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From Rarity to Reality

 

Digital Triple play is the game changer for credit unions

 

As rare as it is in baseball, the Triple Play is the new power play for credit unions competing with big-pocketed banks. It delivers greater home team advantage to credit unions by allowing them to reward loyal members with the convenience of Digital Banking, Digital Account Opening and Digital Lending. The timing couldn’t be better. 

According to the white paper CU Payments Outlook: How active member relationships drive long-term growth, there continues to be a growing preference among users for real-time, digital banking: 

  • 94% of users consider seamless integration as very important 
  • 45% can currently see all their accounts in one place 
  • 25% interact with their app daily 

With the Digital Triple Play from VisiFI, credit unions find themselves able to confidently take the field against traditional banks – meeting member expectations for real-time services and convenience, without sacrificing the personalized relationships that drew them to their credit union in the first place. 

 

Putting the member at the center of play

While we talk in broad terms about digital banking, digital account opening and digital lending, each boils down to some pretty practical benefits for members. Like the ability to have their banking revolve around their schedules and their preferences – like applying for a new car loan while out test driving vehicles, transferring between accounts knowing the ­­­­­­money is instantly available, opening and funding a new account at their credit union or conducting routine banking tasks, when and where it’s most convenient. 

And remember that earlier statistic about the importance of seamless integration among fintech users? If members can get everything they need from a single relationship, they will. So, having the capability to offer a user experience that extends the brand across all digital offerings and the app helps to strengthen loyalty among members and the credit union brand overall. 

 

Conceived out of research


The VisiFI Triple Play digital experience didn’t just happen. A combination of market research and leadership in fintech technology platforms and applications, incorporated with behavioral science and an integrated multi-culture experience all went into the digital products and services. That’s what online experiences are – understanding how to ensure a great user experience for every member, every credit union, every time. 

So, when we discover that 78% of Americans prefer to bank digitally, we also bothered to take the additional step of understanding what that banking experience needs to look like. More importantly, we know how to make it happen. Not just from the developer standpoint, but also from the credit union perspective. 

 
 

What does this mean?

In order for the Digital Triple Play to generate the game-winning play, it needs to also meet the demands and expectations of the credit union who will implement it. That’s not just a job for sales. It requires understanding the uniqueness of the credit union, its personality and brand, its members, its staff – and how it will measure the ultimate success of the digital triple play. 

Again, it requires research, conversation and collaboration. For the credit union, it means taking care of the member. More importantly, it means ensuring that it meets requirements for seamless integration, security, process automation, streamlining and customization. What’s more, it needs to continue to deliver as new technologies, capabilities and member expectations emerge. 

 

From practice to game-winning play

Moving from theory and strategy to delivering on the hype, the VisiFI Triple Play has met and exceeded credit union requirements. One credit union generated nearly a 20% increase in new members, significant increases in remote deposit capture and P2P payments and 70% increase in card management.  Another saw significant increases in mobile visits as well. Both see the Digital Triple Play as the first stage of a strategy that will continue to allow them to leverage technology as the winning strategy for growth

And in the financial services industry, that has consistently seen the customer relationship take a back seat to technology the Digital Triple Play from VisiFI is enabling credit unions to turn the tables on big fintech firms. Instead, making the credit union the digital technology pioneer that uses the latest fintech to strengthen member loyalty. Even just a few years ago, that would seem like a rarity indeed – as rare as a Triple Play in baseball. 

 
 

Jami Jennings
Director, Digital Solutions, VisiFI