Cross-Channel Consistency

Sponsored by CU Solutions Group

Millennials represent the largest population cohort in U.S. history, yet the average age of a credit union member nationwide is slowly but steadily increasing. This presents a challenge for credit unions: How can they appeal to younger members?

Understanding what young members want can be difficult. While some studies find that financial education is a core Millennial value, others suggest it’s more a matter of personal service. Some report that fees are a hot button issue and others say that ATM availability is more important. One constant does appear, however: consistency.

Consistency is something that young and experienced account holders alike can appreciate. The difference, however, is what consistency means to these different generations. From the Millennial perspective, it means maintaining the same level of access through every channel and on every front.

Credit unions, when compared to banks, have long been known for superior member service and a personal touch. Ask yourself: Does this reputation follow you into your digital spaces? If credit unions are not surpassing the level of service that banks are delivering through mobile channels, then they can no longer consider themselves the hands-down leader in member service. Credit unions can’t afford to let go of the member service trophy. But it needs to move beyond the friendliest employees.

Some credit unions are on board while others are still coming around. Focus groups have revealed similar stories across the country, from “My credit union doesn’t offer mobile banking,” and “My credit union’s banking app is difficult to use,” to “My credit union’s online account portal crashes and I never know when it’ll be available.” Consider the implications ... if a system went down in-branch and members weren’t able to access money or conduct business, it would be a major problem. It would be an “all hands on deck” situation until the issue was resolved. No one would shrug and reply, “We’re really sorry, but we’re just not sure when we’ll be back up.”

It’s a service double standard. If it’s not okay in-branch, then it’s not okay online. The growing majority of account holders see it this way, but it’s still unclear whether the majority of credit unions have adopted this mode of thinking. To stay on the forefront of member service, it’s time that we all jump in, and jump in with both feet.

To help address this concern and guide credit unions through digital channels, technology-leader CU Solutions Group is now offering Mobile Finance Manager.  From digital check deposit and budget tracking, to peer-to-peer payments and mobile account transfers, the goal is to bring credit unions back to the forefront of member service in an easy and affordable way.

When delivering member service means delivering a convenient and secure means of self-service, it makes sense to partner with a technology leader that is dedicated to the credit union industry. If your credit union is ready to dive into mobile, or wants to discuss a better alternative to your current provider, contact CU Solutions Group at 800.262.6285 or visit CUSolutionsGroup.com/GoMobile.

Daniel Curren is copywriter for CUES Supplier member CUSG powered by FocusIQ, Farmington Hills, Mich., provider of Mobile Finance Manager, which combines the latest mobile finance technology in a single turnkey solution. Reach Daniel Curren at 248.489.8465.