Disruptive trends and technologies that are reshaping the way members expect to save, spend and make money
By Ryan Anderson, Vice President of Product for TMG
Today, evolving consumer behaviors are no doubt changing the way your credit union serves and builds relationships with members. It wasn’t all that long ago when consumers clamored for financial institutions that offered convenient ATMs. Today, individuals are more likely to be attracted to services and technology rooted in mobility or personalization. While the onus for innovation is an enhanced consumer experience leading to long-term loyalty and growth, today there’s a winding path to get there. Not only that, your chosen path will be flanked with competitors, shifting attitudes and other risks. By increasing awareness of these trends and with a sharper focus on delivering value-added services, you can successfully drive member retention, attract new business and generate more revenue.
Focus on Member Relationships and Engagement
Today, credit unions are operating in an extremely competitive environment. Not only are members’ tastes and expectations changing, technology is evolving rapidly and new channels are emerging and expanding. Two of the biggest areas in the mobile landscape that have the potential to improve the user experience are mobile banking and m-commerce. M-commerce opens up even more doors for introducing innovative products that will attract and retain members. M-commerce in the financial services world can enable a multitude of actions, such as moving funds into a money market account, getting financial advice or paying for groceries via a mobile device.
