Improving the member experience is a leading topic of interest for credit union executives.
Building digital channels and implementing touchless payment options with digital wallets have been a focus of credit unions for years. The pandemic was a catalyst, forcing many credit unions to quickly implement core digital services to keep up with the fast-rising demands of contactless transactions. A National Retail Federation and Forrester Research report from August 2020 found a 69% increase in contactless transactions.1 But implementing new digital channels and touchless payment options isn’t the only way to improve the member experience.
Indeed, improving the member experience is a leading topic of interest for credit union executives, as highlighted in a recent survey conducted in March 2021, by Securian Financial and the Credit Union Times centered around enhancing member experiences, credit union operations and industry knowledge. The paths to success may lie in focusing on innovative products and services, as well as improved member-facing technologies.
The complex dynamics of member experience
The average age of a credit union member is mid-to-late 40s.2 However, with 70 million millennials and 86 million post-millennials, it’s only a matter of time before younger generations make up a larger portion of membership.2 Right now, credit unions are challenged with serving their existing members while attracting and retaining younger customers. Serving a wide range of demographics means credit unions need to meet expectations from a variety of angles.