In today’s fast-paced world, your members have access to an incredible array of digital services – from ordering groceries to streaming movies to managing their home’s smart devices. They don’t just use digital tools; they live by them.

When it comes to their finances, the bar is set just as high. In fact, more than 80% of U.S. adults now prefer to do their banking via mobile apps or websites. This shift isn’t just a trend; it’s a fundamental change in behavior.

For credit unions, it means a modern digital banking platform is no longer a “nice to have” – it’s a necessity, a primary competitive differentiator. And while many institutions have a digital solution in place, if it doesn’t exceed members’ expectations, it won’t be enough to retain the 40% of consumers who say they are open to switching their primary financial institution for a better digital experience.  

This reality highlights a crucial question: Is your current platform truly meeting the needs and expectations of your members, or is it creating a silent vulnerability that could drive them to a competitor?

To answer that, you have to look beyond the surface features and dive into the core of your digital offering.

Why Platform Structure Matters More Than You Think

Many credit unions find themselves in a challenging position, managing a patchwork of legacy systems. Maybe there’s one system for the desktop site and a completely separate one for the mobile app. This inconsistency often leads to disjointed experiences for members, which creates friction – and can quickly erode trust.

Your members don’t know (or care) about the complexities behind the technology. They just expect it to work seamlessly, regardless of the device they’re using. That’s why a unified, native app architecture is so important.

A cloud-native, modernized platform ensures that the experience is consistent, fast, and easy to use across every channel. It’s about more than just convenience. It’s about providing an exceptional user experience, and a sense of stability and reliability.

What’s more, your platform structure can also limit your future growth. You might be serving a new generation of members, like Gen Z, who are digital natives. They expect mobile-first experiences with real-time insights and seamless payments. And what about your SMB members? They need a digital solution that offers features like embedded payment acceptance, automated reconciliation, and integrated invoicing.

Your chosen solution’s platform structure is a key element to your digital banking app’s overall member and back-office support experience.

If your digital solution can’t scale to meet the needs of both your retail and small business members, you’re missing out on a huge opportunity. A flexible platform allows you to evolve as your members’ needs change, ensuring you can support them on their entire financial journey.

What Members Expect From Their Digital Experience

Beyond the technical structure, you have to consider what your members actually want to do with your platform.

Think about the last time you checked your bank balance. Did you just want a number, or did you want to know exactly what’s available right now? Real-time balance accuracy is no longer a luxury – it’s an essential tool for sound financial decision-making. People rely on this information to pay bills, make purchases, and avoid fees.

Members also want a complete picture of their financial life. Research shows that 55% of consumers want a single, aggregated view of their finances, including accounts from other institutions. They want a digital “command center” that helps them manage their money, not just move it.

Your small business members want a platform that can integrate with the accounting tools they already use, like QuickBooks. Providing seamless experiences across every device isn’t just about features – it’s about building a bond of trust and loyalty that’s hard for competitors to break.

The Cost of Falling Short

The digital banking landscape is a constant race to meet evolving expectations. Your members are comparing their experience with you not just to other credit unions, but to every digital experience they have in their daily lives. Keeping current and taking advantage of what your platform offers will ensure you are providing a differentiated experience that is tailored to your membership.

If you’re feeling a disconnect between what your platform can do and what your members expect, it may be time to rethink your approach. It’s an opportunity to turn a potential risk into a real opportunity to strengthen your relationship with your members and grow your organization.

To help you evaluate your platform from the inside out, the eBook Rethinking Your Digital Banking Solution: 7 Key Factors reveals the critical things you need to consider before making a change. It offers insights into building a digital experience that not only meets, but exceeds, expectations for every member … from the youngest to the most entrepreneurial.

You’ll explore:

●      What makes a platform truly scalable

●      How to align your tech with member expectations

●      Why back-office efficiency matters more than ever

●      Four other critical factors that could reshape your approach

Your members deserve a digital experience that reflects your values, your vision, and your commitment to service. Download the full eBook to discover how to transform your digital strategy and secure your credit union’s future.