The days of having to visit your local bank or credit union are becoming the exception, rather than the norm, thanks to digital banking services.
Today, using automated processes, apps, and personal devices, members can complete the majority of their banking transactions and tasks online, choosing whatever device they have handy. This process provides customers with improved peace of mind, convenience, and overall satisfaction with your financial institution.
Consumers agree that these technological advancements have enhanced their financial experience, with 68% acknowledging that they view their account balance more frequently and 47% stating their financial goals are now clearer than before, according to a research published by ING Bank.
Banking’s Slow Start With Technology
Although some local and regional financial institutions may have been hesitant to adopt new technology, many have caught on to the benefits a digital transformation can bring about, such as:
- Efficient Processes and Increased Accuracy - Using carefully crafted coding and prompts, banking technology can increase the accuracy of transactions and improve the efficiency of a financial institution. Through digitalization and information transparency, human mistakes are minimized. And, banking members can have full control over the transaction process and rest easy knowing their financial information is secure.
- Competitive Advantage: Since some local credit unions may be slow to adopt new technologies, implementing advancements such as marketing personalization at your institution will give you an advantage over the competition. Plus, platforms such as Prisma Campaigns allow you to develop personalized marketing campaigns targeting new and qualified members to outperform the competition. By delivering digital, personalized, and relevant experiences for your credit union members, these financial institutions can edge out the competition in their local and regional areas.
Reduced Costs: While the initial sticker shock may be alarming, let’s not forget about the reduced costs that come as a result of adopting a digital transformation for banks. For example, when you eliminate the need for human labor for paperwork and other necessary tasks through automation, you decrease the costs required for office space, wages, storage, maintenance, and additional overhead.
As a result of reduced costs, credit unions also experience an improvement in overall productivity. Your team can focus less on operational tasks and more on providing a superior customer experience for members.
Additionally, by integrating new technology into your credit union, you’ll be able to reduce costs by eliminating the need to overhaul internal processes every time the market changes, a new trend is adopted, or new technology is announced.
Satisfied Customers: What matters most is the satisfaction of your members. Is the new technology changing their experience? Do they notice the difference?
Studies have shown that, at least when it comes to online banking, consumers are pleased with what they are getting and are quick to adopt the latest technology. Business Insider Intelligence noted that more than half of the credit unions they surveyed saw an annual increase in mobile wallet adoption (56%) and transactions (53%).
The JIBC (Journal of Internet Banking and Commerce) 2017 study makes a direct correlation between an across-the-board quality of all the services offered by a banking institution and its customer satisfaction.
We are not done with Digital Transformation! Keep an eye on the trends!
Wondering how other banking companies are utilizing technology to their advantage? Keep an eye on the trends. From mobile wallets to artificial intelligence, new technology is created every day to provide members with a better banking experience.
For instance, Capital One and Bank of America customers can pay their bills via voice technology such as Alexa or Siri.
These advancements are key for attracting the millennial population, who are often the driving force behind new fintech start-ups, services, and digital customer experiences.
When a new technology emerges, think about how it could benefit your members and institution.
Let Prisma Campaigns Help
Where is your bank or credit union at when it comes to digital transformation? How can we help you start or advance in that journey toward more personalized, relevant, and effective experiences for your clients?
If you want to lear more about leveraging technology to reach Millennials & Gen Z consumers, we invite you to download our last free webinar.