Web Development for Credit Unions

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In an increasingly digital world, your credit union’s website is the new interactive business card, a source of income, and the main way by which prospective members will judge whether you are the right fit for their financial needs. So let’s talk about web development for credit unions: what to do, what not to do, and more.

Take Advantage of Tracking and Analytics

Your data is only as good as your analysis of it. Data is business gold. It can tell you things about the best times to run certain promotions, the behaviors of different member demographics, and so much more.

When it comes to leveraging your data, you should first break down your credit union goals, and then start collecting data to help give you insight on how to achieve those goals.

End-to-end tracking is also a must. For credit unions, lead tracking and ROI tracking can provide a multi-directional approach to meeting your business goals. Your members and their behaviors can tell you everything you need to know about what products and services you should be offering, and the best methods for doing so.

Prominently Feature Self-Service Options

Typically, people surfing your website are there because of a search or other desire for a product or service brought them here. By prominently featuring self-service options, you give your visitors what they want in a quick and efficient manner.

Online web loan applications, courtesy pay, and other self-service forms are a great way to differentiate your credit union. Many credit unions fail to prominently display self-service opportunities on their websites, and this causes a lot of frustration among visitors. If you are one of the few that takes advantage of this web development for credit unions, it can not only drive more business, but it can also set you apart from other credit unions that are not taking advantage of this web design.

Marketing Trends for 2022

The Financial Brand recently published an article on “How Banks and Credit Unions Are Rethinking Marketing for 2022.” This includes changing up your media mix, reevaluating your marketing budget, and focusing on financial inclusion.

Some of these new trends will affect the web development of your credit union. Members are now more comfortable using multiple banking institutions to help make the most of what they are being offered. The focus now is to be more flexible and innovative, to capture the top spot in your member’s minds. You want them to think of your credit union first. If you aren’t their only financial institution, you should strive to be their favorite.

Don’t Forget about Accessibility

The digital world is one in which many disabilities can become smaller obstacles with the right programming. When you are thinking about web development for your credit union, a great addition to your strategy should be accessibility. Accessibility can be housed within the toggles of your site and can be comprised of things like a “dark mode” setting or designing your online forms to be more accessible. UC Berkeley has a great resource on the top tips for making your website accessible.

Custom Web Development for Your CU

IMS Integration has a wealth of well-honed industry expertise, and we want to use it to create a custom web development plan for your credit union’s needs. We offer everything from online member applications to data extracts and manipulation, third-party integration, and more. Request a consultation today for more information about our credit union solutions.

4 Takeaways from ‘Digital-First Banking Trends Report’

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SilverCloud recently published the “Digital-First Banking Trends Report” (you can download the free report here). There is a ton of insightful information in the report, so we wanted to go through a few of the best takeaways, which include mobile banking, technology adoption, and more.

Customer Self-Service

SilverCloud reports that the average daily use of knowledge bases on bank and credit union websites increased by 69% year over year from March 2020 to March 2021. Current and future credit union members will now expect to be able to find banking solutions, applications, and answers to their questions through your website or mobile offerings.

A list of some of the most common topics in self-service offerings include transfers, cards, lending, hours, and appointments. IMS Integration has a number of solutions like web loan applications and online account opening that can help bolster your credit union’s self-service programs.

Mobile Banking

A lot of the self-service growth was taking place on mobile apps and platforms in the last year as well. And mobile users were doing a lot more than just checking account balances, they were looking for help with products, technology, and even just general support.

The more streamlined your credit union’s website and mobile interfaces are, the easier it is to attract and retain members. The increase in work-from-home opportunities and other remote events and meetings means that it’s becoming less convenient to have to swing by the bank or credit union to drop off a pay stub or withdraw cash. There’s even a continued rise in smart wallet use – forget paying with cash or card, many people enjoy the simplicity of paying by phone.

Chatbots

With 24-7 tech comes the need for 24/7 support. Thankfully, you don’t need to start hiring night shift chat or hotline managers to keep up with your members’ needs.

“Chatbot usage on bank and credit union websites and mobile apps increased 272% year-over-year, says SilverCloud. Their study even showed that those who used chatbots over more rudimentary search bar inquiries typed an average of 14 words and found helpful answers to mid-tier and slightly more complicated questions. Your members are no longer seeing chatbots as glorified search bars – they’re using this evolved technology to find answers to questions that normally would require a person-to-person phone call. This evolution helps increase the effectiveness of your credit union’s self-service offerings while lowering your call volumes.

IMS Integration also has a number of automation options like batch and UI scripting that can be customized to your credit union while still providing efficient solutions for your teams.

Appointment Scheduling

While walk-ins are still welcome, the ongoing coronavirus pandemic has created a high demand for more pre-scheduled appointments, up 107% from 2020, while walk-in numbers have decreased by 55%.

