Delivering Engaging Digital Experiences

Smart wallet concept with credit or debit card payment
By Jeremiah Lotz

4 minutes

Do your credit union’s app and website meet the four pillars of a positive digital experience?

It should come as no surprise that the most popular mobile apps all have similar characteristics: They are simple, easy to use, provide value and—most importantly—they are able to determine what the consumer is looking to do within the app itself. Mobile apps like Amazon, Instagram, Spotify and others have shaped the digital experience and altered what consumers expect when it comes to their interactions across all mobile, online and digital channels.

Today, a positive digital experience is defined by four pillars—ease of use, convenience, personalization and security. Consumers want to open an app or webpage and intuitively know how to use and navigate it. For digital banking experiences in particular, credit union members want an experience tailor-made for them—from the look and feel of the homepage to how the app or site operates, as well as the products and services it offers—while also knowing their sensitive or personal information is secure.

The average amount of time spent on an online banking session is just three minutes. So, how do credit unions ensure their members are able to accomplish everything they need to—in turn, creating a positive digital experience—in such a short amount of time?

Digital experiences have evolved from informational (e.g., basic account summaries) to self-service offerings with a user-centric design, moving us into an era of personalization. Members want the ability to conduct routine banking activities on their own, while still feeling that touch of personalization. Digital self-service technology is an optimal way to deliver the fast, convenient and streamlined experiences members expect.

These types of offerings can include, but are not limited to:

Digital Issuance: Rather than waiting five to seven days for a new plastic card, digital issuance allows members to easily access their new card information through a credit union’s mobile app. Not only can they push credentials into their mobile phone’s digital wallet for easy, tap-and-go transactions, they can also use the new credentials for online purchases. This allows members to continue using their credit union-issued card rather than switching to another card issued by another financial institution while waiting for a newly issued plastic.

Lock Card and Lost/Stolen Report: This type of tool can allow members to quickly lock their cards for any reason so future point-of-sale or online transactions are denied until the card is unlocked. Members can also report cards lost or stolen and request a new card within seconds.

Alerts and Controls: Members can set up parameters around spending or fraudulent activity, among other items, to ensure they remain up to date on any and all transactions taking place on a card that is linked to their account(s).

Travel Notifications: The ability for members to easily notify their credit union when they are traveling, providing peace of mind that they are better protected against fraud while also avoiding the negative experience of potential card declines.

Fraud Alerts: Real-time alerts can flag potential fraudulent activity to members as it occurs, allowing members and their trusted financial partner to act quickly to block the current fraud attempt, as well as stop any future fraud.

Credit unions can take digital self-service solutions a step further by using personas to resolve pain points and identify small ways in which they can personalize these tools and offerings for members. It is important to keep in mind the experiences you are creating need to work for a variety of members, ranging from one who uses his or her phone for everything to one who is not tech savvy at all.

Offering these types of personalized, digital self-service solutions creates positive member experiences and, in turn, helps drive credit union cards to the top of members’ wallets—whether in-store or digitally. For credit unions to remain competitive and achieve top-of-wallet status, they must create and deliver these connected, seamless experiences.

Jeremiah Lotz directs CUESolutions provider PSCU's initiatives to empower the company's Owner credit unions with innovative and engaging payment solutions. With a focus on creating exceptional digital experiences based on data-driven intelligence, Lotz leads an experienced team dedicated to delivering PSCU's data science, analytics and digital experience solutions. He also manages the strategic relationships PSCU forges with leading payments technology providers to ensure Owners have access to world-class platforms and solutions that build profitability and loyalty.

Compass Subscription