powerful.
About Payments…
What consumers expect from payments is also changing, and competition in this pivotal market is now coming from everywhere.
The payments market is moving quickly, but we do know this: to remain innovative – and viable – in the future, credit unions have to make strategic investments in those advancements that will keep them competitive and relevant to members down the road. Ultimately, payments should be woven into the fabric of the member experience.
About Branches…
Branches should play a key role in your overall digital strategy – and vice versa. New mobile and digital technologies can help credit unions gain efficiencies in the branch to create better experiences for both employees and members.
At the same time, there is tremendous value in augmenting digital, mobile and self-service channels with the high-touch experience that only your employees can give. The most successful credit unions take a holistic approach to branch transformation that finds its roots in community.
About the Future…
In the age of mobile, one challenge that we face as a movement relates to our legacy systems. Enhancing and updating these systems is of paramount importance to the future of your credit union – and especially to the success of your future mobile and digital initiatives.
Modernizing your legacy back-end systems can make all the difference in the way your members experience mobile – and can provide the seamless integration across products and channels you will need to facilitate a host of future innovations that have yet to be imagined.
Bill Prichard is Senior Manager, Public Relations and Corporate Communications, for CO-OP Financial Services (www.co-opfs.org). Mr. Prichard can be reached at (800) 782-9042, ext. 3450, or bill.prichard@co-opfs.org.