Five reasons why credit unions must invest in a single digital banking platform
by. Stephen Bohanon
Credit unions operate in a challenging world of rapid change, technology-savvy members and increasing expectations. In this environment, banking through disparate channels is quickly becoming obsolete and can even threaten an institution’s future. To thrive in this highly evolving and demanding environment, credit unions must begin moving to an omni-channel banking approach to deliver a consistent experience across channels and provide members with seamless access to financial products and services—where and when they are needed.
As a result of investing in a single digital banking platform, credit unions are empowered to strengthen member service, effectively promote their products and services, improve member support, obtain better data to make intelligent decisions, and heighten security.
1. Strengthen member experience.
Regardless of the member’s device preference—smartphone, tablet or desktop—the credit union’s digital banking platform interface should be consistent, solid and predictable across all channels. The ease-of-use and understanding of the system across online and mobile platforms, as well as the functions within each, such as bill pay, personal finance management and credit card processing, will increase penetration and the amount of time members spend on the site. The more quickly a member adapts to the interface and becomes comfortable and confident with the navigation, the more enjoyable their digital banking experience will be.
2. Effectively promote products and services.
If a credit union wants to promote or cross-sell relevant services, it is crucial to offer those additional opportunities across a singular platform. For example, a credit union’s mobile banking interface might highlight remote deposit capture (RDC) functionality, while the desktop banking interface might advertise mortgage processing services. Consequently, some members may be less aware of services offered through one channel but not another, thereby affecting adoption rate. A single platform enables credit unions to better market new and existing services to its entire online banking user-base no matter what device they use.
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