Now more than ever, U.S. consumers are choosing to bank online. Eight out of ten Americans would rather bank digitally than in person. And almost half of consumers use only digital-banking services for their financial needs.
But, what about credit unions? A credit union is a type of financial institution that is member-owned. These financial cooperatives are facing new challenges and competition from digital-first competitors. As customers demand a more engaging and relevant banking experience, credit unions will need to leverage data to reach new members and create lasting relationships.
To Attract New Member, Credit Unions Need Better Digital Experiences
With an average member age of 47, credit unions face a unique challenge—appealing to younger customers. Part of the solution includes delivering the seamless and intuitive experience they expect.
The truth is member experience is digital experience. Customers should be able to do everything online that they can do in person. It should be easy to open an account, make investments, manage cards, apply for loans, and make payments from anywhere and any device.
The new competition is digital. That includes digital-native fintechs and big techs as well as forward-thinking financial institutions. The time is now to transform or perish.
Digital Dexterity Requires Speed and Agility
Make It Fast: Automating tasks like opening an account, making credit decisions, and creating personalized offers can dramatically improve the customer experience. But they need to be fast. Behind the scenes, faster reporting, fraud detection, and incident resolution are also essential.
From an IT perspective, speed means operational excellence in all aspects, from your applications to the infrastructure supporting them. Metrics, automated data collection, and real-time data analysis are the most important.
Make It Flexible: You need the agility to adapt to change quickly, whether changes in customer behavior, market conditions, regulations, or technology. Consider the following. How fast can you:
- Act on data that comes from branches?
- Respond to new regulations?
- Launch a new product or service?
For IT, agility means having an infrastructure that can continuously evolve without disruption, is elastic, and has the performance needed to support AI and analytics workloads.
How Data Storage Can Change the Game for Credit Unions
So what do credit unions need to achieve their digital transformation goals? The right technology can make all the difference. A storage system that supports digital transformation can simplify operations, accelerate applications, empower developers, and deliver next-gen analytics. The key requirement: Provide the speed and agility credit unions need to maximize their data.
Pay-for-what-you-use and as-a-service models provide flexible, secure data management solutions. You can increase your organization’s operational agility while reducing risk.
Evergreen™ Storage from Pure Storage® delivers seamless, rapid upgrades and expansion without disruption. You’ll never have to re-purchase hardware, re-license storage software products, or deal with increasing maintenance and support costs. All upgrades occur in place, without disruption to your business. With Evergreen//One, you pay only for what you use, on-premises or in the cloud.
Data analytics and AI power many features that enhance customer experience and improve efficiency. These include voice assistants, chatbots, and real-time risk and fraud monitoring. Pure is built from the ground up to deliver a single, scale-out storage platform that consolidates AI workloads and speeds time to insight. Pure offers high-performance, architecturally optimized, AI-ready infrastructure.
What’s the Next Step in Your Digital Transformation?
By failing to adopt digital-banking services, credit unions run the risk of losing existing members and not attracting new ones. Don’t waste time untangling legacy infrastructure to fit your digital needs. It’s time to make a strategic decision about your storage platform. And make it your competitive differentiator.
See how financial-services organizations use Pure technology to achieve their goals.
Written By:
Fast-Track Financial Services
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