
How to increase member engagement
The financial landscape is continuously evolving, encompassing traditional high street banks, digital-first neo-banks, building societies, and credit unions. In this dynamic environment, credit unions must prioritise member engagement and retention. By adopting a proactive, holistic approach, credit unions can offer richer, more meaningful experiences to their members.
Irrespective of size or technological adoption, credit unions have a unique position due to their commitment to personal service and strong community ties. As we navigate the digital age, credit unions must seamlessly integrate digital advancements while preserving their core values, ensuring resonance with both current and prospective customers.
The new member expectation: seamless digital experiences
The digital age has conditioned members to expect immediate, streamlined interactions. Members desire quick feedback. The credit unions that offer instant decisioning via digital apps are seeing impressive growth in membership. Gone are the days when members would accept the need to fill out a form, mail it, and wait up to two weeks for a decision. Today’s members expect instant decision making with a turnaround within seconds, not weeks.
Credit unions that have invested in technology are witnessing remarkable advantages. The digital transformation empowers these credit unions to digitalise, streamlining processes and offering members that quick, seamless journey they so greatly desire. It’s not just about increasing speed; it’s about enhancing the member experience at every touchpoint.
Incorporating artificial intelligence into the mix, platforms are reshaping how credit unions operate. The platforms focus on refining AI to create more intuitive, responsive, and efficient tools. Credit unions implementing this technology are not only improving their services but are also seeing a shift in their demographic appeal. By integrating advanced AI-driven solutions, these institutions are successfully reaching out to and engaging with a younger, tech-savvy audience.
Combating payday lenders – with better rates
One of the pivotal advantages of these digital advances is the ability for credit unions to position themselves as robust competitors against payday lenders. However, unlike these lenders who often charge exorbitant interest rates, credit unions can offer the allure of instant decisions without the financial drawbacks.
Empowering members through knowledge
Beyond just offering financial services, modern credit unions also play a pivotal role in educating their members. By incorporating digital tools that promote financial literacy, credit unions can empower their members to make informed decisions.
Embracing the challenger brand mindset
While credit unions have a distinct advantage with their community-focused method, adopting a challenger brand mindset allows them to stand out even more. Rewards, loyalty programs, and exclusive member benefits can be powerful tools in attracting and retaining members.
Digital community engagement: the best of both
Though in-person interactions are irreplaceable, digital platforms open up new ways to nurture community ties. Online forums, member webinars, and digital feedback sessions provide avenues for engagement that transcend geographical boundaries. Credit unions can grow membership bases without opening new branches and without recruiting more branch staff.
Agility, efficiency, and growth
With a global investment of $2.3 trillion in digital transformation, the move towards digital is evident. For credit unions, a digital-first approach is not just about catering to member preferences but also about gaining agility and efficiency. Streamlining processes digitally enables credit unions to focus on nurturing relationships and expanding their footprint.
Moving forward: merging traditional values with digital prowess
It’s a balancing act: acknowledging and upholding the core principles of credit unions while embracing the potential of the digital age. Credit unions that harmonise the old with the new are seeing marked improvements in member engagement.
The crossroads at which credit unions stand offer both challenges and opportunities. Embracing the digital shift, while retaining core values, can lead to unparalleled member engagement, positioning credit unions as both traditional and forward-thinking.
Get in touch today to find out about our solutions designed to increase member engagement.