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.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?


NOT FOR REPRINT

© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper

 

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2023 ALM Global, LLC. All Rights Reserved.