Delivering aseamless member experience across physical and digital deliverychannels is no longer just an option for credit unions to consider,it is a critical component of effective member acquisition andretention. This evolving method of service is referred to asomnichannel banking and it satisfies banking consumer demand forhaving a similar level of convenience that members receive fromsocial media, entertainment and news gathering tools. It alsobenefits credit unions by creating opportunities to increaserevenue, improve internal operational efficiency and lower the riskof losing members to other institutions due to slow or inconsistentservice.

A complete omnichannel banking model includes an institution'sphysical locations as well as mobile, online, self-service kiosksand ATMs. When all elements are integrated into a unifiedexperience, an omnichannel model helps create amore profitable, flexible and agile institution that canquickly react to changing member demands and preferences. Membersbenefit from the ability to engage the credit unionthrough their preferred channel, giving them greater control overwhen and where they do business with the credit union.Additionally, their questions are answered quicker, with lesseffort, and they have a more engaging experience that ispersonalized for their needs and financial situation. Anomnichannel model also opens the door for credit unions to upselland cross-sell members regarding other products resulting inincreased wallet-share.

Yet, while many credit unions have some digital servicecomponents, most do not use them effectively to create a trulycomprehensive omnichannel model. As the millennial generationincreases its financial influence and we see more digital consumersacross age groups, credit unions must leverage the latesttechnologies to service members anytime and anywhere.