Five ways to accelerate digital adoption and support long-term growth

Five ways to accelerate digital adoption and support long-term growth

first_imgLong before COVID-19, member-centric digital experiences were important in every successful credit union’s long-term growth strategy to some degree. According to the January 2020 Digital Banking Report, 80% of organizations said that improving digital experiences was a top strategic focus. Even though digital as a priority has not changed, organizations across the board have been slow to implement. Only 34% of surveyed institutions have created a fully digital end-to-end account opening process, 31% have implemented mobile small-business banking and less than 25% have implemented fully digital onboarding and consumer lending.Creating better digital experiences for members is essential as people try to plan for the future and navigate changes to how they do their banking. The reality is, there will be no returning to the status quo when this pandemic is over. Institutions of all sizes need to create excellent digital experiences, and they need to do it fast—or risk losing out on major growth opportunities.Five Priorities for Quickly Creating Strong Digital Member ExperiencesMember-Centric Design. Creating digital experiences that address the biggest and most impactful member needs and pain points first, not just doing what is easiest or most profitable in the short term, is more essential now than ever. In a survey conducted in mid-April by JD Power, nearly 40% of respondents reported being unable to make a payment as a result of the pandemic—whether an auto loan, credit card, student loan or mortgage. When reaching out for help, members reported dealing with long wait times and lagging websites. Implementing digital capabilities that address these needs with smoother, quicker methods of communication and problem-solving will drive greater satisfaction and long-term loyalty, potentially capturing “switchers” from less digitally-proactive organizations. continue reading » ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img

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