Creating a better mobile video banking experience. Creating a better mobile banking experience. (Source: Shutterstock)

Credit unions often receive criticism for their inability to provide members with user-friendly, digital membership and loan application processes. According to the J.D. Power 2019 U.S. Retail Banking Satisfaction Study, consumers under 40 years of age prefer big banks because of their reputation for scale and technology innovation.

The study went on to report that 53% of retail banking consumers use mobile banking – with midsize banks experiencing significant declines in innovation and satisfaction scores among consumers under 40. Therefore, it may be concluded that consumers will take their business elsewhere if companies cannot meet their demands. In response to increasingly heightened member expectations, many credit unions are looking outside their organizations for solutions.

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