What does your credit union offer in the concierge service economy?
Many can thank Uber for improving the quality of our lives, not only in providing an alternative to taxis but also for launching a successful platform for the concierge service economy. The concierge economy is the on-demand, at-your-doorstep convenience for tasks, errands and luxury. Want someone to do your grocery shopping, walk the dog, clean your house, make dinner and give you a facial? In today’s concierge economy, with the touch of an app, you have your life organized and tasks completed.
While many of these concierge services are currently being tested in major markets, Uber still remains the case study for success — proving that consumers have demand for offerings in this new economy and early-entry, high-quality providers are best positioned to win.
What will consumers be looking to the concierge economy to deliver in terms of financial products and services?
Fortunately, mobile banking, check deposit and payments have already provided ease and simplicity to many members’ financial lives However there are two pain points where credit unions can invest to further develop concierge solutions and these points are related to purchasing cars and financing homes.
- Car shopping and purchase
The current car purchase process traditionally involves visiting an auto dealership, dealing with high-pressure sales staff and equally as pushy financing professionals. It is not uncommon to hear consumers say they would chose a root canal over car shopping.
In a concierge economy, the member would use their credit union (who has already pre-approved them for their loan) because it offers a service that allows the member to find a car for the price they want (this already exists) and the service would also bring the desired car to the member’s home or office to test drive. From there, if the member likes the car, they could sign the loan right there on a mobile device, and the credit union contact would drive away the members’ old car to complete the concierge service.
- Easier mortgage processes
Purchasing a home is one of the biggest loans most members will experience in their lifetime. This being said, it is rightfully complex and involves much authentication and documentation. To make this process easier, a credit union could offer a mortgage professional to deliver the documentation to the member at their convenience, not the other way around, which is current practice. Offering a concierge service in this area may have the greatest impact to driving loan volume as well as creating a differentiation in the marketplace.
Cars and homes are obvious pain points to members, but what are others? Building concierge services as pain relievers are not only technologically savvy, they may be crucial to your credit union’s success.
For more strategies to assist credit unions in their long-term success, please reach out to Anne, VP of Marketing at Fiserv Credit Union Solution, anne.legg@fiserv.com
