The next credit union industry expert to join us on CU Crossroads – 5 Question Series was Jeff MacMillan, VP of Payments & Deposits at Affinity Federal Credit Union. The discussion with him revolved around how credit unions can ‘adapt to changes in member behavior’ owing to the pandemic. As the digital transactions by members are on a rise, he feels the focus of credit unions should be on perfecting the mobile delivery of self-serve and unassisted service models to the members. Below are the main takeaways from his interview:
- The pandemic has provided an opportunity to credit unions to re-evaluate their approach to branch banking. Amid the major changes in member behavior, there is an opportunity for credit unions to lead members to greater digital adoption, and use branches more strategically for the purpose of enhancing or adding new services.
- Credit unions should closely watch trends in contactless payment, digital subscriptions, and money movement and offer products and services that cater to changing member behavior in these areas.
- The increase in digital transactions and card usage also means an expected increase in fraud. Credit unions can implement enhanced security measures, but also look to advances in technology, such as AI-driven products, to defend against it.
- The events of 2020 have caused Affinity to revisit its key strategies for the next three years. In 2021, the credit union will begin implementing new plans to put more self-service digital tools in the hands of members.
- Today, the mantra isn’t just “digital first” but “mobile first.” Affinity is intentionally considering the mobile engagement aspects of its key initiatives to drive convenience and adoption. They are also remaining mindful of the education that may be needed to help members adapt to and embrace these changes.