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Channel transformation must be personalized to meet the needs of each credit union. Regardless of a credit union’s specific needs, however, the philosophy remains the same. It’s about:
►Molding branch and channel design and operations to best enhance the member experience, drive efficiencies, strengthen security, and improve sales effectiveness; and
►Offering transactions in the places and formats members most want to access them, while providing delivery channel variety and service excellence to meet the needs of diverse groups of consumers.
Banking channels, themselves, must be compatible with each other, as well. Where new technology, products, and services appear, institutions need to overcome complexity and demonstrate ease of use—or adapt processes to ensure usability. As consumers recognize the benefits and compatibilities of new channel options, they’ll increase acceptance and use of those options.
Here are five critical steps in transforming any branch to align the credit union service mission with the dynamic and changing needs of members:
1. Define a strategy for determining how each branch fits into the multichannel approach integral to future success. Within this strategy, consider how your credit union will leverage delivery channels to provide the optimal member experience.
2. Assess your performance among specific member demographics, in terms of delivery to meet member expectations and to ensure efficient operations.
3. Develop a roadmap that will help optimize transaction migration to shifting delivery channels, mitigate risk, enhance member experiences, and increase sales effectiveness.
4. Implement solutions that will create a bridge between the members of today and the members of the future.
5. Monitor improvement in meeting both your credit union’s business goals and members’ needs.
The challenges facing today’s credit unions can seem daunting. Fortunately, you don’t have to meet those challenges alone. Partners,
vendors, and fellow credit unions can assist in your credit union’s growth and success.
Continued success, however, will require better leverage of not only your credit union’s strengths, but also those of your partners. Strong partnerships with service and technology providers can help your credit union gain valuable insight into members and prospective members.
Work with trusted partners to:
►Provide services that expand credit union resources; and
►Find innovative ways to invest in and implement new technologies.
Looking to the future, collaboration—among delivery channels and between credit unions and members—will be critical to ensuring your credit union remains competitive.
Credit unions have a long and storied tradition of service—a tradition that will continue to form the foundation for success well into the future.
Credit unions can continue to thrive for generations to come by aligning their mission with consumers’ evolving needs, while maintaining a focus on building value for members.
JOHN DEIGNAN is vice president/chief marketing officer of Diebold Inc.