An effective and efficient digital banking engagement is the goal for each member – and that’s why credit unions must do more to keep pace with the ever-expanding number of member entry points. Market research firm Forrester recently released “Plan for Digital Banking Engagement Platforms, not Mobile Banking Solutions,” a report that highlights how the digital experience must be an integrated part of any digital banking strategy to ensure a seamless interaction for the member based on analytics, digital sales and marketing, and a single view of members, products and services.
A credit union’s digital banking strategy must be built with a commitment to continuous innovation to ensure time reduction in order to offer new features and functions. Forrester works with the term “Digital Banking Engagement Platform” as a way of reframing the idea of a platform as a means to deliver digital products and services efficiently.
Digital Is the Experience
That’s a challenge for financial institutions. Just compare a typical digital banking experience to any experience at Amazon, Uber or Facebook. Achieving the ideal of “Digital as the Experience” continues to be a struggle for digital banking. In order to overcome the current limitations, credit unions must build these qualities into their digital platforms:
With the right digital banking platform, credit unions can leverage advanced analytics to enhance the member experience, as well as more effectively upsell and cross-sell products and services. Forrester recommends that credit unions look for platforms that can unite information and innovation. As a partner in developing enhanced payments and shopping experiences, CO-OP Financial Services is committed to providing credit unions with the member-centric and data-rich tools they need to compete.
Flexibility requires supporting multiple touchpoints across multiple channels without losing any time to market for new innovations in the virtual and physical realms. As complexity increases, the member experience must remain consistent.
Platforms as the Glue for Credit Union Operations
Forrester believes that platforms help unify systems by using APIs and channels to workflow various back-end systems into a single member access point. Through platforms, financial institutions achieve scalability by leveraging different delivery models and still providing the necessary convenience and security end users expect.
Credit unions can take a broader approach to their digital banking strategies and build a better experience for their members. Following this approach enables each credit union to build a digital platform and overall frictionless environment that will help them compete now and in the future.