This year’s “unprecedented times” may have lasted a lot longer than we all originally imagined — and it’s now clear that, at least for the foreseeable future, member engagement will be digitally driven.
The good news? Credit unions are already a step ahead: credit unions and community banks have higher customer and member engagement levels than national banks, according to Gallup. But there’s no need to rest on your laurels, especially when it comes to the rapidly changing online world. Here are three ways your credit union can increase digital member engagement:
1. Meet them on mobile
By now, we all know the importance of your credit union’s mobile banking app. But it’s equally important to provide your members with a seamless, enjoyable mobile experience. This is a key tool for connecting with younger members: millennials are three times more likely to use mobile banking services than other generations, and Gen Z likely won’t be far behind.
But these days, it’s not just young adults who are banking from their smartphones. Take this opportunity to create a mobile experience as pleasant and frictionless as a trip to your physical branch — because that’s likely the main kind of “visit” most of your members will be making these days.
2. Build trust
Continuous engagement is dependent on the strength of the relationship your credit union builds with its members — and that relationship is founded on trust. According to a survey conducted by Monotype and CITE Research, 49 percent of consumers said trust was the most important factor when it came to choosing a financial institution.
But trust isn’t just something you build behind the doors of your physical branch with welcoming lobbies and friendly tellers. Now, trustworthiness is something your institution must actively curate in digital spaces as well. Here’s how Monotype puts it:
“In order to build trust in a digital environment, each of these elements needs to work together, seamlessly and consistently, across every touchpoint. Forty-three percent of consumers in our study said a fragmented brand experience makes a financial institution seem less trustworthy.”
You can build engagement by building trust — but take extra care to ensure your digital experience is creating the cohesion and consistency your members need to feel valued.
3. Incentivize engagement
If there’s one thing we’ve learned at Zogo, it’s that nearly everything works better with a little incentive. Engagement is no exception.
In Zogo’s case, we built a gamified financial literacy app that offers users real-life rewards (like gift cards to their favorite stores) for completing bite-sized lessons in subjects like saving, investing or spending smartly.
Your credit union may launch a “Save to Win” program that encourages members to reach their financial goals, or offer a reward to members that refer their family or friends. Finance doesn’t have to be dull. In fact, your relationship with your members can be positive, lighthearted — and even fun. Take it from the Gen Zers at Zogo!
Looking for an innovative way to drive meaningful, measurable digital engagement — while also offering accessible financial education that improves your members’ lives? Chat with one of our dedicated on-boarding specialists at Zogo today.
How does your credit union work to connect with members digitally?