To stay competitive with larger financial institutions, credit unions must provide customers with the services they want, including meeting demands by age groups. While younger customers want 24/7 online access, older customers want local branches that they can walk into. Many credit unions can meet these demands but are also extending their offerings with new features to help customers.
FirstLight Federal Credit Union in El Paso, Texas, has partnered with Digital Insight, a digital and mobile solutions provider for credit unions and banks. This has allowed FirstLight to expand its digital offers with mobile remote check deposit capture and person-to-person payments from a smartphone or tablet. Through this partnership, FirstLight provides rewards for customers using their debit cards.
Another credit union providing customers with what they want is Navy Federal Credit Union (NFCU).
“Navy Federal prides itself in giving great service to all our members. And given that millennials are one of our key demographics, mobile and online access is the primary way this group uses our services,” said Tim Day, assistant vice president of digital channels for NFCU.
NFCU's customers use the credit union's mobile app to shop, buy movie tickets, and complete financial transactions when out of the country.
One way that San Francisco Federal Credit Union is anticipating the needs of its customers is through Google Analytics. It analyzes which screens customers stay on the longest and the various steps customers take to reach their goals. The credit union uses this information to make its website and app easier to use.
Some credit unions are reducing the number of branches and even going branchless. The primary benefit of fewer branches is lower overhead, which translates to more money that can be spent on digital offerings. These new digital offerings will appeal to Millennials and Gen Z, which have been more difficult to attract to credit unions as compared to older customers.
Additionally, “the savings will help...offer better rates for share accounts and loan products," as stated by Local Government Federal Credit Union (LGFCU).
The more customers engage digitally; the more credit unions can enhance the digital experience and product offerings. Such analysis allows credit unions to create targeted products that have better appeal to their customers, further driving customer engagement. These enhancements are part of the overall personalization of the customer experience.
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