TECHNICALLY SPEAKING : BY STEPHEN BOHANON, CEO, ALKAMI TECHNOLOGY INC.
Is your credit union’s investment in digital banking failing to keep pace with consumer demand for such technology? If so, you could be undermining not only your competitiveness and relevancy but also your ability to maintain member loyalty. Learn how to keep your member base from walking out the door.
According to the National Credit Union Administration (NCUA), membership at more than half (54 percent) of the nation’s credit unions declined in 2014. Many economists are pointing to technology gaps – such as inadequate digital banking solutions – as a primary factor for shrinking numbers.
Meanwhile, digital banking as a whole continues to grow – especially among Millennials. Currently, 69 million consumers bank online, according to a 2014 Pew Research report. In fact, for the first time, a majority of U.S. online banking customers are accessing their accounts through smartphones and tablets, according to data from the top three U.S banks (Wells Fargo, Bank of America and JPMorgan Chase). This suggests that mobile is becoming an even more important banking channel for financial institutions, but surprisingly, investments in digital banking do not mirror consumer preferences.