According to a recent Mercator Advisory Group report, many financial institutions are seeking ways to gain 360-degree views of member needs and behaviors. The ultimate goal of doing so is to better engage with members by having increased awareness of members’ needs and expectations. To achieve this 360-view and ultimately provide superior service and boost member interaction, credit unions should leverage an omnichannel digital banking solution.

Better view of your members

The disparity among separate digital banking solutions hinders a credit union’s ability to gain a complete view of its members. Many credit unions have separate technology solutions for online retail banking and business banking, as well as a separate mobile banking solution. Oftentimes, credit unions implement one vendor’s solution for personal finance management and another for bill pay.

When it comes to payments, some may use one vendor for person-to-person payments and another for loan payments. This heavily fragmented approach, albeit functional, makes it virtually impossible to achieve a holistic view of members’ overall interaction with the credit union. To overcome this, investing in a single digital banking solution is key. A single platform allows for greater access to reliable, useful data. Credit unions are then able to make intelligent decisions, such as where technology investments should be made based on usage trends.

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