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As the Covid crisis hit, consumers found their lives turned upside down and simple things that we all took for granted, such as going out to a restaurant or shopping at the local mall became considerably more difficult, if even allowed. However, consumers of all demographics quickly adapted by ordering take-out delivered by Door Dash, purchasing household items and gifts through Amazon, chatting with family and friends on Zoom or ordering movies for the family on Netflix.

As consumers adapted to this new normal, they quickly learned which providers offered the best experience in terms of ease of use and simplicity. Not only have they adapted to these new channels, their use is expected to continue. According to recent research conducted by KPMG International, of the 43% of people who mainly used in-person channels prior to Covid 19, 33% have switched to digital channels and have no plans of changing back.

Meanwhile, a large majority of credit unions have not changed their basic loan origination process in years. Sure, many have added some form of an online loan application, but will this be enough moving forward? Will this alone allow the credit union to remain viable in this evolving digital world? How easy is it for members to do business with you? Once that application is submitted, for many credit unions the remainder of the process still requires a lot of manual review and remains largely paper based. Credit Unions need to realize that with their new awareness, consumers won’t be comparing their process to their competitors, but rather to the ease and simplicity offered by the likes of Amazon. It is important that steps be eliminated in the current process to speed up the time from approval to funding and to provide communication to the member during the entire process. They will expect an experience with the ease and simplicity that Amazon and other Fintech competitors provide.

In order to provide this member experience, credit unions should assess all aspects of their digital offerings to remove any friction or barriers that exist in your current process. For instance:

  • Multichannel access - the ability to utilize any channel at any time during the process to include, web, phone, mobile or other digital solutions available.

  • Mobile First Design - since most members engage with your web site first, it should be optimized across all digital devices - especially mobile.

  • Automated Loan Decisioning - Members expect instant gratification and a solid ALD platform is critical in providing timely response to applications.

  • E-Signatures - provide the convenience of not having to come into a branch to close the deal.

  • Member Support - it is critical to provide channels for communication and to provide immediate response to members questions.

Spending time to identify where these friction points exist is the first step in beginning your digital transformation. If the member or prospective member’s first interaction with your site isn’t simple and clear, they will abandon it and seek out a competitor.

Sharetec’s innovative core processing solution helps credit unions embrace change and utilize technology to meet members’ growing needs and achieve greater success. Contact us at This email address is being protected from spambots. You need JavaScript enabled to view it. to learn how we’ve assisted credit unions with improving their digital solution offerings.