Each year, I take time to reflect on the changes that will be impacting our industry in the upcoming year. Aside from the usual regulatory challenges and never ending stream of Fintech startups, I wouldn’t expect any new major threats to the industry in 2017. However, I do believe a major opportunity has emerged for credit unions. This opportunity involves the shift in tools and techniques available for credit unions to digitally engage their members. No longer is this limited to online and mobile banking. Instead, the ability to create a digital brand that is utilized and reinforces the credit union’s message in every transaction is now available. Here are the credit union technology trends that are enabling this shift:
- Marketing Technology – credit unions have seen the vision and are starting to understand the importance of using technology to digitally engage members. Because members now consume information differently than in the past, it is imperative for tools like social media, content, websites, online banking, and mobile to all work together as a symphony to provide a great user experience for members. Marketing technology is more than just the MCIF system. It is real-time analytics, marketing automation, content marketing, social media and more all choreographed to deliver a consistent and repeatable member service experience that wows and delights members. Spoiler alert – if done properly it will impact every service, marketing and technology position in your credit union.