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Upgrading Member Satisfaction: 4 Essentials For A Modern Payments Experience

Key areas to strengthen a seamless banking experience across all deposit channels.

Does exceptional service supersede modern capabilities and a seamless banking experience?

It’s likely a combination of the two that keeps members coming back. And while digital banking has brought flashy, visually appealing solutions to the forefront, now isn’t the time to forget about your back-end infrastructure. Your payments ecosystem — a web of capabilities that addresses both in-branch and remote capabilities — is one of the most important to your credit union’s survival.

In this article, we outline four key areas that will strengthen your credit union’s delivery of a seamless banking experience across all deposit channels and ensure member experience remains a constant.

1. Consolidate Siloed Platforms For A Streamlined User Journey

Members expect consistency and the ability to bank across various channels, picking up where they left off in a seamless manner. Having to wait for transaction information to post or become available causes friction and increases risk for your institution. Yet, with disparate systems, this is often the reality.

By consolidating line of business solutions and breaking down organizational barriers, credit unions can leverage modern technology that provides consistency on the back-end and a seamless user experience across all deposit channels — regardless of whether a member completes a transaction in the branch or remotely.

2. Detect Anomalies Sooner Rather Than Later

More often than not, credit unions use conventional systems that don’t allow for real-time detection of anomalies or duplicate checks until they’re posted, leaving your institution and members vulnerable. It’s often too late, and can be costly, when the credit union detects this type of activity.

With newer platforms and the ability to review images and data in real-time, credit unions can catch fraud before it enters back-end workflows. With the ability to truly know your account holder and build a risk assessment profile that can be deployed across all channels, institutions ensure a consistent user journey by quickly identifying suspicious activity and potential fraud attempts in real-time.

3.Develop Account Holder Personas

Developing member personas is a crucial step in optimizing the member experience and personalizing products and services. By understanding who your members are, credit unions can tailor their offerings to provide a more focused and engaging experience.

Leveraging transaction data and unique deposit and spending habits as well as understanding a member’s financial story are all key components to building a unique profile, which credit unions can apply to marketing and campaigns or pair with other valuable insights. In addition to current programs, leveraging these tools can help identify patterns, predict future trends, and even detect gaps in product capabilities.

4.Leveraging The Cloud

Cloud-hosted platforms provide flexibility and enable your institution to seamlessly scale your operations as membership grows — all without the need for significant infrastructure investments. For members, this means solution accessibility without disruptions or delays. The cloud also ensures the latest features are always available, with updates, maintenance, and new capabilities available quickly.

Incorporating these four pillars into your payments strategy will ensure your credit union can continue to deliver the convenience and innovation your members expect today. A modern deposits experience requires credit unions to choose a platform that supports their transaction workflows today and ensures scalability and value-add for tomorrow — always keeping member experience directly linked.

Alogent’s patent-pending platform is proven to deliver these essential strategies, combining modernization with the user journey in a thin client, cloud native architecture. Its single platform and single API allow your institution to go-to-market your way: powering all full- and self-service workflows with the same platform or by line of business. Address your credit union’s goals while exceeding member expectations.

Learn why institutions of all sizes are making the switch to Unify in this solution e-book.

Jason Schwabline is the chief strategy officer of Alogent.

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.
November 6, 2023
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