By now we are all aware of just how much of a role technology has played in shaping the way we manage our finances. With that in mind, it can’t come as a surprise to learn that in recent years, and with particular generations, digital banking has become the no.1 baking option in the country. The introduction of digital banking has brought the financial world online for ordinary people, granting them access to more digital banking services than we ever thought possible.
The technologically-driven advances that we’ve seen cannot be understated, banking has truly changed in the last two decades, and the plethora of online services available to users is a welcome addition. An equally welcome addition has been the dramatic increase in safety and security when banking online.
For credit unions, in particular, the digital banking revolution has been a storming success. Those who thought credit unions were outdated, old-fashioned, or substandard will be surprised to hear that it has been credit unions, not banks, leading the charge into the digital banking storm.
Many credit unions have managed to continue providing their stellar face-to-face customer service for online customers. Add to this the fact that credit unions dominate banks when it comes to loan rates, structure, and focus on members, and it’s clear to see why so many people are making the move to credit unions, and indeed, the shift to mostly digital banking.
Capitalizing on Change
As you may already know, credit unions are renowned worldwide for providing excellent customer service, low fees, and extremely competitive interest rates. Most credit unions have embraced digital banking and, for that reason, many credit unions have been at the forefront of this revolution. By offering diverse online services, providing speedy transactions, and ensuring members can bank with convenience, credit unions have solidified their place in the digital banking marketplace. The majority of credit unions ensure their members are offered user-friendly, safe, reliable mobile apps on which they can manage their accounts, finances, and personal information.
When more and more people switched to online banking, there was a dramatic decrease in the need for what turned out to be unnecessary paperwork. When this happened, credit unions – due to the fact that they are smaller and more efficient than most banks – were able to process payments and transfers at light speed, allowing for even more convenient banking for members.
Today, the range of services offered by credit unions online reflects that of a major bank. Whether members want to check up on their accounts, set up any recurring or automatic payments, look into savings and bill payment plans, or simply send someone some money, they can do it all with ease and just a few taps of their mobile phone screen.
These features offer members an incredibly diverse and robust suite of financial management options on-the-go, and if they yearn for the exceptional customer service for which credit unions are famous, most credit unions guarantee similarly outstanding customer service for online services.
Changing Banking for the Better
What the switch towards digital banking represents is a true redefinition of what personal banking means. The experience, the accessibility, and the options have all taken a dramatic leap in a positive direction thanks to online banking.
Let’s start with the user experience. Given how much credit union members and workers value customer service, it is hardly surprising that credit unions place just as much importance on the user experience for digital banking. On top of this guaranteed ease of use, digital banking also introduces some additional safety and security measures.
Since you need personal information, such as account numbers, usernames, and/or passwords to access your online bank, there is a natural increase in fraud prevention, since only someone with all of that information can access the person’s account.
Many credit unions also utilize multi-factor authentication, one of the best security steps a financial institution can take to protect members online.
Moving into the future, we are likely to see increased security measures introduced across the industry which should contribute to creating a more robust digital banking experience for users, who will probably also see increased options in terms of personalization and financial management.
As with any shift to digital, some people are reluctant to embrace the change with open arms. Many people are uncomfortable managing any financial issues in any way other than in-branch, talking to a worker. Luckily for credit union members, they don’t have to choose between great service and the convenience of online banking.
While such worries are completely normal, the reality is that digital banking has created a system that is actually faster, more convenient, and, most importantly, more secure than traditional banking. Credit unions and banks can utilize advanced encryption technology and other tactics to protect members’ money and information, granting their members the peace of mind they need to get on with their lives, not worrying about the security of their money.
Make a Change You Won’t Regret
There is little resistance to the argument that digital banking is the future of banking. By embracing the digital switch, credit unions have solidified their collective foothold in the modern-day financial services industry.
Credit union members enjoy the same great rates and service that they have up until now, but with the added convenience of being able to bank how you want, when you want, where you want.
The rapid advancements in technology that have changed the way we bank are nothing to fear. As digital banking becomes more and more popular the world over, it is time to take advantage of these changes. As innovation continues, we are going to be introduced to even more exciting services and features from our local credit unions. These same credit unions have secured their future by embracing the digital banking revolution. Don’t you think it’s time you secured yours?
Click here to make the change and start digital banking with your credit union. Learn more about the benefits of digital banking with credit unions, and check out our latest blog post to find out more about how credit unions are different from banks.