This probably comes as no surprise, but most people do their banking digitally.
According to a report from J.D. Power, 41% of retail bank customers are now digital-only and this has directly improved their overall banking experience. In contrast, most credit unions have not kept pace with a digital-first strategy.
One of the biggest things to note is that this is what your members are going to come to expect. There are many advantages to digitization from the simplicity of use to increased satisfaction, but here are a few ways it can make operations at your credit union more efficient and much easier for its members and employees.
Making this shift to digitization can help your credit union with:
1. Promoting special offers – A digital message is the most painless way to let your contacts know about any special promotions or offers that your credit union is running. With a few clicks, you can easily set up a message and send it to your customer base.
3. Increase engagement – You have to be able to communicate with your members. Having an informed customer base is important, and using digital communication tools can help you increase that communication with your audience.
3. Collections – Whether by text, email or voicemail drop, you can now digitally communicate with your members about the need for any collections. It takes away the need for face-to-face or voice-to-voice interaction, but you still have the ability to provide quality assistance to your members.
A shift to digitization is inevitable, and making small changes now can help you create an overall better experience for your members. You don’t have to make a complete overhaul of your current business to be entirely digital-first, but there is coming a time when it will be the expectation of your members, and now is the time to consider methods to start shifting to digitization.