In an industry long dominated by reward programs and new enrollee gifts, the world of member loyalty among credit union members truly is mirroring the progression of technology. The deeper that credit union managers dive into emerging applications and cloud-based tools, the more opportunities they’re discovering to create loyal members.
Making Life Easier
These days, just about everything is easier than it used to be. From purchasing music and renting movies to renewing automobile registration, cloud-based services are revolutionizing customer experiences across a multitude of industries.
Credit unions are no exception. Members are increasingly accustomed to going online to check their balance, transfer money and much more. In a world that is seemingly more fast-paced with each passing year, any service that helps people spend less time doing errands and more time enjoying life is a welcome tool.
Peace of Mind
As cybersecurity best practices and well-publicized breaches garner more and more attention, individuals and families are less likely than ever to choose and stay with a financial institution that they don’t consider highly secure. With people’s financial well-being stake, it’s understandable.
In fact, according to one recent study, 49 percent of respondents cited security concerns as an obstacle preventing them from increasing their use of online and mobile channels.
Credit unions are put through rigorous compliance steps, but every added layer of security helps keep an institution out of the news and in its members’ good graces. Many companies are leveraging technology partners and cloud-based services to build strength and safety.
Another aspect of peace of mind among members is trust that if a disaster strikes, their information will remain safe and accessible — and not a month later. Virtually no length of service disruption is considered acceptable.
With cloud-based software that provides failover from one cloud to another, credit unions can recover services in minutes rather than hours or even days it likely would take otherwise.
Gone are the days when the word “cloud” was new and somewhat unsettling to consumers. In 2016, people understand that cloud-based services are making their lives easier — and credit unions are realizing that effective technologies create loyal members.