Credit Risk

3 Ways Credit Unions Can Meet Member Expectations

3 Ways Credit Unions Can Meet Member Expectations

October 16, 2019 | Nikole Thompson

Mobile Usage is Changing Member Experience

member experience 

Did you know 88% of U.S. online adults now use a smartphone?[i] Living in an era of digital disruption - where consumers can get what they want on demand - is changing your members' expectations. Just think how consumers use their phones numerous times a day to check the weather, navigate the quickest route to work, and even order groceries for delivery so they can avoid long lines. As a result of this mobile mind shift, users expect a better member experience from financial institutions (FI). Specifically, consumers expect FIs, including credit unions, to be accessible on aFinF mobile-friendly website or app.

Financial Institutions Face Disruptive Threats

Credit unions have successfully extended their services through ATMs and online banking. But the danger lies in other disruptors outside the financial services industry. Online marketplaces and retailers take up mind share and, ultimately, get between you and your members.

Consumers don’t want to put all their eggs in one basket, but they do prefer a favorite bank or credit union brand[ii].

Other financial institutions may offer similar products, so how does your credit union stand out in an increasingly competitive landscape? An excellent customer experience is one component, but it doesn't equate to member loyalty.

3 Things Members Want From Their Financial Institution:

  1. Fee & product transparency  Consumers don't like surprises and hidden fees. They want full disclosure of all product features, benefits and costs up front.
  2. Convenient mobile experiences – The mobile app is often the first member touch point, and it should be an easy-to-use mobile app or mobile-friendly website. So, consider how many steps it takes to transfer money between accounts, how many pages a member has to visit to replace a debit card, or how many steps are involved in other important transactions. Convenience means streamlining the process.
  3. Relevance & personalization by rewarding loyalty – Consumers want to feel appreciated for their business, and FIs are lagging behind other industries in this regard. For example, grocery chains provide digital tools so customers can manage coupons and discounts, while airlines gamify their points and reward systems. Changing the way credit unions think about rewards programs can provide a more enjoyable member experience.

Accelerate Your Member Experience

Now is the time to improve your member customer experience. Read our white paper, "How to Become Your Customers' Favorite Bank (Even if You Can't be Their Only One)." Equifax offers a full range of solutions designed specifically for the unique challenges that face credit unions. By blending industry-leading consumer data and analytics, we can help you accelerate member interaction, refine marketing strategies to find new members and grow your existing relationships.

Contact us for more information.  


[i] Forrester Analytics Consumer Technographics® Global Online Benchmark Survey (Part 1), 2018

[ii] How to become your customers’ favorite bank (even if you can’t be their only one.) A Forrester Consulting Through Leadership Paper Commissioned by Equifax. January 2019.

Nikole Thompson

Nikole Thompson

Portfolio Marketing, Mortgage & Housing

Nikole Thompson is a Portfolio Marketer for Mortgage & Housing at Equifax. She has spent her career in the Financial Services Industry, with background in Banking and Lending, and Alternative Credit Data gaining expertise in digital marketing, alternative data, and fintech. While marketing is her primary job function b[...]