Converting the e-Channel


Converting the e-Channel to Recognize Members and Realize ROI

By Michael Carter

Screen Shot 2014-09-11 at 3.07.49 PMBecause credit unions have members rather than shareholders, delivering exceptional service determines why one CU is superior to another. Yet, more and more credit unions are struggling to meet member expectations as digital and self-service channels grow. It is much easier to understand member needs if you’re sitting down with them in a branch rather than trying to decipher their digital footprints. But that is quickly changing.

The idea of mining digital data to personalize member service whenever members access credit unions online is often discussed but usually as a utopian long-term vision. According to The Financial Brand[1], 60 percent of North American financial institutions believe that data analytics offers significant competitive advantages and 90 percent think that successful data initiatives will define future financial institution winners. So, what is keeping FIs from reaching this Digital Promised Land?

In The Financial Brand survey, the majority of financial institutions polled (57 percent) feel that having too many service/system silos is a big impediment to successful data-focused implementation. And this is a big problem for many credit unions, most of which are holding on to a considerable amount of useful member behavior data. That data is “jailed”—or inaccessible—because it sits in separate legacy systems. Because each system was designed for a specific service delivery channel, they don’t communicate with each other. Even within digital banking—the branch of choice for many members—CUs will often have separate systems for online, mobile, and the next digital device to come along.

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