8 Concerns Credit Union Members Have & How to Address Them
With a fluctuating economy, an upcoming election, steadily increased home prices, and (unfortunately) expected inflation, credit union members have many things on their minds and are constantly wondering how they will impact their financial well-being. Additionally, members have other common concerns—many of which the credit union has the direct power to address. By addressing the problems below, credit unions can significantly improve member satisfaction and trust in their financial institution.
Common Concerns of Credit Union Members
As we end 2024 and enter 2025, here are eight concerns that credit union members will have. Fortunately, credit unions can implement new technology, processes, and procedures to alleviate these issues and worries.
Concern I: Security & Fraud:
With increased digital banking, members worry more about data breaches, identity theft, and unauthorized transactions.
Possible Solutions include:
Requiring Two-Factor Authentication (2FA): By requiring a second form of verification during the online banking experience, credit unions can boost security during the login and transaction processes.
Alerts & Notifications: By leveraging capabilities in their digital banking platform, members can set up eAlerts to be notified about unusual account activity. Credit unions can use push notifications and e-mail alerts to notify members if there are other security concerns, such as a data breach, that may impact members.
Credit Monitoring Services: Credit unions can partner with third-party service providers that monitor credit reports and other personal information.
Encrypted Messaging: Credit unions should use encryption and a secure messaging platform whenever sending digital communication that includes sensitive customer information.
Concern II: Customer Service:
No matter the year, customer service is always paramount to credit union members. Members worry about long wait times, a lack of personalization, and difficulty resolving their unique issues.
Possible Solutions include:
Virtual Customer Service: Investing in virtual/digital customer support solutions may be advantageous, whether it’s an AI chatbot that answers everyday FAQs or the ability for members to send an SMS directly to a support agent for quick service.
A Strong CRM Platform: Customer Relationship Management (CRM) software systems will help credit unions manage member interactions, improve member service, and analyze member data. Sharetec’s core processor, Sharetec Velocity, features Sharetec Notebook, an integrated CRM platform that can vastly increase personalized service.
Concern III: Expectations of Digital Banking:
Everyone uses smartphones and computers daily and has preconceived notions of a seamless digital experience. Members will expect a seamless, user-friendly, glitch-free experience from the new technology the credit union introduces.
Possible Solutions include:
Finding the Right Digital Banking Solution: Credit unions should do their due diligence when searching for a Digital Banking provider. Ensure that the solution includes all the features and functionalities members need and integrates with critical third-party solutions. The optimal digital banking solution will not only include what members need today but will also develop features for tomorrow. (Check out Sharetec On-the-Go Digital Banking, Sharetec’s reimagined, future-forward digital solution!)
Testing Digital Banking solutions: Credit unions can test their new solutions on some members before a full-scale rollout to all members. This test group can relay any glitches, issues, or recommendations back to the credit union, and adjustments can be made before it goes live to all members.
Concern IV: Complications of Digital Banking:
Technology is designed to help improve the member experience, but sometimes, new technology can be daunting and confusing. Some members, particularly older generations, may feel overwhelmed when a new tool is introduced.
A Possible Solution:
Training Resources for Members: Short video tutorials, a one-page walkthrough, or information walkthrough pop-ups in the app can help teach members how to use new digital solutions. Training resources can be sent to all members via email, but they should also be housed in a Knowledge Center on the online banking platform.
Concern V: Interest Rates:
Low interest rates on savings accounts and high interest rates on loans can significantly impact members’ financial growth and borrowing costs/abilities.
A Possible Solution:
Offering Promotions: Rates are dictated by many factors, and credit unions cannot significantly impact them; however, credit unions can offer promotions to members to help ease the burden of rate impact. Promotions should be easily visible to members, both in branch and within their digital banking experience. Credit unions will thrive when using a digital banking provider, like Sharetec, offering many promotional spaces, from carousels to a home screen credit scoring widget with personalized promotions and offers.
Concern VI: Accessibility to the Credit Union:
Not everyone can access a physical branch or ATM easily. For credit unions in rural areas, areas with larger elderly populations, or off the main mass transit lines (where this is the primary mode of transportation), members may worry about being able to access the branch to handle their finances.
A Possible Solution:
Offering a Digital Banking Solution: This suggestion goes without saying. A digital banking solution will provide 24/7 access to members who cannot access a physical branch. However, one caveat is that members are notified that this option is available to them (and that training resources can be accessed). Credit unions may also host an onboarding webinar when offering members a new digital banking solution. Members should be able to watch the webinar in real time or access it afterward on-demand.
Concern VII: Financial Education:
While Google is at everyone’s fingertips, finding the information you may be searching for is still highly overwhelming. Many members need more educational resources to make better financial decisions and feel they lack the knowledge to do so.
Possible Solutions Include:
Financial Education Resources: Instead of making members search through infinite pages on Google, credit unions can provide their members with various educational resources, from hosting financial success webinars to adding blog posts to their websites. These free resources can be promoted to members via email, social media, and in-branch flyers.
Financial Education Integrations: Credit unions can partner with third parties to offer financial education tools to members. SavvyMoney, a highly respected credit scoring solution, advocates for financial education and offers its credit union customers never-ending financial literacy resources to pass along to members. SavvyMoney integrates directly with Sharetec Velocity and Sharetec On-the-Go!
Concern VIII: Better Options Elsewhere:
Credit union members may experience FOMO if they’re bombarded with ads—both digital and traditional—of financial institutions offering “better” rates or an “enhanced” banking experience. This concern can lead them to shop around for a new FI, even if they have been long-term credit union members.
Possible Solutions Include:
Building a Competitive Edge: Credit unions boast many strong differentiators, which should be used to their advantage. Credit unions should promote their standout features, including why credit unions have a leg up in service, support, and community goodwill. Credit unions can also build competitive advantages by offering members modern tools to make their banking experience more effective and efficient (think digital banking!).
Strong Marketing of Offers & Incentives: Credit unions may have the best “deal” in the market, but current and prospective members will only be aware if these promotions are advertised. From digital readerboards along the road to billboards to social media ads, credit unions should be spreading the word about their offerings. Being vocal about the great options available will help reduce any member FOMO.
While strategically planning for 2025, credit unions should craft member personas, addressing the different pain points, desires, and needs subsets of members would have. These personas can help credit unions identify their members’ concerns (including the eight listed above!). By knowing their members’ unique issues, credit unions can better strategize proactive ways to decrease them.
Innovative Technology to Improve Member Satisfaction
A strong core processor and forward-thinking digital banking solution can address many modern and technological issues members encounter. Contact Sharetec to future-proof your credit union and learn about innovative solutions that can improve the member experience. Our core and digital banking solutions have been designed with credit unions—and only credit unions—in mind, helping to optimize credit union operations and member happiness. Reach out to us today to schedule an in-depth 1:1 demo of our system.
