Credit Risk

Personalize Digital Interactions to Enhance the Credit Union Member Experience

Personalize Digital Interactions to Enhance the Credit Union Member Experience

October 21, 2022 | Anna Fisher

Credit union marketers have a full plate. They need to attract new members, deepen relationships with existing members, and provide a positive member experience, all in a digital-first world. Add to that a volatile economy, demand for frictionless experiences, and a plethora of financial options available to consumers. Whew! The marketer’s job can be quite challenging.

So how do credit unions achieve these business goals while meeting consumer expectations? What does an ideal member experience look like?  Consumers today want:

  • Personalized and relevant communications
  • Digital access to everything for fast and convenient interactions
  • Offers that match their needs based on existing products and services
  • A smooth and transparent process to access new banking and lending products

While large, tech-savvy financial institutions and fintechs can often deliver on these wishes, many small to midsize credit unions are challenged by the combination of technology and data needed to offer an optimal member experience – especially an optimal, personalized digital experience.

To help, Equifax has recently partnered with ChannelNet, a leader in enabling credit unions to better engage with their members via digital and mobile channels. With ChannelNet’s digital engagement platform (OneClick Financial), credit unions can deliver personalized and relevant information and offers to members. These offers help drive more transactions and increase share of wallet. 

With the recent integration of consumer credit data from Equifax, ChannelNet’s platform can now also enable credit unions to deliver real-time, pre-approved offers of credit directly to consumers as they interact with the organization’s digital channels. Offers might include a credit card, auto loan, HELOC, mortgage, personal loan, or other credit service. With the integration, credit unions can easily access up- to-date credit attributes. 

So what does this look like in action? With the ChannelNet platform, the credit union can deliver a personalized experience based on the member’s life stage and core data that indicates which products and services have been adopted. For example, a credit union member with only a deposit account receives an email, text message, or signs into mobile or online banking. While scrolling, the member sees information about credit cards, because they do not currently have a credit card with the credit union. Presented content might include a credit card comparison chart, videos, or calculators, paired with a pre-approved credit card offer powered by consumer credit data from Equifax and the organization’s unique decisioning criteria.

Does the credit union now better meet the member’s wishes? Personalized information delivered immediately – check. Offer matches need – check. Smooth process to access a new credit card – check.  Sounds like a positive digital financial experience.

For more information, visit ChannelNet to learn how their platform can help your credit union enhance digital engagement and drive more transactions with your members. Also discover how Equifax can help your credit union drive smarter revenue. Create a better member experience and view our 5 tips to drive member growth, deepen engagement, and manage risk eBook.

Anna Fisher

Anna Fisher

Vice President, Identity & Fraud Consulting

Anna joined Equifax in 2021 as Vice President, Identity and Fraud Consulting with over 15 years of leadership experience in consulting, sales support, analysis, and client services in the financial, telco, insurance, and property industries. Anna prides herself on surfacing clients’ true, unarticulated needs and drivi[...]