Credit unions need a way to link all those programs together to create the fully-integrated experience that members are demanding. And to win the trust of the younger generations, credit unions have to create a common digital foundation that can serve as the key support center for all the important tasks, including:

Onboarding: It's not uncommon for many prospective Gen Z and millennial members to drop out in the middle of the onboarding process if it's too onerous or requires any in-person visits. To create a modern onboarding experience, new members should be able to quickly complete all the required steps via the credit union's mobile app. That will reduce churn and start the relationship off on the right foot.
Banking: Members of Gen Z and millennials demand easy ways to manage their money. But just as important are tools that can help them grow existing wealth. Digitally savvy credit unions should seek to build a data-driven experience that allows members to easily access both money management and financial wellness products.
Lending: Frustrated by the loan application experience, many traditional bank and credit union customers have turned to digitally native competitors. Cutting down the administrative burden that comes with loan applications and making it possible for prospective borrowers to complete all the necessary steps on a mobile app will help credit unions process loans faster, improve conversion rates and boost member satisfaction.
Member service: Members don't want to wait around for answers. They don't want to have to login to multiple systems just to get help. What they do want is to feel like the support representative knows and understands their specific situation. By embracing a digital and data-driven approach to customer service, credit unions can cut wait times, create a single touchpoint for member inquiries for faster service and build the personalized experience younger members are looking for.
Personalized engagement through communication preferences of a member's choosing: Choosing the right medium for marketing materials is now just as important as the message being sent. Knowing when and how to effectively use push notifications, SMS texts, email and other nudges to send personalized marketing materials can help credit unions boost engagement and ultimately persuade members to deepen the banking relationship.

Credit unions don't have to sit around and watch as their member base gets pulled away by rivals with better, more advanced technology. By investing in the right technology to meet their institution's specific goals, credit unions can create a personalized and connected experience and help rebuild their reputations as trusted financial partners with younger generations.

Instant Insights /

Why CUs Must Embrace Digital Tech to Win Over Millennials & Gen Z

Related Stories

Recommended For You