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CU Guide: Keeping Members At The Center Of Your Digital Transformation

People-focused innovation will empower credit unions to grow virtual channel use post-pandemic.

Member expectations are changing and changing fast. According to McKinsey research, up to 20% of consumers expect to increase digital channel usage once the crisis has passed. Additionally, McKinsey predicts retail banking will experience up to three years of digital-preference acceleration.

Build The Journey To Financial Health

The best credit unions know the member journey is not just about the handoff from marketing to sales or even from savings account to checking account to credit card opening. Members become a part of credit unions for the confidence that the relationship provides. Members want to know they made a good choice in their auto loan or that they re paying back their forbearance correctly with you as their guide.

When you consider your members journey with your credit union, think of it in terms of creating a path to financial wellness. As you lay the groundwork for digital transformation, leverage your already-built trust to guide members through their financial journey. Orchestrate your digital journeys to mirror the in-person experience and extend trust and financial confidence through digital touchpoints.

An example of the impact of confidence on financial health can be seen in Gallup research from March that showed financial wellbeing plummeting. Gallup helped credit unions participating in the collaborative program to provide emotional validation and support alongside financial relief. For those that did so, member financial wellbeing rates have rebounded to almost pre-pandemic levels.

It’s no doubt a member-first engagement approach works. The challenge facing today s credit unions is: How do you nurture these deep member relationships, and do it at scale?

Execute With Strategic Technology Solutions

As you look to adopt technology solutions to scale member engagement, consider the main business objective or challenge you re solving. Which tools will help you put the member needs at the center? How can you educate members on the next best steps to achieve financial wellness? What will equip your credit union to connect with members at every moment in the ideal journey you ve outlined?

Single solutions or tools like a CRM or a marketing automation platform can be argued as critical for digital transformation. The often-missing consideration is how each integrates to the whole and contributes to the optimal member experience. A CRM should help provide your team the insights needed to understand what each member cares about. The marketing automation tool should remove manual tasks and empower your credit union employees to do the things that only humans can do build trust and maintain member-for-life relationships. The key is to leverage technology to orchestrate the journey to financial wellness through your people who are part of the value your credit union provides.

Member-Centered Transformation

The most successful digital transformations focus on keeping members and their experience at the heart of every decision. In doing so, they extend the loyalty because members get the things they care about including a lifetime financial partner who they can trust. And when credit unions deliver that, their members become financially healthier. When you successfully transform your experiences digitally, you deliver on your promise to serve your membership and community.

People First. Members For Life.

Learn how Total Expert helps credit unions on their digital transformation journey.

This article is sponsored by a recognized solutions provider in the credit union industry. Callahan & Associates does not endorse vendors or the solutions they offer, and the views and opinions offered here might not reflect those of Callahan. If you are interested in contributing an article on CreditUnions.com, please contact the Callahan team at ads@creditunions.com or 1-800-446-7453.
October 5, 2020

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