The Bits in Glass Financial Services team is back from the 2023 World Credit Union Conference that recently took place in Vancouver. The conference brought together industry leaders, experts and innovators eager to explore the latest trends, technologies, best practices, strategies and solutions. Our presence at the event focused on showcasing our solutions that address the pressing challenges faced by credit unions in today’s competitive landscape.
Reducing Friction in Customer Onboarding
The onboarding process is a critical touchpoint in a credit union’s relationship with its members. A seamless onboarding experience can significantly impact member satisfaction and retention. We were able to share our success story with how we helped Coast Capital Savings, reduce their customer onboarding time from days to less than 5 minutes. By automating documentation, verification, and the account setup processes, credit unions can create a positive first impression and build long-lasting member relationships.
Meeting the Digital Expectations of Younger Members
The growing influence of Gen Z in the financial market has emphasized the need for not only competitive and customized digital experiences, but a strong product stack that can adapt to changing member expectations. As younger generations increasingly seek digital-first solutions for their banking needs, credit unions are in direct competition with traditional banks. Credit unions must implement their digital transformation strategies to remain relevant and competitive.
Enhancing the Omni-Channel Experience
With many credit unions reducing overhead by closing physical branches, their digital presence becomes even more critical. This highlights the importance of creating a unified and consistent omni-channel experience. Whether a member interacts with the credit union through their website, mobile app or in-person at a branch, they should experience the same level of service and have access to the same information. This requires integrating various channels, and ensuring that accurate and up-to-date data is synchronized across platforms.
The Role of Integration and Flexibility in Mergers
In the face of economic challenges, credit unions are increasingly considering mergers as a means of survival. However, these mergers present unique challenges, particularly where it concerns data integration and process alignment. During the conference we highlighted the importance of flexibility in platforms to accommodate multiple data sources and streamline integration. Our expertise in enabling smooth mergers through technology was well-received by representatives of credit unions that are looking to navigate this transition successfully.
Implementing Open Banking Standards for Enhanced Member Experiences
During the conference, discussions surrounding open banking standards sparked considerable interest and curiosity among attendees. Open banking allows for the secure sharing of financial data between different financial institutions through Application Programming Interfaces (APIs). This comprehensive financial overview empowers members to make more informed decisions and gain a clearer understanding of their overall financial health. By leveraging APIs and collaborating with fintech partners, credit unions can position themselves as leaders in the digital banking landscape. While challenges in data security and privacy must be addressed, the potential benefits of open banking make it a powerful tool for credit unions to stay relevant, competitive and member-centric.
Building Trust Through Data Security and Privacy
Throughout our discussions, the importance of data security and privacy remained a paramount concern. Credit unions recognize that as they collect and utilize member data to improve services and personalize experiences, they must also prioritize safeguarding this information. Implementing robust security measures and ensuring compliance with data privacy regulations are crucial for building and maintaining trust with members.
Empowering Credit Unions with Salesforce Solutions
During the conference we also spent time with our valued partners at Salesforce to exchange ideas and explore collaborative approaches. We dove into the latest advancements in customer relationship management and how credit unions can harness the power of data analytics to drive personalized member experiences. Our partnership with Salesforce enables us to deliver even more comprehensive and innovative solutions to credit unions, empowering them to thrive in today’s digital-first landscape. This partnership further strengthens our commitment to staying at the forefront of technology and ensuring our clients have the tools they need to succeed.
The 2023 World Credit Union Conference served as an eye-opening experience, shedding light on the challenges credit unions face in an increasingly digital world. The themes that emerged during the conference underscored the need for credit unions to focus on reducing friction in customer onboarding, embracing a smooth digital experience to cater to Gen Z and younger members, and enhancing their digital offerings from loan origination to customer service. In addition, credit unions must equip themselves with flexible solutions to deliver data-driven strategies for their digital transformation.
At Bits in Glass, we are committed to becoming your strategic partner in this journey toward digital excellence. Our cutting-edge solutions, industry expertise and collaborative approach empower credit unions to adapt, innovate and succeed in the digital era. Contact us today to explore how BIG can help your credit union build a future-ready, member-centric institution that embraces the full potential of digital transformation.