Could the Way Credit Unions Use Digital Hurt Member Satisfaction?

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In the past few years, credit unions have gotten caught up in the digital arms race, heavily investing in digital capabilities, but sometimes losing sight of what their members or prospects truly want and/or need. A recent Finalytics.ai survey found that most members are not pleased with their credit union’s digital banking platform and are likely to leave their primary financial institution for digital banking that compares to an online shopping experience.

A separate Finalytics.ai survey, designed to gauge the digital maturity of credit unions, highlighted the reasons for their shortcomings, namely the failure to successfully convert what has traditionally been a transactional environment into a relational one. Credit unions participating in the survey indicated limited use of personas and member journey maps, and a systemic inability to apply new technology.