Credit Unions You only need to change one thing…

17. October 2017.

The Credit Union Journal article outlines the wholesale conversion of NSFCU to a digitally oriented financial institution with mobile interactive capabilities. By essentially changing just one thing, everything, the FI as described has the features and accessibility consumers are placing great importance on when evaluating FIs, to retain relationships or to begin relationships.

The proof is in the statistics, Holt said. Adoption and usage in both mobile and online banking “soared” with an increase of 5,000 users at the end of 2016 — a 90 percent monthly usage rate. “By December 2016, we processed over 3,300 items, which is twice any previous month, and $1.5 million through RDC channels, which is also twice any previous month,” said Holt, adding there’s been 50 percent decrease in check deposits coming in through the branches since July.

Mercator Advisory Group recognizes the shift to digital has been underway for many FIs, with many of the early movers at the top end of the scale. Consumers are coming to expect near Amazon-like engagement across all industries, including their FIs, smaller sized FIs included. The adoption of digital banking technology throughout an FI enables a wholesale reimagining of the customer journey, allowing these smaller players to free staff to play to the strengths they have, not in the least is understanding of customers on a personal level.

Overview by Joseph Walent, Associate Director, Research Services at Mercator Advisory Group

Read the full story here

We will be happy to hear your thoughts

Leave a reply

Register New Account
Login to
Reset Password