Meaningful, personalized experiences help validate that your credit union has its community’s best interests at heart.
Sponsored by iuvity, a CUES Supplier member
Building and maintaining trust among the communities they serve is a core principle on which most credit unions have built their organizations. But trust is one of the most hard-earned attributes. Meaningful, personalized experiences are required to validate that your credit union truly understands the community it is serving and has its best interests at heart.
Following the recent bank failure headlines, communication has quickly emerged as the No. 1 priority for credit unions across the U.S. Many organizations found themselves scrambling to answer repetitive questions about federally insured deposits, how other bank failures might impact their institution, the security of their deposits and more.
So, how can credit unions leverage modern technology to solidify trust among their members in the digital age? The answer lies within the credit union’s ability to use secure, digital engagement tools.
1. Offer Secure Digital Engagement Tools
Your members expect that as their financial service provider, you will have robust, secure technology in place to protect their information, particularly when it comes to their digital engagement. Mechanisms such as encryption, multi-factor authentication and security updates are the most commonly used. By providing a dynamic and secure interaction channel for all their needs, from scheduling meetings and video phone calls to co-browsing and document-sharing with built-in electronic signature mechanisms, you are enhancing the value of your digital offering while building a loyal member base that trusts you will provide secure anytime access.
2. Deliver Personalized Communications
In today’s always-on, artificial intelligence-enhanced digital world, members have come to expect that you know them and will communicate as though you know them regardless of channel. With a centralized digital engagement tool integrated with your financial institution’s branch solutions, you can eliminate fragmented communication and ensure consistent, personalized communications in every interaction regardless of channel. Credit unions that can provide a more personalized and tailored experience are in a better position to earn their members’ trust.
3. Facilitate Higher Levels of Responsiveness
The digital age has shaped consumers’ expectations for instant access and near-immediate responsiveness in virtually every aspect of their lives, but especially when it comes to customer service. Members expect the same from their credit unions. Providing accessible digital engagement tools that are responsive in real time—such as secure messaging, persistent chat, audio and video calls, and co-browsing—will help build trust by delivering on the promise of personal, immediate and efficient customer service.
4. Be Transparent About Your Credit Union’s Policies
Transparency builds trust. Security measures, data protection policies, deposit insurance information and more should be provided on your digital channels, along with clear explanations of how these policies impact a member and what measures will be taken in the event of an incident. Credit unions should also have secure digital engagement tools so they can quickly respond to any internal or external crisis. This will help solidify trust and avoid confusion or speculation that could impact the credit union’s reputation or deposits. And with all member communication tracked, credit unions have easy access to documentation for audit purposes.
5. Provide Ongoing Educational Materials
Member education demonstrates a commitment to your members’ personal success and helps to build stronger, more loyal relationships. Providing critical and financial literacy information, such as how to protect personal/financial information online and tips on personal financial management best practices, in a more personalized manner via digital engagement tools is an important step in developing customer/member loyalty and trust.
Instead of being reactive and using outdated mechanisms to communicate, be proactive and consistent with digital engagement tools, so your customers/members can count on your institution in times of both prosperity and uncertainty. The time is now to implement a digital engagement strategy that will help your financial institution build and maintain the trust you need to succeed in the digital age.
Luis Landivar is VP/digital strategy, iuvity, a CUES Supplier member based in Miami. With 19-plus years of experience in IT operations, development and solutions architecture in the banking and financial services industry, Landivar helps credit unions, banks and fintechs understand how to successfully leverage their current and new technology solutions, to transform their organizations and strategically position their businesses for sustained growth and fast adaptability to changing customer needs. He currently leads the digital banking solutions architects team at iuvity in North America. Prior to iuvity, Luis held leadership roles at global banking software provider Temenos, at Kony Inc. a provider of multi-experience development platform and digital banking solutions acquired by Temenos in 2019. Prior to joining Kony, Landivar held lead roles in IT operations and enterprise application development areas at industry-leading financial institutions in the U.S., including USAA and Citizens Bank (Citizens Financial Group). Learn more about iuviNOW digital engagement capabilities.