It’s time to take charge of member satisfaction and free your credit union from legacy system limitations
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At the heart of the credit union mission is its unwavering commitment to serve the community with affordable, accessible financial services for all. However, as we navigate the ever-changing financial landscape, credit unions are facing challenges that require innovative solutions to stay true to their mission.
The trends are clear—lending volume continues to surge, deposit volume is shrinking, and delinquencies are on the rise. And on top of all of that, your members are craving convenient, frictionless ways to manage their finances at the click of a button, and they’ll look elsewhere to find it. These challenges are not unique to credit unions but are felt industry wide. The question is, does your community-focused institution have the tools and resources available to safeguard a brighter financial future for your members?
Adapt & Adopt: Choosing the Right Path for Your Credit Union
In a world where digital transformation is rapidly reshaping our industry, credit unions find themselves at a critical crossroads—adapt to the times, adopt the power of technology, and shed the constraints of legacy systems or risk the costly impacts of stagnation.
The 2023 Jack Henry™ Strategic Priorities Benchmark Study reports that 79% of all financial institutions plan to increase technology spend over the next two years, with most planning to increase investments between 6% and 10%. The study also notes that 95% of all financial institutions plan to enhance their lending capabilities with credit unions keenly focused on leveraging data, improving the member experience, and acquiring new accountholders using automated decisioning/funding and cross-selling.
Where Community Meets Convenience
Credit unions have a unique advantage—a rich tradition of community involvement, personal service, and a strong sense of belonging. Innovation has now opened the door to blend these cherished qualities with cutting-edge digital capabilities that will empower your credit union to stand out by offering the best of both worlds—an inviting, personal touch alongside the convenience of modern technology.
According to a recent BAI report only 4% of financial services leaders said that they deliver an excellent digital consumer experience and 44% said the digital consumer experience they deliver is merely average. Notably, the report also highlights a decline in consumers choosing credit unions as their primary financial institution. When it comes to consumer lending, the J.D. Power 2023 U.S. Consumer Lending Satisfaction Study reports that fintech lenders have seen the sharpest rate of improvement in overall borrower satisfaction because of their focus on delivering a streamlined digital loan process.
To counter this looming threat, credit unions must examine how they deliver their value proposition. Are you competing solely on rates and fees, or is this your opportunity to seamlessly merge the personal touch and community focus for which credit unions are known with cutting-edge digital capabilities?
Unlock Your Lending Power & Revitalize the Experience
Lending is where your credit union’s heart beats strongest because it often corresponds to major financial milestones, yet outdated lending solutions may be inadvertently driving your members away. Don’t let your current system hold you back. Legacy technology solutions often bring increased costs, decreased efficiency, security concerns, and an inability to adapt to evolving borrower expectations.
What if there was an end-to-end solution that has been proven to help credit unions optimize member experiences, drive loan volume, gather deposits more effectively, increase efficiency, and ultimately support building deeper member relationships through data-driven, personalized experiences across the entire lending life cycle?
We’re here to tell you that the solution is well within your reach!
Unlock your lending power with our latest infographic and discover how MeridianLink® helps you break free from outdated technology, amplify your competitive advantage, and exceed member expectations.
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