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

Strong Websites = Happy Members

When creating a website, it’s easy to get caught up in the bells and whistles of design or the assortment of products and services that need to be represented. But what about your members? Design and content should be seen through the eyes of your members or potential members to have the greatest impact.

A strong website design can enhance member service when your layout is easy for a member to navigate and if the content is provided in a simple, straightforward manner. This allows you to showcase products and services that the member may not know are available. Another key to a strong website is a strong content management system (CMS). It can keep your site’s content current and informative, without putting a strain on your credit union’s resources.

Technology Solutions can help you create a strong credit union website and offers an easy-to-use yet powerful CMS to support it.  Many of the CMS modules let you enhance the member experience by providing more ways to access your credit union – such as mobile apps, mobile sites, online applications and BoldChat^™ for online member interaction. Modules also include polls, to find out what your members really think; a calendar, to keep members informed of upcoming credit union events; and a rates modules that lets you manage your rates with just a few clicks of a mouse.

Other ways Technology Solutions can amp up your site are through additional modules for member financial education, credit union special events, webcasts, video services and even youth modules – all designed to educate and inform your members in an engaging way. And if you’re not planning on a complete redesign, they can do a website review and offer recommendations for improvement.
Discover what Technology Solutions can do for your credit union, its website and most important, its members. Click here for details or call 800.262.6285 or email info@cusolutionsgroup.com for more information.