Ensure That Your Website Supports Your Member Needs

Does your website support not only your member's information needs, but also their transaction needs? Time and time again, Callahan's Survey Consortium online member surveys have shown that it's the little details that can make a difference in trying to increase reliance on the web as a transaction channel. Internet home banking for some credit unions is only a minor upgrade of the information provided through automated telephone response systems, but it offers much more potential for improving transactions which are usually handled at the more costly branch service channel.

 
 

Does your website support not only your member's information needs, but also their transaction needs? Time and time again, Callahan's Survey Consortium online member surveys have shown that it's the little details that can make a difference in trying to increase reliance on the web as a transaction channel. Internet home banking for some credit unions is only a minor upgrade of the information provided through automated telephone response systems, but it offers much more potential for improving transactions which are usually handled at the more costly branch service channel.

One case in point is to look at how credit unions are meeting member's needs in the area of mortgage loans. A recent National Association of Realtors survey revealed that 41% of homebuyers used the Internet as an information source when purchasing their home.

A recent Survey Consortium survey of online members discovered that despite their preference for online transactions, about one-fifth did not name the Internet as their preferred channel to check information such as rates. Why? Because they didn't believe the website was updated frequently enough to show the current interest rates. Most credit unions would be horrified to learn that their customer service staff was giving out incorrect rate information over the phone, but are their websites updated frequently enough to ensure the rates are correct? One credit union website was showing home equity loan rates dated six months ago, calling into question the accuracy of the other information on the site. Is the website the first place you update your rate and fee information or is it the last? It doesn't take members (or potential members) long to figure out that the web is not the most current information channel available.

Loan applications are another promising area for credit unions to take the next step in meeting member needs. Many credit unions have not moved beyond printable credit card and auto loan application forms for members to print and take to the branch, while the high dollar mortgage applications are not on the site at all. Processing loans online, from application to approval, typically takes fewer days than paper processing. Too expensive? Consider how many more loans your credit union could have processed during this period of high mortgage loan demand when deciding whether the investment is justified

 

 

 

Jan. 20, 2003


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