Five Lessons Credit Unions Can Learn from Amazon.com
As the online channel has become the primary channel through which most customers interact with their financial institutions, the pressure to deliver a more compelling user experience has grown.
Websites such as Amazon.com are often cited as the gold standard for the online experience, yet turning your credit union website into a carbon copy of a retailer site is neither practical nor wise.
Offer a personalized online experience – Personalization does not have to be complex. It can be as simple as providing online banking users with a personalized greeting or the ability to edit their profile and account information, areas where the online banking experience lags the online buying experience. For example, 70% of participants in the Fiserv survey indicated they were highly satisfied with the ability to edit their profile and account information at a leading online retailer, while fewer than 50% said the same of their online banking service.
Target the message to the right member, the right way – Credit unions should present products and services to members based on their needs, rather than sending all members a blanket offer. For instance, members with checking accounts may be receptive to an offer for overdraft protection or a new homeowner might welcome information about a home equity line of credit.