The following appointment types saw growth since last year: business banking, retail banking, investments, and auto loans. Only appointments for checking and savings declined – no doubt affected by the huge leaps in technology and self-service availability we mentioned above.

Keep Up with Tech Trends in Banking

IMS Integration has a large selection of online and backend solutions to help keep your credit union up to speed on the latest and greatest advancements in the banking industry. Our Corelation solutions and new Infuzion tool are making customized tech solutions look easy.

Request a consultation today for more information about our credit union solutions.

Big Moves in Mobile Banking

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Mobile banking, a feature that’s been around for years, has suddenly become a primary means for credit union members to carry out as much of their financial activity as possible.

Let’s take a look at how mobile banking is succeeding – and the areas that need some work.

Winning Features from Top CUs

Nerd Wallet recently shared a list of the 6 Best Banks and Credit Unions for Mobile Banking, and here are the top tools each is using to entice customers and enhance their mobile offerings:

  •  Tools for managing and increasing savings
  • High interest rate on savings
  • Generous ATM fee reimbursements
  • Advanced mobile app security
  • Wide branch access
  • High daily limit for depositing checks

This is a great cross-section of the types of features mobile banking customers are coming to expect.

Balance Preview & Other Communication Features

Balance preview is a successful feature Alliant Credit Union implemented that allows members to check their balances quickly without logging in.

More transparent communication options are going to be big draws for mobile banking apps as more and more people move away from doing business in physical credit union locations and adopt a more mobile-forward approach on a permanent basis.

Communication features like messaging and chats that connect members to customer service representatives are also great features for any mobile banking app. This allows some AI or one-to-one interactions to help your customers navigate functionality or update issues and answer general information questions.

Mobile Bill Pay Is Mutually Beneficial

Online and mobile bill pay is a great process that mutually benefits credit unions and their members. Automating payments means peace of mind and one less thing to worry about for members, and it also means credit unions don’t have as many late payment issues to work through.

This is still an area of potential growth for many credit unions. Running targeted campaigns and offering informational materials describing the benefits and features of automatic bill pay could increase your credit union’s appeal and position as a tech-forward financial option.

Personalization

As with many mobile-based programs, mobile banking is going to evolve to become more and more customizable for users. Everyone carries out their financial responsibilities differently, so it makes sense that mobile banking is also going to benefit from this personalization.

Personalization can include a variety of transactional or banking insights based on each member’s preferences and activities, icon placement and size, photos, and personal financial goals.

Security

This personalization can also be applied to security features. The goal of the mobile banking experience should be to fit into every member’s lifestyle and preference. A tall order, but many online experiences are incorporating similar features to create the optimal experience for each user.

As for security, this could mean creating options for fast, seamless login features like fingerprint scans, face ID, push notifications for logging in and tracking activity, and other biometric-based options.

Implementing security features that can stop cyber criminals without making login and verification processes annoying and time-consuming for users is going to be the challenge here.

For Credit Unions Looking to Update Their Digital Solutions

IMS Integration has a host of great credit union solutions, including Make a Statement, Online Courtesy Pay, Online Self Service forms, and Trial Balance. Request a consultation today for more information about our credit union solutions.

How to Improve Credit Union Customer Service

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We’ve talked previously about trends credit union customers will come to expect and ways to improve member experience in previous blog posts. But a lot has changed in the last year. So let’s take a look at some new ways to improve credit union customer service.

Focus on Financial Well-Being

Credit unions are very community-oriented and collaboration-focused. And as more young adults come of age in these financially uncertain times, they don’t just need a bank, they need a financial institution that can also act as a teacher or guide.

Millennials and Gen Z spend money and view debt differently than older generations. And many times, they look to the internet for answers. So why not use your credit union’s online presence and customer approach to provide those answers for them? You can build trust with younger demographics by positioning your credit union as not only a bank, but also a partner throughout their financial lives.

By focusing on helping your members pursue financial well-being, you can not only provide better customer service, but you can also see what trends and growth areas exist in your immediate market.

This is also a strategic way to invite more small businesses to bank with you as well. Often, owners of small businesses are forced to be their own supervisor, employee, accountant, marketer, and so much more. If you have resources and experienced advisors available, SMBs will see that as a huge advantage.

Leverage APIs

An application programming interface – or API – is a “code that allows two application systems to connect and share information with each other. You can see some quick and easy examples in this CUInsight article.

Leveraging APIs helps credit unions compete with the big banks and their multi-million dollar tech resources. APIs allow your CU to save time and money on significant website and app improvements by using pre-built programs to help drive engagement and growth.

Listen to Your Employees

Being a credit union leader often involves making hard decisions, but that doesn’t mean you have to do it in a vacuum. You have dozens of experienced employees who are your boots on the ground every day. One of the best ways to improve credit union customer service is to listen to the struggles of your staff.

If there are systems or procedures that have not been updated or optimized in a while, talk to the people who use them every day. Ask them what they struggle with, and what their members are struggling with. Having an open-door policy on process improvements can allow your credit union to keep moving forward with incremental changes, rather than forcing shutdowns or huge company-wide strategy overhauls in the coming years.

Take Advantage of Testing

You’ve heard it before: no two customers are alike and no two businesses – even two branches of the same credit union – are alike. Just because a messaging system isn’t well-received at branch A doesn’t mean the system should be scrapped or replaced. It means you should do some testing to find the reasons certain programs are working at each branch of your credit union.

Testing, especially after the year of rapid technological change we just had, is paramount to the success of your credit union. Some of the temporary solutions you’ve implemented may be great tools or resources to keep for the long haul. And maybe others need some refining before they can be considered an asset to your business.

Offer Great Online Resources and Services

Fintech partnering is a big trend right now, and it’s probably going to stick around for a while. Finding companies that can help you provide valuable services online is a great, cost-effective way to improve customer service.

IMS Integration is here to help you optimize your credit union’s website with Web Loan Applications, Online Account Opening, and so much more.

Contact us today for more information about our credit union solutions.

Human Interface – Fintech with a Personal Touch

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As more and more banking operations go digital, it’s easy to get caught up in the convenience and forget about the human aspect of doing business. And that human aspect, the connection to community and customer, is what sets credit unions apart from other financial institutions. And that’s why creating human interfaces is so important in this age of digital transformation.

Let’s take a look at what a human interface is and the benefits of having this software in your credit union arsenal.

What is a Human Interface?

“Human interface” is a term you have probably not heard as often as “bots” or “intelligent virtual assistants.” But human interfaces mean that these advanced and emerging technologies are learning to look and talk the way real people naturally look and talk. Here’s a quick video that explains the evolution and importance of human interfaces.

Benefits of a Human Interface

While this technology may seem overwhelming at first, there are many benefits to creating technology that better understands and interacts with humans. It means your credit union can more fully serve its customers, even from the comfort of their own home. Here are some of the top benefits of human interfaces.

Anticipate Customer Needs, Based on Common Search Terms and Collected Data

You may be surprised to find out very few credit union and bank customers use bots and virtual assistants for digital support. Technologies have been enhanced in recent years to become more intuitive and user-friendly. These enhancements mean navigating and using your credit union’s website or app is easy for most of your members.

With these improvements, bots and virtual assistants are now using the data they collect on member usage. This can show you exactly what areas customers need assistance with and allow you and your credit union to cater to those needs. You can also use the data to provide more targeted training to your employees based on customer search trends.

Conversational Use is More Effective

Did you know over 30% of the time, “people say ‘hello’ or some other personal greeting when they start interacting with a bot?” Human interface bots seem more human, so customers treat them that way.

The recreation of that “personal touch” human interfaces can replicate means credit union members feel more comfortable using the service, and they continue to reach out via digital assistant to perform many standard or low-level banking functions. This allows your employees more time to handle more difficult or intricate tasks.

The conversational experience in human interface technologies can also help enhance the user experience. It is easier for people to use a computer if they can talk to it. Think about how much easier it is to learn a new app or feature on your phone or smart device when someone is explaining it to you, versus trying to follow written instructions for use.  

Reliability

Human interface solutions are a 24/7 support staff for your credit union. After business hours or during peak customer traffic, your virtual assistant is always “on” and ready to assist, even if your employees are all already assisting customers.

Security

In the same way that online banking is usually very safe, banking operations being run through a bot or virtual assistant that has a human interface and multi-factor authentication also bolster cybersecurity.

Pandemic Health and Safety

Of course, one of the biggest reasons digital solutions like the human interface are getting so much attention this year is because of the COVID-19 pandemic.

Human interface, bots, and virtual assistants fill a very specific void your credit union members are experiencing right now: the need for touchless interfaces and the desire for human-centric service that still “maintains efficiency, security, privacy, and choice,” according to this Forbes article.

Take Your CU Tech to the Next Level

Digital solutions are the best way to differentiate your credit union from the rest and serve your customers using the most up-to-date technology.

From eStatements and eNotices to Web Loan Applications, Online Account Opening, and Trial Balance+, IMS Integration can help you serve your customers better with our elegant, member-facing solutions. 

Questions? Contact us today!

It’s Time to Optimize Your Digital Member Experience

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Historically, credit unions have been regarded as slow to innovate when it comes to new technology. But 2020 is no ordinary year, and credit unions are recognizing the power of this rapid change and its value as we move towards an ever-evolving and heavily digital future. It’s time to optimize your digital member experience.

Digital Member Experience Is More than Fast Processing Times

This year has exponentially enhanced the ability of every industry to churn out large-scale digital solutions to compete with stay-at-home orders and social distancing policies. But the unintended result of this is an overwhelming preference, from customers and bank members, to have these services optimized and available in the future, no matter how long this pandemic lasts.

But digital solutions aren’t as easy to implement as a plexiglass partition or extra customer service associates. The easier the digital solution is for the customer to use, the more difficult and intricate the behind-the-scenes setup can be for IT and third-party software engineers.

Here are some tips and solutions for improving the digital member experience.

Enhance Chat Abilities with Video

Video chatting is now commonplace, for people of all ages. Young children are on Zoom for virtual classroom time, and elderly credit union members are hopping on Telehealth calls with their doctors. Why not incorporate video appointments in your credit union’s offerings?

Integrating a video chat option through your online banking website and app can bring back that personal, one-on-one customer service that has been slowly fading as we continue to practice safe social distancing.

It’s also a great way to introduce your already-tech-savvy members with your newest “upgrades” – you can use the video call to not only answer customer questions but to also keep them in the loop on the latest changes to the digital member experience.

Increase Customization in the Digital Member Experience

No matter how much you digitize, there will always be members who prefer that personal touch. This approach is something credit unions all over the country are most known for – their commitment to take care of and be an essential part of the communities they serve.

That same “perfect fit” feel can largely be replicated online if your credit union offers solutions that can be tailored either to your members’ preferences or manipulated by your members themselves.

Custom web development allows you to tell developers exactly what your credit union’s digital member experience should be, with web solutions ranging from online member applications to integration with third-party tools.

Ease of Use Is a Difficult, But Crucial Feature

Many customers, regardless of where they do their banking, are always looking for insights, shortcuts, and transparency. Increasing transaction visibility and speed are things many people are coming to expect – think of the one-click payment options on retail sites like Amazon.

The digital member experience needs to be as close as possible to an all-encompassing, no limits, one-on-one discussion about the many products and programs your credit union offers. One way you can do this is by recreating as many lending and other credit unions forms online.

IMSI Has A Variety of Software Solutions For You

At IMS Integration, we can create tailored software solutions for your credit union. Contact us to learn more about how we can help you.

3 Ways to Level Up Digital Services

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To protect the health of credit union members and workers, lobby areas and branches are now closed due to COVID-19. This means more of your members are relying on mobile and digital services for their banking needs. These services allow credit unions to remain competitive, especially as members are relying on you for financial assistance. Simply put, credit unions who are digitized are still able to provide services to members.

We can look at what happened in Ukraine as a recent example. A lack of digital services forced credit unions across the country to shut down for weeks. Poor IT infrastructure and an inability to provide online financial services caused many members to look elsewhere to conduct financial transactions, and put many at risk by turning to payday lenders. The loss of revenue during the shutdown led to capital and liquidity issues for many credit unions.

However, we know that credit unions excel at being trustworthy and friendly institutions. With the right digital approach and investments in technology, credit unions can rapidly respond to changes and stay in business. Here’s how:

Planning

Your first response to this crisis may be to buy more products to scale up services. But, the current situation we’re in forces us to think in the long term. What do members need and how does digitization support the overall business? Assembling an array of software solutions may cause more problems if not properly thought through or doesn’t have buy-in from your team. Address the core issues and find solutions that work for your organization, including selecting the right partners to execute the plan.

Digital engagement

Going to a branch office to open a new account is now out of the question. So what does a digital relationship look like without branch engagement? It’s time to establish a process that educates members, keeps them in the loop on new products and maintains the same friendly service members can expect in-person at a branch.

Leveraging email, social media and your website are a great way to provide financial literacy and build a lasting relationship. For some, the convenience of online banking is the only way to go, while this may be a new experience for others. The most important thing is to provide accessible channels that give members a sense of security, trust and support at this time.

Economic support and security

Unemployment numbers are rising, people need leniency paying bills and members are losing their savings and retirement funds. People just don’t have the income they need and will take years to recover. Aside from government support, many will turn to their financial institutions for help. 

Between the federal government’s Economic Impact Payments, small business loans and payment assistance plans, members are looking to access payments and recovery through grants and loan. Being able to take advantage of mobile applications to check account balances, apply online for financial assistance and receive electronic funds is key during this time. Many are realizing they didn’t have the savings needed in a crisis. Credit unions should be the guiding light to help members attain financial security. 

It’s time to rethink the products you offer, how to deliver services and your role in the community. Not only are you on the front lines in the community for financial solutions, but you’re also shaping what customer service looks like for the future. Navigating through this time is going to be tough, but with strong leadership and forward thinking, your credit union will be stronger. We’re here to help.