Recently CUNA posted an article siting a presentation by the World Council of Credit Unions President/CEO Brian Branch where he spoke to the importance of young members, and what needs to be done to retain them. Branch pointed out that young adults have many financial services options available to them, stating, “Convenience will be king.”
The challenge for credit unions is to determine a way to meet the service demands of young adults while still seeing profit. “For online and mobile channels to be successful, they must be easy, take only a few minutes and fall within regulatory requirements…If young consumers have to go to a branch in order to complete the process in person, we lose them,” said Branch.
There is much truth to the statements made by Brian Branch, as young people today are tuned into technology, if the experience for them is not smooth, quick and easy, they will find the desired experience elsewhere.
Synergent’s Technology Services is aware of the challenge presented to credit unions, and works with several integrated services within the Episys core processing platform to keep member experiences smooth and simple. In the realm of online and mobile access, Synergent partners with Jwaala Better Online Banking and Access Softek Mobile Banking. Jwaala’s Better Online Banking product brings levels of integration desired by members, going beyond the basics, members can create customized monthly budgets, monitor and trend transactions, and maintain a strong relationship with their finances. Access Softek Mobile Banking is equally smooth through Episys, bringing your members ease of use without relying on a specific online banking system – this means your members can enroll in mobile banking smoothly and quickly, keeping pace with the technology needs of today.
Keeping the words of Brian Branch in mind, “Convenience is King” is a trend that will not be going away. Young members are looking for technology savvy financial institutions to make their banking experience as convenient as their friends’ experiences. We also offer videos to help communicate these services and messages to your members. Check them out.
Marketing & Communications Assistant