As I work with credit unions across North America, my four-year old daughter MacKenzie often asks me where I am.
The other day my husband had a great idea. He called me while I was boarding a plane and said, "We should get MacKenzie a dry erase map of North America. As you leave every week, you can circle where you'll be and she can follow your travels."
As I took my seat on a flight, I logged onto Amazon.com via my smart phone and with the company's one-click feature, I had a map ordered before the flight attendant started urging me to put my phone in airplane mode. The new map was at my house before I returned from my trip.
As credit unions chart the course for their digital strategies for the coming year and shape their 2015 budgets, this new consumer experience is the competition. Credit unions are no longer just competing for share of wallet. They must deliver engaging experiences because consumers have come to expect such for all services including those offered by their financial service providers.
According to the Novantas 2012 Multi-Channel Sales Survey, 70% of consumers preferred to research checking accounts online and 61% preferred to research mortgages online. The website is the top of the funnel. If a credit union cannot create an easy and appealing online experience, consumers may opt to find another destination on the financial services map.
One of Filene' latest impact pilots explored the online experience and digital strategies in a pilot with Amazon.com. Take a look at the research and how it can be applied to making a credit union's digital strategy even stronger.
Ready to put the research in action? Check out Filene's Digital Strategies program.
The report is the latest in a series of exclusive content from Filene available to CU Times readers. Check out these other reports:
- Only Up: Regulatory Burden and Its Effects on Credit Unions
- Credit Union Implications of Living Trusts
- Gen Y Personal Finances: A Crisis of Confidence and Capability
- Impacts of Mergers on Credit Union Costs: 1984 – 2009
- Channel Delivery for Tomorrow
- From Presence to Purpose: Developing Social Media Strategies and Metrics for Credit Unions
- Improving Social and Environmental Sustainability: A Credit Union Assessment and Comparison
- Mortgages and Credit Union Performance: 1980-2011
- Future of Payments: Credit Union Implications – A Colloquium in Salt Lake City
- Asset-Liability Management: Theory, Practice, Implementation, and the Role of Judgment
Tansley Stearns is the chief impact officer at the Filene Research Institute. She can be reached at 608-661-3753 or [email protected].
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