Data from Finalytics.ai's recent report on the digital experience at the top 50 credit unions uncovered a series of gaps and challenges impacting credit unions and their digital strategies. The team at Finalytics.ai uncovered the following gaps and areas for improvement:

Although an increasing amount of consumers are expecting their financial institutions to provide personalized experiences tailored to their unique needs, the report found that only 14% of credit unions exhibited some level of personalization. In order to deliver timely, relevant offers and financial advice to their members, it is crucial that more credit unions apply a high level of personalization by leveraging emerging technologies like machine learning.
Only 34% of the credit unions surveyed had highly customized analytics, applying a combination of Google Analytics, ad tracking and retargeting tracking. Those that leverage analytics are able to gain a complete understanding of user behavior, guiding improvements to the member experience as well as existing processes.
The majority of credit union websites did not cross-sell products anywhere within the digital experience and only a handful of credit unions provided members with a holistic view of how their products can serve them in their financial journeys. When members engage with their credit unions through digital channels, any gap between their expectations and the digital experience offered can erode loyalty over time, causing many members to abandon their credit unions for mega banks, fintechs and digital-only banks.
More than 60% of credit unions referred to their member segments within the navigation of their website (e.g., personal, business, commercial). The rest organized their websites around products, reflecting a product-focused experience that isn't necessarily centered around members or their specific needs. Credit unions should offer each prospect or member products that they are actually interested in and will help their financial wellness. This can be done by engaging with them based on their previous behavior and patterns, rather than offering them products and services that are not tailored to their needs and irrelevant.

As members migrate away from the branch to be digital-first, credit unions are battling to retain members by offering them the level of innovation and sophistication they expect. When considering how best to meet these challenges, many credit unions see the value of emerging technology. Yet too often they lack the resources, capabilities and time to implement this technology to the benefit of their members. Meanwhile, new competitive forces are emerging, leading members to compare the digital experiences at their credit unions with what is offered by Big Tech and fintechs. In this context, credit unions must select partners that can provide the technology that is needed to transform digital experiences in a fashion that captures the best of the credit union franchise.

Instant Insights /

Turning the Tide on Lagging Digital Experiences

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