Digital Banking Solutions
Before the advent of the Internet, financial service processes for consumers were paper-based and time-consuming – but the consumer didn’t have a choice. Their only option was to invest the time and patience. Today, consumers have choices. Innovators like Amazon and Uber have forever changed behavior and expectations; and anything short of an intuitive, attractive, and engaging digital experience isn’t going to cut it.
Your Members Are on the Move to Digital Banking Solutions
According to a survey conducted by Morning Consult for the American Bankers Association, “Four in 10 Americans manage their accounts online … while 26% of consumers use their mobile devices most often.”1
In fact, “more than half of consumers ages 20 to 36 said they already use a digital wallet or mobile payment platform.”2
Your Members Expect More from Digital Banking Solutions
But it’s not just the ability to go digital that members are looking for. Members expect anytime, anywhere access to their accounts. They expect a seamless experience across all channels. They expect 24/7/365 support. They expect to be able to open accounts online. They expect to make mobile remote deposits. They expect access to loan payments and advances, check ordering, and funds transfers.
And they expect it all at the touch of a button.
Right now, most credit unions are trying to catch up to this new digital world by tacking on disparate solutions to already-existing ones. The problem with that is your systems don’t offer the seamless digital banking solutions your members are looking for.
Oracle says when it comes to the digital banking solutions consumers want, traditional banks and credit unions continue to fall short of meeting their expectations “particularly when it comes to more complex transactions, payments and areas involving personal financial management.” A separate Oracle study discovered that 60% of consumers globally want to open an account online. The real kicker?
“67% of customers globally are on digital banking platforms now, according to Oracle; the World Bank reports that 515 million customers worldwide opened a banking account through a mobile money provider in the last three years.”3
If you don’t give your members the innovative digital banking solutions they need to manage their finances, you’re going to end up losing the next generation of members.
You Need a Comprehensive Suite of Digital Banking Solutions
You should be improving the digital member experience by offering a safe, easy, fast way to access information and initiate transactions across multiple channels. To do this, you need a comprehensive suite of digital banking solutions.
When you work with Symitar® for online and mobile solutions, you’ll be able to:
- Attract Gen X and Gen Y members.
- Enhance member convenience, self-sufficiency, and loyalty.
- Keep your members safe from Internet fraud.
- Improve long-term member relationships.
1 ABA Banking Journal:ABA Survey: Two-Thirds of Americans Use Digital Banking Channels Most Often. September, 2017. September, 2017.
2 The Financial Brand:Consumers Threaten to Bail if Banking Providers Can’t Improve Digital CX. 2018
3 American Banker:Digital Banking’s Key Trends: Demand, Competition, Mobile on the Rise. 2018