By Dylan Bloniarz, soon-to-be graduate from St. Edwards University’s Master’s program in Digital Marketing and Data Analytics. This blog is about credit union web design. He is currently redesigning his credit union’s website. You may find the original post here.
Consumers are constantly evolving expectations from their financial institutions – especially so over these last few years – they expect next-level services in a small amount of time, all the while being able to do it in the palms of their hands. For credit unions, it can be challenging to stay in tune with these demands because of hurdles like lack of development capabilities, outdated systems, and, of course, costs. Luckily for us, rather than viewing them as competition, we can seek out fintechs to partner with to help us stay competitive and better serve our membership. Let’s explore potential fintech partners for your credit union’s website.
Flybits empowers institutions to engage an audience of one, at scale. Through their leading customer experience platform, you can deliver data-driven, personalized recommendations and advice, inside your mobile app or website. Create value beyond your financial assets, and inspire your members to live their best lives through your credit union’s website/app. Imagine if you could push personalized offers for local businesses while members are shopping downtown, or while shopping online they are reminded of their credit card benefits. This experience platform connects with your members in real-time with their always-on, privacy-preserving collection of experience modules. Help members buy a home, save, travel, and more with their end-to-end solution that integrates data and analytics, experience design, and channel delivery, without the technical lift.
Streamline the end-to-end digital mortgage process with an intuitive application for borrowers and a dedicated workspace with data-driven workflows for loan teams with Blend. The fintech delivers instant pre-approval, asset verification, income and employment verification, real estate agent matching, homeowners insurance options, and automated title search. Implementing a cohesive process like Blend’s, on your credit union website can set your institution up to compete with large online lenders like Quicken. A new survey on borrowing and lending by ICE Mortgage Technology finds that the pandemic has permanently changed the way consumers utilize technology, and those looking to buy or refinance a home are seeking lenders who offer online tools to complete their mortgage loans from home (Richardson, 2021).
Digital and mobile banking have become the norm, rather than the exception. One survey of more than 5,000 consumers found that 69% wish to perform all their banking and financial actions through online and mobile channels. Consumers expect to be able to open an account, take out personal loans, transfer funds, and check their balance from any device, on-the-go (Civic Team, 2019). Taking this static in, on top of the digital transformation spearheaded by the coronavirus, credit unions should seriously consider implementing digital account opening on their site. MANTL helps your bank or credit union grow deposits and streamline back-office tasks with an omnichannel account opening platform that integrates with your core. The fintech set up your institution to offer consumers an account opening experience in just 2 minutes and 37 seconds on any device. This will allow your credit union to compete with top neobank, Chime, who in November 2020 alone it opened 400,000 new accounts digitally (Streeter, 2021).
In this post, we touched on fintechs that offer personalized experiences, digital mortgage journeys, and digital account opening, but there are many other offerings from fintechs that can give your members a more streamlined membership. These include P2P payments, budgeting tools, digital consumer lending, and many more. I recommend looking at Forbes Fintech 50 to generate more ideas and potential partnerships at your credit union.
Author Dylan Bloniarz is passionate about credit union website design and optimization. He hopes this post provides insight and helps you think from a member’s point of view. If you’d like to get in touch with him to discuss your credit union’s web design, please contact us and we’ll set up an introduction!