Monday, February 3, 2020

Future of Credit Unions: Digital-Physical or Digital-Only?



  
Credit unions are always on the lookout for innovative technologies that help them put the customer first in customer care.

The financial industry is moving from face-to-face interactions to digital interactions and round the clock touchpoints. With the current millennial generation hooked on digital technology, the industry is further expected to move towards digital banking solutions - with digital debit cards, biometric verification, etc.
But digital transformations will not make physical branches redundant. They still provide a unique experience that no digital solution can ever replace - the comfort of a human presence.

In such a dynamic environment, each credit union must be agile in all fronts to enhance a member’s experience. A seamless omnipresence and contextual continuity is just the bare minimum in today’s cut-throat competition.

The main issue with today’s growing digital innovations is that while the younger generation is highly inclined towards digital banking, they are certainly not seeking digital-only banking.

Less than half of respondents aged 18 to 34 said they’d actually consider moving their accounts to a digital-only option, others wouldn’t even consider switching to a digital-only institution. They may visit the physical branches less than the older folks but the process of transitioning from digital to digital-only can be quite monumental.

 


How can CRM in credit union revolutionize the way the customers perceive the physical bank branches? 


The financial industry is not yet ready for a Digital-only solution as backed by data and customer behavior. 

A perfect solution is the one that balances both the digital and the physical aspects of modern financial service in a way that ensures a greater customer experience, ease of access and human empathy on a single platform.