4 Ways Your Credit Union Is Changing — for the Better

By Janet Alvarez on 22 May 2017 0 comments

Most of us understand the advantages offered by banking with credit unions, including better interest rates and customer service compared to their major bank peers. But even the savviest among us can learn new tricks, and to that end, CO-OP’s 2017 THINK Conference highlighted some of the critical ways in which the credit union industry is changing — for the better. We also caught up with financial experts like Jean Chatzky and Bobbi Rebell at the conference, where they shared some key insights into the types of transformations you might be seeing soon at your local credit union.

It's instituting mobile apps

You might’ve already noticed your local credit union instituting new technologies, such as mobile apps enabling remote deposits and mobile payments. This is part of an industrywide push to provide more customer-centric solutions utilizing the latest in mobile technologies. Expect more additions to mobile offerings in a bid to make your experience more efficient.

It's going digital to be more agile

Financial expert, author, and TV host Bobbi Rebell noted that, in addition to instituting mobile apps, credit unions are taking additional steps to create a digital-first platform for customers. But unlike big banks, which have a history of older, legacy customer platforms, credit unions are smaller and more agile, enabling them to build customer-focused digital experiences from the ground up.

“Digital transformation isn’t just about implementing digital experiences here and there,” says Rebell, “It’s really about rethinking the entire customer experience so that digital technologies improve their overall experience.”

It's promoting more women

Samantha Paxson, executive vice president and chief marketing officer of Co-Op Financial Services, notes that this lean, agile mentality not only enables credit unions to provide better customer service, but it also allows more women into leadership ranks.

“Credit unions are one of the few areas of the financial industry where women are represented in significant percentages in leadership. That’s because key elements of female leadership — such as empathy and strong communication skills — are essential to the success of credit unions in the community.”

It's staying true to your community

One of the personal finance world’s biggest luminaries, Jean Chatzky of Today Show fame, was on hand to help host the THINK Conference, noting the importance of credit unions to the lives of so many people in communities across the country. And perhaps that’s one of the biggest take-aways here: mobile apps, new digital platforms, and other innovations you can expect from your credit union are all designed to get closer to your needs. Credit unions aren’t losing their local focus, nor will their digital innovations present a less human experience for their customers. Unlike other segments of the financial industry, credit unions are trying hard to stay true to their roots: you.

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