Embracing the Digital Era to Engage Members

Data analysis

The banking industry has shifted from relying on in-person visits to favoring personalized mobile experiences that can fit into the palm of a consumer’s hands. In fact, due to engagement tools like banking apps and online portals, three-fifths of all transactions at the most forward-thinking banks are now conducted digitally via smartphones or computers. Digital alternatives to traditional banks (Apple Pay, Venmo, PayPal, etc.) are also gaining popularity, as 29% of consumers worldwide already have a relationship with at least one non-traditional financial firm, according to the 2018 World Retail Banking Report.

Digital communication technologies have completely reshaped the relationship between credit unions and their members, just like it did for retailers and their customers. As operations increasingly move online and into the mobile arena, credit unions must be able to adapt to the personalized omnichannel experiences members expect. This includes launching unified campaigns across email, SMS, mobile, social, direct mail and website channels that also sync up with face-to-face real-time offers.