Member Insights: 3 Digital Banking Essentials

Financial and Banking technology with integrated circles and glowing line icons on blue background
By Wendi Klein

3 minutes

Providing members with the tools they desire begins with investing in a digital banking platform that prioritizes their interests.

Sponsored by CUES Supplier member Alogent

When credit unions step up their digital banking game, they're not just upgrading technology—they're building stronger bonds with members and upping their service. But before splurging on fancy tech, it's crucial to know what your members really care about.

What Do Your Members Want?

According to the American Bankers Association, nearly half of U.S. consumers prefer mobile banking, with a quarter opting for online banking. This convenience trend has pushed financial institutions to embrace digital transformation entirely—but where do you start?

With the influx of new and emerging technologies, credit unions face pressure to adopt tech-savvy digital banking platforms. However, hastily chasing trends can lead to solutions that fall short for members. Insights from reports and surveys pinpoint three features as top priorities:

·       a seamless user experience (UX),

·       a safe and secure platform, and

·       financial wellness tools.

1. A Seamless UX

To ensure lasting engagement, your digital banking solution must prioritize intuitive navigation and seamless user experience across all devices. Consistency is key. Whether members are using mobile or web platforms, they should encounter uniformity in features and simplicity in functionality. Checking balances on the go or conducting more complex transactions from a desktop browser should remain effortless and efficient. By offering feature parity and maintaining a consistent UX across iOS, Android, and web browsers, you can ensure that users seamlessly accomplish their banking tasks without frustration or confusion, ultimately reducing the risk of transaction abandonment and reinforcing their trust in your platform.

2. Secure and Protected Digital Banking

Recent reports consistently emphasize consumers’ concerns around safety in digital banking, underscoring that your members prioritize security and privacy. Consequently, robust security measures are indispensable for safeguarding their personal and financial information. Ensuring a secure digital banking experience, while minimizing friction in usability is crucial for your credit union. Top-tier offerings include fraud-prevention mechanisms like web application firewalls and DDoS mitigation to ensure the utmost security. Leveraging advanced biometrics and other identity verification technologies offers convenience and reinforces rock-solid security measures, ensuring a streamlined user experience.

3. Financial Wellness Features

Your members want financial management tools to make their financial lives easier and empowerment through increasing their financial knowledge. Integrating comprehensive educational resources into your digital banking platform caters to their desire for a deeper understanding of concepts like budgeting, investing and retirement planning. By providing tailored educational content, you can meet immediate needs and foster long-term financial literacy and loyalty. This approach positions your credit union as a trusted partner in their financial journey, empowering members to make informed decisions and ensuring lasting engagement with your institution.

Empower Your Members With a Digital Banking Platform Designed With Their Needs in Mind

Providing members with the tools they desire begins with investing in a digital banking platform that prioritizes their interests. At Alogent, we’re dedicated to the innovation and development of user-centric products and services that meet these needs and drive your ongoing success.

Our NXT platform represents the next evolution in online, mobile and digital banking, catering to the unique requirements of both consumers and businesses alike. NXT delivers an unparalleled user experience, coupled with robust security measures, personal financial management tools, and comprehensive financial planning features—offering a seamless and secure one-stop-shop for all things mobile and web.

Discover NXT’s full range of capabilities in this eBook. Download now to explore how NXT can elevate your digital banking offering and meet the evolving needs of your members.

Wendi Klein is VP/marketing at CUES Supplier member Alogent, Peachtree Corners, Georgia.

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