The secret to attracting new business members to your credit union
The demand for efficient and accessible banking solutions is at an all-time high. For credit unions aiming to capture a larger share of business members, investing in advanced digital banking platforms is crucial. Digital banking platforms offer numerous benefits that can significantly enhance the banking experience for business members, driving growth and fostering long-term loyalty.
Understanding the shift to digital banking
The shift towards digital banking is not just a trend but a significant change in how businesses manage their finances. According to Deloitte, digital banking adoption has accelerated, with banks reporting record growth in digital usage and welcoming first-time users during the COVID-19 pandemic. This growth is driven by the need for real-time financial management, ease of access, and the integration of advanced technological solutions.
Meeting the needs of business members
Business members have specific needs that differ from individual members. They require robust financial tools to manage cash flow, initiate electronic payments such as payroll, enable fraud prevention solutions, and access other critical functions. Digital banking platforms cater to these needs by providing comprehensive solutions that streamline financial operations. For instance, real-time financial information allows businesses to make timely decisions, which is essential for maintaining liquidity and operational efficiency.
Enhancing member experience
A seamless digital experience is not just a luxury but a necessity for member satisfaction. According to a survey by PWC, 80% of business banking customers prioritize ease of use when selecting a banking provider. Digital platforms that offer intuitive interfaces and easy navigation are designed with the customer in mind, enhancing the user experience and making it simpler for business members to perform banking tasks. This customer-centric approach can foster increased engagement and loyalty.
Security and trust
In digital banking, security is critical. Businesses need assurance that their financial data is protected. A study by Accenture found that 68% of businesses consider security features the most crucial aspect of their banking platform. Implementing advanced security measures, such as multi-factor authentication and regular system updates, helps build trust and confidence among business members.
The role of mobile banking
Mobile banking has become an integral part of business operations. Business Insider Intelligence reports that 67% of SMEs use mobile banking to manage their finances. Mobile platforms provide the flexibility for business members to conduct transactions, monitor accounts, and access support from anywhere. This mobility is particularly beneficial for businesses that require constant access to their financial information.
Customer support and relationship building
Excellent customer support is a cornerstone of successful digital banking. According to a report by J.D. Power, 64% of businesses are willing to switch banking providers for better customer service. Providing real-time support through digital platforms ensures that business members can resolve issues promptly, enhancing their overall banking experience and fostering a strong relationship with the credit union.
Driving growth and competitiveness
By embracing digital banking platforms with enhanced business member solutions, credit unions can position themselves as competitive players in the financial market. These platforms not only attract new business members but also retain existing ones by offering superior services. A report by the Financial Brand highlights that credit unions with advanced digital solutions experience higher growth rates and member satisfaction.
Conclusion
Digital banking platforms are more than just a convenience; they are a strategic tool for credit unions to capture and retain business members. Credit unions can drive growth and build lasting relationships by addressing business members’ specific needs, enhancing user experience, ensuring robust security, and providing excellent customer support. As the financial landscape continues to evolve, investing in advanced digital solutions will be vital to staying competitive and meeting future demands.
Start the transformation for your online banking platform
Discover how Tru Treasury’s digital banking platform – Tru Online Solutions, can transform your credit union’s digital banking services and strengthen member relationships. Visit www.TruTreasury.com or contact Jeff Bassett at Jeff.Bassett@TruTreasury.com to learn more about our all-encompassing solutions.
Co-author: Kathy LaPine, Tru Treasury, CRO
Sources:
https://www.worldbank.org/en/news/feature/2022/07/21/covid-19-boosted-the-adoption-of-digital-financial-services
https://www2.deloitte.com/us/en/insights/industry/financial-services/digitalization-in-banking.html
https://www.mckinsey.com/industries/financial-services/our-insights/global-banking-annual-review
