An Insider on Staying Ahead of Members’ Digital Needs

PYMNTS talks with Sumeet Grover, chief digital and marketing officer at Alliant Credit Union, about how the CU stays one jump ahead of member demand for innovative and varied payment solutions.

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With consumer demand for digital payment options surging, it can be hard for credit unions to keep up. That is why Alliant Credit Union — Illinois’ largest CU and winner of CNBC’s Best Credit Union of 2020 — makes an effort to stay ahead of the game. A few years ago, Grover explained, Alliant made the strategic decision to focus on innovation and payment solutions, with the goal of building out capabilities in advance of members requiring them.

“From a digital-perspective, we try to be proactive, not reactive,” he said.

The approach paid off. When contactless and digital payment usage exploded, Alliant was ready. The CU first released a contactless debit card in September 2019. By 2022, it was Alliant’s most popular payment method, and its popularity kept growing. Grover estimated that contactless debit usage doubled last year. Members can connect their debit — and credit — cards to popular payment apps, including PayPal, Venmo and Zelle, as well as mobile wallets such as Apple Pay or Google Pay.

“We offer the full spectrum of payment solutions to our members to meet their needs, depending on what they’re looking to do,” he said.

Understanding member needs and preferences is central to Alliant’s proactive approach to innovation. Alliant was ready for 2022’s surge in contactless debit usage because the CU did its homework. Grover explained that Alliant thoroughly researches what its members want and how best to provide these features.

“We look at needs beyond just the transaction,” he said. “We want to understand the journey members will go on.”

To do so, the CU talks to its members regularly and solicits feedback directly through member surveys, net promoter scores and other channels. Based on this feedback, Alliant puts the budget in place, focuses on the right platforms and builds the solutions to match.

Alliant is always exploring new ways to help its members via innovation. In September, for example, the CU released an enhanced bill pay solution, modifying its old platform to create a more seamless and frictionless experience. The CU is also focused on allowing members to integrate Alliant’s products with other solutions. Blockchain is another area that Alliant is exploring, as well as the expansion of its use of two-factor authentication.

If it sounds as if Alliant is looking to innovate everywhere, that is because it is. Grover explained that almost everything is on the CU’s radar as it thinks about how to leverage new technologies to meet emerging needs.

“We try to be ahead of that innovation curve and be ready to meet our members’ needs digitally,” he concluded.