In-person branch transactions have dropped in recent years, meaning that credit unions that do not innovate have fewer opportunities to take advantage of their longest-held strength: personalized service. In the “Credit Union Tracker,” TruMark Financial Credit Union’s Elizabeth Kaspern explains how the CU uses voice-of-the-member surveys, FinTech vendor partnerships and virtual onboarding services to help meet the individualized experiences members expect.
Credit unions (CUs) are traditionally known for high-touch relationships with their members, a quality Elizabeth Kaspern keeps in mind when crafting the member experience as senior vice president, chief retail and member services officer for TruMark Financial Credit Union, headquartered in Pennsylvania. The CU conducts many voice-of-the-member surveys and found that members want an individualized experience — a trend that escalated during the pandemic.
Kaspern believes this is because many members’ routines became highly individualized and retailers began personalizing consumers’ shopping experiences during this time, translating to higher expectations for personalization in other areas of daily life.
“Everybody’s way of having to do things was just totally different. There had to be that shift in expectations,” she said.
In particular, the CU had to use technology in innovative new ways to ensure members got the services they needed. For example, while the CU did not heavily utilize eDocument signing before the pandemic, it became an absolute necessity after it began.
“It was a big shift, not only for our members but also for our team members,” she said.
A Technological Shift
One of the greatest challenges CUs face is staying up-to-date with new technologies, according to Kaspern, especially for organizations like smaller CUs.
“[CUs] are traditionally smaller in size than most banks,” she said. “So, how do you keep up with that technology from budgetary expectations?”
Partnering with the right FinTech vendors may be the secret to staying in the game. TruMark is currently working to create stronger online banking tools, Kaspern said. While CUs might not have placed great emphasis on this five years ago, it is now top-of-mind for the credit union. Other areas of importance include ensuring potential members can open accounts or apply for loans instantly online. To do this, Kaspern said TruMark is partnering strategically with vendors that specialize in this kind of FinTech.
“We have to look at the future and ensure the people we are aligning with are also looking at the future, in all ways,” she said.
Quality assurance and ensuring site features are easy to use and understand have become key priorities, as tasks such as opening an account are taking place online as often, or more often, than they are in person. If it is not an easy process, a potential member could consider moving on to a competitor. Easy-to-use online services are critical to engaging members, Kaspern said.
TruMark has integrated chatbots on its website and has also been considering adopting video banking to allow members to manage their finances on their own schedules, and will be joining the Real-Time Payments network in May of this year.
An additional area of importance for CUs is to ensure tight security of these technologies. As more banking activities move online, the risk of fraud increases, Kaspern said.
“We need to be able to show our members that we are providing them with the highest degree of security that we can offer,” she explained.
Upping Engagement
In-person branch transactions have declined 25% in the last two years at TruMark, according to Kaspern. This decline reinforces the need to ensure the usability of all online interfaces and means that much of the engagement that traditionally occurs when a new member opens an account or visits a branch was not happening.
In response, the CU created a virtual onboarding process. After a new member opens an account, the CU sends them a text confirming the new account and linking them to content on TruMark’s website. Additionally, the member experience team contacts new members via telephone shortly after joining to ensure they are properly onboarded and see if they have any areas of concern.
Kaspern also sought to help drive consumer and community financial literacy, a role credit unions often take on. TruMark performs outreach efforts to local high schools and colleges to teach financial literacy to students who will soon be active adult community members. Kaspern said that in her experience, members of the Gen Z cohort are a critical group that likes to align with non-profit organizations. While TruMark is currently focusing on ensuring financial literacy with this group, they are also seeking to engage them more.
Keeping technology offerings current, secure and engaging is essential to attracting and retaining CU members as they prioritize convenient and personalized experiences. Kaspern said she is excited for the future, especially after real-time payments are integrated — a move she thinks will be a game changer in driving member satisfaction even further.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More