By Brad Young
Given how often we see our family, friends, and coworkers with their eyes glued to a screen, it probably won’t come as any surprise when you hear that the average U.S. resident uses an electronic device for 10.5 hours each day.
With this knowledge of how our society spends its personal and business-related time, organizations must adjust the way they do business or risk being left behind. Likewise, credit unions must change the way they appeal to prospective members and conduct business with existing members.
Beat the Competition
Our organizations are constantly competing with hundreds of other prospective merchants to gain consumers’ attention and screen time and impress upon them the advantages of using our companies.
How can your credit union stand out amidst the clutter? You must deliver products and services in whatever way consumers prefer to receive them, and these days, consumers are unmistakable in their desires:
- Fast
- Easy
- Electronic
- Mobile
The old days—when members would think nothing of driving to a branch to deposit a check or make a loan payment—are long gone. Tech-savvy millennials are replacing baby boomers as the largest segment of credit union customers, according to The Financial Brand. Today’s consumers see no reason to visit branches in person, conduct business with tellers, or wait in line for service. Furthermore, modern members wish to send and receive payments the same way they handle most of their personal business: on the web or by smartphone application. Websites and apps must be simple, clear, quick, and easy to use. Customers expect these up-to-the-minute technologies and payment options available on the electronic device of their choice:
- Mobile banking
- Person-to-person payments
- Self-serve payment options
- Bill pay
- Remote deposit capture
Don’t Waste a Minute
Unfortunately, there is no time to waste in ensuring your credit union is giving people what they want. If your institution doesn’t offer modern, electronic options that save time and make members’ lives more convenient, your competitors will. To make matters worse, these days, your competitors are not just banks down the street or other credit unions in your community; your members can open accounts and conduct business online with eager banks and credit unions across the country.
Don’t give your members reason to look elsewhere for their banking, investment, credit card, loan, or payment needs. Your credit union must stay current with what today’s consumers are demanding or lose members and business to other institutions that have committed to stay on the cutting edge.
For more detailed guidance on financial technology, meeting modern consumer demands, engaging with today’s digital consumers, and changes in the payments industry, download our new ebook, Meeting Consumer Self-Serve Payment Demand, at swb.us/payments.
Brad Young is chief operating officer with the Financial Institution Group of SWBC.