Long Time, No See: Branch Engagement Down as Credit Union Members Go Digital

 

by Chris Steffes, Remote Services Consultant, CU Solutions Group

Tis the season for reflection and resolutions. As we look back on 2014, we find member engagement behaviors have shifted since the beginning of the year. In a recent report from Backbase, consumers now visit branches only 1-2 times a year on average, yet transact with their financial institution more than ever before. Online banking users transact 7-10 times per month, while mobile banking users engage 20-30 times per month.

With increasing numbers of members using digital channels, banking expectations are rising among all consumers. In order to attract new membership and provide existing members with a high quality banking experience on your digital channels next year, it’s a good time to review your credit union’s current digital engagement strategy, and resolve to place the member experience at the center of your credit union focus for 2015. 

Here are a few questions to consider about your members’ experience as you review your digital channels:

• Review Branding
  Do your online and mobile banking channels reflect a consistent brand image, similar to your website? When members engage with you, they experience you as a brand, not just a banking channel. Brand experience is an emotional experience – whether positive or negative. Resolve to provide a consistent brand image across all digital channels.

• Get Feedback
  Have you looked at the member ratings and feedback about your mobile app recently? Potential new members, especially millennials, review mobile apps before they download. Low mobile app ratings can crush growth. Resolve to take member feedback seriously, and incorporate suggestions within your technology plan.

• Implement a Survey
  When was the last time you surveyed members on their experience with your website, online banking or mobile channel? Do members experience friction at any point within their user experience on these digital channels? Resolve to implement a member feedback program on social media, and advertise your improvements on every outbound communication channel – website, newsletter, secure messaging, social media. Your digital members will appreciate your transparency and sincerity, and will remain loyal. Potential members who shop on social media will notice your progressive spirit when it comes to digital engagement.

By collecting member experience data and making a commitment to use this data to drive internal operational and technology change, credit unions can make a leap in service quality and will be better positioned to implement future changes to digital channels. 

If your credit union needs help with its digital channels, our channel management consultants can help. Contact CU Solutions Group today.