The global pandemic has touched virtually every aspect of consumers’ lives, prompting them to evaluate which service relationships truly provide value—and which don’t—in their transition to the “new normal.”

什麼是虛擬銀行Credit unions that deliver an experience that meets the changing needs of members in the age of social distancing will be rewarded with new business and greater loyalty. Those that don’t will struggle to remain competitive.

Social distancing has caused many consumers to trade branch visits for digital interactions. Indeed, the digital channel is useful and efficient, but only if it is user-friendly and meets member needs. Members who have a disappointing digital experience may not have the option to visit a branch to get assistance, leaving them feeling frustrated and stuck—and that’s bad news.

There’s certainly room for improvement, as only 52% of  their institution was “very effective” in meeting their online or mobile banking needs. Mid-size institutions particularly have more room to grow, with significantly lower satisfaction rates than larger institutions.

Members who have a poor digital experience during a crisis are likely to sour on that brand—and be more receptive to offers from competitors.

Conversely, credit unions that invest in optimizing and expanding digital options to deliver the best experience will be positioned to attract and retain members. In fact, with interest rates at record lows, digital experience, not cost, will become a major differentiator for loan acquisition. That means your digital experience is smooth, seamless, efficient and, of course, useful.

A slick digital interface is of no use if it doesn’t provide the functionality members are looking for. Providers should evaluate their digital channels and consider making the following modifications:

• Adjust remote deposit dollar limits to make it easier to deposit checks remotely
• Offer convenient loan fund disbursement options
• Use e-signatures and touchless loans to facilitate remote document completion
• Offer a digital chat feature to quickly resolve previously tedious issues like duplicate charges