At the heart of every successful credit union lies a steadfast commitment to its members.
By prioritizing your member experience, you can redefine the people-helping-people philosophy and set a new standard for putting people first in the industry.
The People-Helping-People Philosophy
This principle is not just about transactions.
It’s about creating a community where members feel valued and understood — not only emphasizing the importance of building strong relationships and trust but also recognizing the member experience must remain top-of-mind in every decision you make.
To achieve this, credit unions are prioritizing transparency, accessibility, and personalized service.
By fostering a culture where employees are empowered to serve, you can significantly enhance your member experience. In fact, employees who feel valued and supported are more likely to extend that care to members, creating a positive feedback loop that strengthens your entire credit union.
Bridging The Gap For Younger Generations
As the financial landscape evolves, you must adapt to meet the needs of younger generations. We’ve moved far beyond the days of enticing new members with toasters and bowls of lollipops, and well into the days of providing personalized, tech-savvy services that resonate with a digital-first mindset.
Today’s younger consumers expect seamless online experiences, instant access to their finances, and tailored financial solutions that address their unique challenges.
In fact, 78% of members now prefer to bank digitally, whether through a mobile app or a website, underscoring the critical importance of the online experience and the significant gap in what financial institutions are providing and what young consumers want and need.
To bridge this gap, you must focus on creating a user-friendly digital platform and commit to innovative thinking and modern approaches.
This means investing in modern technology, leveraging data to better understand your members, adopting innovative approaches that prioritize convenience and connectivity, and integrating technology that resonates with younger members.
By doing so, you’ll not only attract new members but also foster long-lasting relationships that drive loyalty and growth in an increasingly competitive market.
Strategic Priorities For Credit Union CEOs
The Jack Henry™ 2024 Strategy Benchmark identifies the top three key priorities for credit unions heading into 2025 that are intricately linked to an enhanced member experience.
These powerful insights are crucial for your credit union’s success and offering a topnotch member experience:
- Growing Deposits: Members are more likely to invest in a credit union that understands their unique goals and provides competitive, personalized offerings. With 44% of credit union CEOs indicating growing deposits as paramount in 2024 and 2025, enhancing your member experience to drive deposits is crucial to your success. What’s more, growing deposits is considered the most difficult priority to achieve, followed by accountholder acquisition and increasing operational efficiency. With a robust member experience, you can create a strong sense of loyalty and trust that leads to increased deposits over time.
- Acquiring Members: Attracting new members requires a clear understanding of their needs and pain points. By enhancing your member experience, you can better position yourself as the preferred choice for potential members looking for personalized service and community engagement. With 38% of credit union CEOs saying member acquisition is a top priority, focusing on enhancing your member experience will help you stay ahead of the competition and set your credit union up for short- and long-term success.
- Increasing Operational Efficiency: With expenses putting downward pressure on net income, credit unions rolled into 2024 with greater urgency around improving operational efficiency — the third top priority identified by credit union CEOs. By recognizing and removing inefficiencies, you can serve your members more effectively while improving member satisfaction and retention.
Keep in mind the powerful impact these strategic initiatives, top priorities, and key insights can have when it comes to enhancing your member experience, driving deposits, and increasing efficiencies.
By fostering a culture of service, embracing innovation, and leveraging data strategically, you’re not just enhancing your member experience — you’re ensuring your relevance and success in the future.
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