At the center of what gives life meaning isn’t what we buy or the places we go, but rather the people with whom we share these experiences. Nothing can compare to real, authentic human connections. It’s safe to say that outside of our families and loved ones, the people we work with and the members we serve make up the vast majority of human interactions we have on a daily basis. However, with more and more banking transactions being handled digitally every day, person-to-person contact is becoming rarer. It’s easy for members to forget the people behind the credit union, and easy for credit unions to forget the humans behind all these account numbers. Members are using branches less frequently for transactions that focus on day-to-day management of income, expenses, assets and credit card accounts. According to Accenture:
- Of the 17 interactions members have, on average, with their financial institutions each month, 11 take place online or via other digital channels.
- The number of branch visits is declining each year.
- 34 percent of customers who switched financial service providers in 2014 did so because of poor or non-personalized customer service.
- Only 7 percent of customers defected because of the quality of a bank’s digital interactions or services.