This week, CreditUnions.com checks in with mobile and digital strategies at credit unions, including one in California and one in New York. In addition, we take stock of the industry’s leaders in online banking penetration and breakdown electronic delivery channel deployment by asset size.
Here are five can’t-miss data points:
Patelco Credit Union is a year into its new digital presence, built around helping members map their credit union journey by matching financial products to financial wellness. The big idea is to provide a needs-based user experience that allows members and prospects to choose a guided experience tied to their goals, such as paying for an education or a home. This holistic approach to member engagement is building on a record of strong metrics such as 2.33 share accounts per member (the average for all 5,451 credit unions in the U.S. is 1.91) and an average member relationship of $31,805, compared to the national average of $19,156.
Read: How Patelco Matches Digital Design To Financial Goals
For the past several years, Corning Credit Union has been working on a digital strategic plan to better serve members in the channels they most use. After an assessment more than two years ago, Corning recognized its then-mobile and online banking provider wasn’t suited for the credit union’s long-term plans. At the end of 2017, the credit union set out on a 12-month RFP process in search of a new provider. Then, after signing with its new provider, Corning kicked off a yearlong implementation process that culminated in a January 2019 go-live date. The scale and potential for disruption the conversion presented meant communication would be integral to a successful rollout, so the credit union created a formal team to run a three-pronged outreach strategy.
Read: Strong Communication Supports A Smooth Conversion For A New York Credit Union
Wonder where customer service is headed? Just step inside a McDonald’s fast food restaurant and order a Big Mac and fries. In a growing number of restaurants, customers are waiting to be served at registers, tapping their orders into self-service kiosks, and picking up their food curbside after placing orders on a mobile app. Likewise, many credit unions are modernizing existing systems by introducing mobile and text-based services, multifactor authentication, aggregated account and budgeting, video conferencing, and more. The result? Lower call center volumes and deeper interactions with members.
Read: 7 Strategies To Support Self-Service Read more: Fewer Branches, Doubled Assets, And Self-Service
Over the years, delivery channels have evolved to include much more than brick-and-mortar branches. An increase in demand for technology combined with falling branch traffic has prompted credit unions to scale back the square footage of branches and incorporate technology into daily operations. Expanding electronic services is one way credit unions provide more convenience and value for their members. These functionalities allow members to engage with their credit union without stepping foot into a physical location. At 98.44%, see which credit union leads the industry in online banking penetration.
Read: The Leaders In Online Banking Penetration
The cooperative financial services industry counted 5,492 credit unions among its ranks as of Dec. 31, 2018. Versus one year prior, that’s 197 fewer institutions, 194 of which were merged or acquired. The year closed out with 3,376 federally chartered and 2,116 state-chartered credit unions. Despite continued consolidation within the industry, credit unions still operated 21,204 branches throughout the country. At year-end 2018, credit unions served on average 5,600 members per branch. The average amount of deposits per branch was $58.5 million. That’s an increase of 4.6% from 2017 as deposit growth outpaced branch growth. But over the years, delivery channels have evolved to include much more than brick-and-mortar branches.
Read: Credit Unions Expand Their Electronic Footprint And The Cooperative Reach