The way we bank is changing and the events of 2020 have pushed those changes faster than ever before. Members have more options for managing their finances and expect their credit union to provide solutions that are intuitive and almost always driven by them.
Technology is the key driver for credit unions' digital services, not only paving the way for new competitors to challenge the incumbents but also providing the tools for those incumbents to fight back and thrive.
Banking and financial services in the US have seen an incredible technical revolution over the past 2 years and the next few years will bring even greater change. Credit Unions must be ready to provide their members easy access to services via digital services or face a loss of market share and relevance to the consumer of 2021 and beyond.
The importance of a member-centric digital banking platform
There is no doubt digital banking has just got better and better – the bar has been raised with self-service, self-management and self-fulfillment on virtually every aspect of banking and financial management. New technology is delivering frictionless and seamless online experiences for members.
Take the rise of neo-banks – first seen in 2009 and now forging a place in the US market based on sharper interest returns, minimal or no fees, and the convenience of digital banking – they utilize the latest technology to create memorable digital experiences that generate their own marketing buzz.
An easy-to-use digital member experience platform is a necessity for credit unions, and finding the right technology partner is a matter of long-term survival.
It starts with your next new member - onboarding new members digitally
Your marketing efforts will attract prospective members, but the effort is lost unless the next steps are easy and seamless.
Acquiring new members easily whilst preserving security and control is vital. Your next new member expects to be able to join at home, at work, or at your place – and they expect the experience to be a pleasure with no hassles – using any device they choose (especially their cell). For your credit unions, onboarding needs to be cost-effective, seamless, and risk-free, attracting high-quality members for the long term who will drive the growth of your institution for decades to come.
Remember, first impressions count. A positive experience confirms to a new member they have made the right choice – and selecting the right partner to implement the strategy is a key challenge.
Find out more about Ultracs Onboarding Solution CLICK HERE
Onboarding new members is just the start of the new member journey. Ultracs Corp can not only create the member, provision the cards, checks, and facilities required, but it can also be tailored to accept applications for loans, credit cards or share certificates, and so much more.
A good onboarding solution makes it easy for new members to join. They simply take a picture of their certified ID, and the relevant information is automatically loaded into the onboarding solution and submitted for verification to complete the account opening process. Once verified, the membership is created, an account is opened and the member information is available in your core solution for staff to see.
Ultracs Corp has the right technology as a partner to deliver a great onboarding solution. We are a partner that understands the credit union environment and will work with you to achieve your goals.
Ultracs Corp has the experience, resources and solutions to help you achieve a benchmark digital banking experience your members will love. We have partnered with over 100 financial institutions to help them achieve their digital and core banking goals.
We can help you too!