In today's ever-changing financial services industry,configurable, extensible digital channels that enablecredit unions to respond quickly and effectively to the changingneeds of their members is essential.

Members increasingly expect more from their financialinstitutions as mobile and social media become more prevalent,especially among younger members that expect a personalizedexperience.

According to a 2012 Pew Research Center report, 63 millionAmericans bank online. By 2015, even more people will interact withtheir institutions digitally, exceeding those who bank throughbranches.

According to a March 2011 Forrester Research report, there arethree areas of personalization to enhance the member experience:content, navigation and presentation.

Content Personalization enhances theuser experience through a personal approach unique to that member.Content personalization could include personal greetings, such as“Hello John” or “Happy Birthday.” To further enhance theexperience, credit unions should also incorporate information aboutthe user's last login and most significant transactions thathappened since then. In addition, proactive notifications aboutwhat actions are required, personalized product offers (e.g. bannerads), forms and tools that are prefilled with existing memberinformation, and information about the nearest branch can create anexperience unique to that user.

Navigation Personalization providesthe ability to continue where the member stopped during their lastvisit. Shortcuts to the most likely user scenario, such as paying abill or checking a budget in a personal financial management tool,as well as different navigation layers presented to differentmember segments are key.

Presentation Personalization includeslanguage, layout and formatting tailored to different membersegments. Site customization by the user also enhances theexperience by allowing members to select displayed content andrearrange page layouts. Credit unions can further enhance themember experience by highlighting which products the member alreadyhas and which are most relevant. To meetmembers' evolving needs and their demand for personalization,credit unions should adopt a modern digital banking platform, whichis dynamic, configurable and extensible.

Members expect not only a highly intuitive, seamless bankingexperience across multiple channels, but also one that adapts touser behavior and preferences. Appearance and behaviors changebased on different circumstances, for instance, the member'sprofile and preferences, where the account is accessed (e.g. branchkiosk), type of device (desktop or mobile) and what the member isdoing (e.g. transfer funds, pay bills, change address). A dynamicuser experience drives member satisfaction and fosters retentionefforts.

The ability to configure digital channel capabilities quicklyand easily without custom programming can be a significantadvantage. For example, a configurable platform can increase theeffectiveness of segmented, targeted marketing efforts for improvedconversion rates and improve the speed to market for new offers, ifthe platform allows for real-time changes by the institution acrossdesktop, mobile and tablet devices.

With self-service tools for the administration and configurationof digital channels and extensive member detail (balance, age, howlong account has been open, flags on account, type of account,etc.), credit unions can apply their business rules, control acomprehensive marketing strategy and apply a uniquely brandedexperience to the individual needs of specific member segments withease and efficiency.

Meeting the demands of next-generation members is also criticalto success and longevity; therefore, credit unions should invest inan extensible platform that allows for additional features to beeasily added as market demand and technology evolve.

With an extensible banking platform, institutions can easilyintegrate with third-party vendors or add new features using theirown resources. To do so the underlying technology platform mustallow for “plug and play” changes without disrupting other featuresand provide a simple toolset such as a software development kit tocreate unique services utilizing internal IT resources.

For example, adding a rewards qualification tracking featurewithin in your digital channel for premiere rewards checkingaccounts can be both personal to the user and unique to theindividual institution. Credit unions that utilize an extensiblebanking platform will have peace of mind that they will meetmembers' needs for years to come.

By personalizing the member experience through a dynamic,configurable and extensible digital banking platform, credit unionscan improve satisfaction and increase member loyalty while alsoincreasing the relevance of product offers to improve conversionrates.

Credit unions that do so will have the greatest advantage ofmaintaining competitiveness and meeting members' current and futureneeds.

John Balose isprincipal market manager of Online Resources Corp., nowpart of ACIWorldwide of Naples, Fla.

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