How $1.5 Billion Farmers Insurance Federal Credit Union Boosted Member Engagement By Modernizing Its Digital Banking Experience
Like many credit unions, Farmers Insurance Federal Credit Union (FIGFCU) has seen its 60,000 members – and the broader membership base it is targeting – increasingly leverage digital banking to manage their personal finances. In response to this shift and determining that its existing offering was lacking, the credit union committed itself to modernizing the digital banking experience for its members and in the process, gaining more control over its technology roadmap.
FIGFCU’s senior management recognized that the shortcomings of its existing digital banking platform were actually having a negative effect on the health of the business – assets were declining and member attrition was rising as some members were enticed by competitive financial institutions’ more modern banking services. A change was necessary and the FIGFCU’s team committed itself to a wholesale conversion of its digital banking experience, even going so far as to develop a new brand to mark the initiative.
The first step was to select the right technology partner for this new chapter. After a diligent evaluation of options in the market, Farmers turned to Constellation Digital Partners and its cloud-native Constellation’s Digital Banking platform. Farmers was already familiar with Constellation, having served as an initial investor in the company, and it now turned to Constellation’s open platform to enable a seamless, digital banking experience to its members -- regardless of device.
Of critical importance to the credit union was the ability to meet members’ digital banking needs today as well as their expanding set of needs and expectations in the future. Rather than being forced to commit to a certain set of features through a single platform provider, Constellation Digital Banking provides FIGFCU...