Gaining the Competitive Advantage for Your Credit Union - Part 2: Online Competition

by Amy Neale

Below is Part 2 of a four-part series we've done on Gaining the Competitive Advantage for Your Credit Union.

Online Competition

Technology is another area your credit union can use to build its competitive advantage. Unfortunately, many credit unions think online technology begins and ends with launching a website. There are numerous features and tools you can include on your website to make it more useful to your members, enhance their user experience and position it as a go-to online destination.

But keep in mind that an October 2012 survey by eMarketer shows that even though consumers still spend more time on their desktop than on mobile, consumers’ mobile use is growing 14 times faster than desktop. So your credit union will need to start shifting its attention to include both its website and mobile in its strategy.

When it comes to making improvements and headway online, choose wisely. Features should be chosen because they’re useful, not just because you’ll be seen as “tech-savvy.” Here are just a few additions to consider to stand apart from the fray:

• Mobile – If you add only one channel to your online strategy this year, go mobile. Online users have come to expect mobile sites and mobile apps (including for tablets) from their financial institutions. Make yours more appealing and more useful than the competition’s.
• Secure Live Chat – This lets your member service representatives truly interact with current and potential members online in real time.
• Financial Education – Advocating financial literacy is one thing credit unions do well. Go one step further and offer online resources to your members.
• Financial Tools – Online calculators are a simple-to-add, easy-to-use resource you can include on your site to help members budget, evaluate loans and make solid financial decisions.
• Video – Whether instructional, community-based or promotional, videos are an attention-grabbing way to engage your members.
• Responsive Design – Keep in mind that people will be visiting your website from computers, smartphones and tablets. Make sure your visitors get the best experience possible from whatever device they’re using to view your site by using responsive design.

 Related Services: Mobile, BoldChat, Financial Resource Center, Video Management