Consumers, particularly millennials, are becoming less interested in meeting actual people to solve their problems and more interested in doing it themselves. With the rise of the internet, information is readily available to all. This allows consumers to search and find solutions to meet their needs in a matter of seconds. This is a tremendous opportunity for consumers but it is also a serious challenge for retail institutions. This is especially true for retail financial institutions such as community banks and credit unions.
Member-focused initiatives must be blended with high tech solutions in the credit union industry
In his #1 New York Times Bestseller book, Megatrends, John Naisbitt predicted that with the rise of “high tech” solutions, people would increasingly feel a need for “high touch” connections to balance technology overload. The need for personal touch in financial services has been continuously met by the credit union industry. Many banking customers have become disillusioned after being treated as just another number in a bank’s system. The mission of credit unions is to deepen relationships with their members to provide them with exceptional products and services. However, they realize that technology on its own will not bring about superior service for their members. By keeping the High Tech/High Touch balance in utilizing Big Data/Analytics (BD/A) solutions, credit unions will bring efficiency to their processes and excellent service for their members.