Credit unions across the country are investing in the modernization of their digital banking platforms to enhance member experiences through mobile and online channels. However, simply developing these technologies does not guarantee increased member engagement, leading credit union executives to seek ways to maximize the impact of their investments.
In today’s economic climate, consumers are looking for tools to improve their financial wellness and save money on everyday expenses. One area often overlooked is subscription management, with up to 80% of U.S. consumers overpaying on monthly bills due to unwanted or unused recurring services. This includes subscriptions that started as “free” trials and converted into paid services, particularly in the streaming industry where consumers spend an average of over 0 annually on services alone.
Many consumers unknowingly have multiple subscriptions for the same service or continue to pay for services they no longer use. The difficulty in canceling subscriptions, intentionally created by service providers, has even caught the attention of federal regulators.
Credit unions have a unique opportunity to assist their members in managing their subscriptions more effectively. By providing visibility into their members’ subscriptions and offering easy cancellation options within mobile banking apps, credit unions can establish themselves as true financial wellness partners. This not only benefits members’ wallets but also strengthens the relationship between credit unions and their members.
As consumer expectations for mobile and digital banking continue to evolve, credit unions must prioritize innovative digital banking solutions that cater to their members’ needs and preferences. Those credit unions that embrace this shift and implement user-centric digital banking technologies will experience higher levels of member engagement and more meaningful interactions within the digital banking environment.
Marc Miller, Chief Revenue Officer of Constellation Digital Partners, emphasizes the importance of digital banking solutions that empower credit unions to deliver a personalized and innovative banking experience to their members. Constellation’s open development platform enables credit unions to explore new fintech services that align with their digital strategy and enhance member satisfaction.
