Credit unions are a popular financial institution for many, yet the digital experience offered to their members can vary greatly. There are lots of insights and ways credit unions can use the digital experience at the top 100 credit unions to augment and transform their own offerings and operations.
Recently, Finalytics.ai released its 2023 Credit Union Digital Experience report, which they call the “annual deep dive into the largest credit unions in America by asset size, to analyze digital experiences across the industry.”
This report evaluates credit unions based on several items, including website, online account origination, analytics, member experience as a whole, cybersecurity, and privacy offerings. We wanted to take a look at these findings and see what trends are emerging.
In the modern-day, digital experiences are becoming a cornerstone of the financial industry. Credit unions have been taking advantage of these advancements to better serve their members. By analyzing the strategies implemented by these successful organizations, we can gain insight into how credit unions can create an effective digital experience for their members and improve overall customer satisfaction.
Overall Digital Experience Winners: Here’s How They Did It
The top 5 credit unions when it came to overall credit union digital experience, were VyStar Credit Union, Alliant Credit Union, CommunityAmerica Credit Union, Wings Financial Credit Union, and Redwood Credit Union. In general, each of these institutions enhanced their members’ digital experience by providing them with the features, aesthetics, and overall experience they preferred.
CU UX (User Experience) Needs to Be Optimized
Finalytics.ai ranks the different categories on a scale from worst to best with scores from 1 to 5. The average user experience (UX) score was 2.31 out of 5, which shows a marked need for improvement across the credit union industry.
In order to improve your own credit union’s UX, product-focused primary navigation is a must. Though this seems like a no-brainer, Finalytics.ai found that slightly more than half of the credit unions studied actually had their products listed in their primary navigation – the website menu.
Members and prospects are often coming to your website for solutions, not philosophies. While your mission and community outreach are hugely important to your brand image, your CU website should cater to those looking for product- and service-based solutions to their current problems and questions.
Think of it this way: if you opened your favorite navigation app or website and had to click through three or four tabs before you could enter in your destination address or name, you’d likely find a new navigation app, right? The same is true for your members: if they need a loan, they want to be able to navigate to your home page and see a tab that will take them to the loan types you offer, or even a digital loan application form.
The member journey should be one that is reflected in the UX of your website. It spans multiple channels, touchpoints, and sessions – this means your online presence needs to help guide them through that journey with as little friction as possible.
We’ve talked here and on our sister site’s blog about the importance of including personalization at all steps in the member journey, and the Top 100 credit unions report agrees, naming it a top growth trend.
Only 7 of the top 100 credit unions in the nation are ranking on a deeper level for personalization, and only 21 had some level of personalization included in their online presence.
Along with personalization, segmentation of credit union audiences was also lacking. Those segments (which can include different audience targets and even primary navigation that helps those looking for Business Personal, and Wealth Management insights and products) were considered “well-defined” in just 30% of the website content analyzed by Finalytics.ai.
The Role of Security in the Digital Experience
Part of a credit union’s digital transformation strategy in 2023 and beyond will need to include the way we talk about and protect our members’ data and information. In the Finalytics.ai study, they found that security and privacy content consists of two primary areas: the credit union side (what they’re doing to protect their member information) and the user side (what your members can do to protect their own information).
One way to improve this score, Finalytics.ai found, was to increase the visibility and access to information pertaining to cybersecurity and personal data and banking best practices. If your credit union doesn’t already have a dedicated and highly visible area for users to find tips, tricks, and instructions for safe ways to use your apps, website, and other mobile or online banking offerings, it’s worth the investment to create those resources for your members.
It’s also important to communicate often and stay consistent with your messages to members about the state of your cybersecurity and other digital transformation strategy items. Transparency and honesty can often close the rift for prospects: if you can show your members and potential members that your credit union is committed to offering a similar level of protection that big banks can, it goes a long way in building trust in your brand.
Keeping the Momentum Going
Trust is the key to member satisfaction, and that means being intentional and transparent with your credit union’s offerings and operations this year.
Some exciting and positive findings in the Finalytics 2023 Credit Union Digital Experience Report include growth in all of the following: loans outstanding (16.2% increase year to year), shares and deposits (up 8.1%), and net worth (10.8% growth).
Finalytics.ai also had some insights into the top digital services members value and desire the most, which include:
- Remote deposit capture
- Digital cards that can be issued directly to a digital wallet
- P2P payments
- Digital wallets
- Cardless cash withdrawals
With all that emphasis on increasing digital access and solutions, you’ll need powerful data and security solutions, and IMS has you covered.
With our IaaS (Infrastructure-as-a-Service) solutions, you can configure resources to meet your CU needs. You can skip the pricey setup and installation of an in-house data center and trust your members’ data to our self-service, enterprise-grade cloud IaaS that was built to meet your credit union’s dynamic needs.