CorePlus Credit Union, based out of Norwich, Connecticut, took a big step in growing its digital presence by incorporating Shastic’s member engagement software into their pre-existing web pages and mobile apps.Continue reading “CorePlus Adopts Strategy to Grow Digital Presence”
Both banks and credit unions continue to lose market share to digital lending platforms that offer better user experience and more personalization.
Fintech startups issued 38% of all US personal loans in 2018, while banks provided 28% and credit unions accounted for 21%, according to TransUnion. This is a significant change from 2013, when fintech startups issued only 5% of US personal loans, banks issued 40%, and credits unions 31%.
Anyone involved in a technology field can tell you business technology is growing rapidly. What this means for companies is that they must update their technology in order to remain viable in their field of competition. “Set and forget” technologies, or technologies that are not designed to meet the constantly shifting expectations of modern technology, pose problems to potential company growth. In many cases, set and forget technologies can put companies years behind and create cost burdens to businesses.Continue reading “Credit Union Digital Strategies Aren’t “Set and Forget””
Is your financial institution experiencing a lower-than-average rate of new customers? How about those online applications — are they being consistently abandoned by new customers? If so, you’re not alone. Studies have shown that recent abandon rates for online banking applications have averaged out to about 97% among financial institutions.Continue reading “Reducing Friction in Account Opening”
The mass adoption of B2C text messaging is not by accident. Companies, both large and small, now understand just how powerful text messaging tools can be for their business. This is particularly true for the new digital age of banking.Continue reading “B2C Text Messaging: Knowing the Rules for Digital Banking”
In a recent article by The Financial Brand, Alex Kreger describes the complexities of banking for a Millennial customer. It is important to consider this age group, argues Kreger, as it is estimated that before 2025 Millennials will control $7 trillion in global assets.Continue reading “How to Design a Millennial Bank”
Digital transformation is a hot topic for leading financial institutions today. Luckily, most banks and credit unions are overcoming the pressure to adapt or become extinct. Rather, these banking institutions are steadily transforming into a digital era, with many now adding messaging to their omnichannel communication strategies.Continue reading “Five Benefits When Adding Messaging to Your Banking Strategy”
Financial institutions are experiencing an evolution in terms of how they reach consumers across new mediums of communication. Many have followed the example of
The building out of these products demonstrates an growing demand for conversational messaging functionality. Here are a few key attributes driving this progress:Continue reading “Why Conversational Messaging is a No-Brainer”
Despite the proven wins for financial institutions, not all credit unions are quick to adopt more efficient communication technology. Credit unions are often slower to offer their members 1-on-1 text messaging services or push SMS messaging even though it is the way members want to communicate.
Here are a few reason why credit unions should step it up when it comes to diversifying their digital conversational channels: