Market Share of Credit Unions and Small Banks rapidly declined in US over a 5-year window
TLDR;
Credit unions (CUs or Credit Societies) and Small Banks face a never before innovate-or-perish dilemma. This situation is a combined effect of a relentless onslaught by Fintechs offering better customer experience, macro factors influencing consolidation in banking and a pandemic that accelerated digital transformation journey adoption.
Current State of Fintech Adoption
The good news is that CUs do not generally view fintech sector with the same apprehension they did a few years ago. They are now actively searching for partners with whom they can engage to grow their business and expand their reach.
Today, CUs and Small Banks can design better customer journeys and offer consumers a better user experience designed on modern secure process automation platforms.
In particular, Credit unions today serve more members than ever and the industry has arguably never had a higher customer base. However, 79 per cent of credit union members reported that they would stray from their CUs to access fast, convenient services from a FinTech provider.
A Simplistic Process Automation Strategy
Don’t wait around- It’s critical that credit unions and small banks avoid the all-too-common “wait and watch” approach when it comes to ensuring their brand remains front and centre with the financial technology their members are using.
Stand out — While the industry is poised toward transformation, non-traditional players are entering the market with solutions that have a quicker time-to-market, thus challenging credit unions to actively devise differentiated offerings. Not only are credit unions and small banks tasked to differentiate themselves from banks — which is nothing new — but they now also have to set themselves apart from all competitors in the financial services industry.
What should Credit Unions and Small Banks Automate?
Digital transformation of customer journeys often resulted in long-drawn plans given the complexity of banking processes, but is now achievable using plug-and-play process automation platforms such as Crely. You can automate:
- Outreach communication templates for mail, text, slack, call scripts, meeting
- Integrated customer communication insights in 1 place
- Auto-scheduled follow-ups within set timeframes
- Customer journey mapping and best practices checklists
- Task allocation, scheduling, analytics, reporting
- Document rooms with time or role based access control
- Custom process setup for targeted or marquee customers
CONCLUSION
Technologically integrated credit unions and small banks create more and better data, and the data itself is the secret ingredient to creating better customer experiences and security protections.
Better process automation is also key to repelling those who do not have members’ best interests at heart (cybercriminals), but in a way that does not negatively impact the users with a ton of false-positive fraud readings when they are trying to shop.
Today, CUs and Small Banks can design better customer journeys and offer consumers a better user experience designed on modern secure process automation platforms.
Post-pandemic impacts have accelerated the growth of the process automation market. This is also, where we at CreLytics, aim to contribute towards the automation of processes.
