The dynamic capabilities implicit with componentization of financial institution operational systems provides Credit Unions with the ability to match the technological-enable access delivered by major banks. The article rightly calls out the importance for customer-centric financial institutions such as regional and community oriented Credit Unions to make sure to allocate resource to providing consumers with mobile banking and mobile payment capabilities.
Colvin said having a digital strategy in place is not just for millennials, it is not just for tech-savvy members, it is core to a CU’s business on every level. “Not just on payments but how you serve your members. Make your mobile banking app more user-friendly. Even larger institutions do not have solid digital strategies with articulated digital roadmaps.”
Mercator Advisory Group concurs in the recognition of digital banking capabilities as becoming table stakes to bring on new and retain existing members for financial institutions across the value chain. Consumers are voting with their feet for the financial institutions that make the management of their financial lives less complicated and more convenient. Mobile access to banking functionality combined with high-touch customer service from an FI that acts like a partner to consumers is a formidable competitor in the marketplace and a role most Credit Unions can embody through digital banking strategy execution.
Overview by Joseph Walent, Associate Director, Customer Interactions Advisory Service at Mercator Advisory Group
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