By Ray Birch
ST. PETERSBURG, Fla.—Credit unions have been slipping in terms of consumer perceptions of service, and one problem is they are often doing too much when it comes to interfacing electronically with members.
That’s just one of the “friction points” that has been identified when it comes to service delivery solutions that are causing CUs some problems, according to one person.
Now PSCU says it can help credit unions pinpoint those key steps that are driving consumer dissatisfaction while also modeling practices that high-performing, high-service FIs are doing to win business.
The CUSO Is highlighting that many member pain points stem from the way information is presented on digital solutions.
“What our partnership does is give credit unions insights into ways they can craft best-in-class types of consumer experiences,” explained Yvonne Stelpflug, SVP at PSCU’s Advisor’s Plus arm. “They can look at how others are doing things successfully and then determine what makes sense for their credit union and what they are able to do. We show best practices and where credit unions specifically can get some big lifts. We will make recommendations and advise them, as well.”
About This Series
Stelpflug's insights are being shared as part of an ongoing series in which CUToday.info is digging deeply into why credit unions continue to trail banks in a well-respected national consumer satisfaction study.
As CUToday.info reported, CUs have fallen behind banks for three straight years in the American Customer Satisfaction Index (ACSI) study. The study’s data reveal the primary reason is digital—banks have used their deeper pockets to invest in mobile apps perceived by consumers to be better than similar credit union apps.
As CUToday.info reported, Curinos, a global data intelligence business serving financial institutions across lending, deposits and digital banking solutions, has announced a partnership PSCU to help credit unions strategically manage their digital investments.
According to the two companies, as part of the collaboration PSCU's newly formed digital banking advisory service within its Advisors Plus consulting practice will utilize Curinos' Digital Banking Hub—a centralized platform of digital banking “journeys” that allows financial institutions to review digital banking capabilities in the market—and its services to help credit unions “inspire their roadmaps” and innovate digitally.
Changing Definition
In interviews with CUToday.info, representatives of the ACSI study have explained the way consumers define “excellent service” has evolved from the long-time credit union strength–the in-person, friendly face–to preferences for a strong mobile app that offers a great experience.
As part of the series, CUToday.info has been asking where, specifically, credit unions can improve the digital experience? What steps in the mobile app, such as logging on, overall speed, ease of use, interface etc., can be better?
Stelpflug told CUToday.info that when credit unions today want to develop a new product or service delivery solution, they often have to do a great deal of legwork themselves, involving a lot of research and trial and error, finding out what can be the best “member journey”—what members experience when they interact with the CU.
“Through our partnership with Curinos we curated all of the journeys in hundreds of different financial institutions organizations—from credit unions to different types of banks to fintechs,” explained Stelpflug. “We have pulled in actual screenshots and tagged those to specific journeys. So, within one tool, credit unions can see how it is best to set up a new DDA account, for example. They can say, ‘I want to see what it looks like to be able to set up a new DDA,’ and call up some of the best practices being used within the financial services industry.”
The Key
Stelpflug said the member journeys that credit unions can access are key to determine what they might use from the information are detailed.
“You can clearly see what the consumer experience looks like,” she said. “You can clearly see what the financial institution’s mobile app looks like, what its online solution looks like.”
Stelpflug said that in examining the best practices among FIs that are leaders in digital and in providing exceptional service, seamlessness is the key. She said credit unions often get caught up in too much detail, which can bog down a member’s experience.
“It’s really thinking through what needs to be obtained at specific junctions in a journey,” she said. “Oftentimes, credit unions are trying to solve for many things at once, and therefore it can make a process get labor intensive and can pull it down. It’s about thinking about what you already have and what you need in a journey to keep things to an absolute minimum—serving up that seamless experience.”
TMI
Stelpflug said she has seen many instances in which credit unions serve up too much information on the initial screen for a process.
“For example, when somebody logs into your system, how much is being displayed? How easy is it to anticipate what step is next and what you want to look at?” she explained. “For example, one credit union may just have account balances. Another credit union might have some quick links, some transactions, some aggregation…It’s taking a hard look at that first screen and asking what is that member’s initial reaction. How well can a member anticipate what step will be next. You have to be able to hook them from that initial screen.”
Combination of Steps Needed
Not only must many credit unions unclutter their initial screens, they also need to combine steps, Stelpflug said. As CUToday.info has reported, banks are spending significantly on digital delivery, and the investment has been worth it, according to the findings of the ACSI surveys.
“It’s simpler and more streamlined. The content feels like it can be more easily digested,” Stelpflug said about bank offerings.
Stelpflug urged credit unions to improve the updates to their online solutions to keep them fresh and functioning well. She said CUs should avoid launching a tool and then moving on.
“Make sure it seems current,” she advised.