Guest column contributed to Credit Union Times.
As credit unions board the S.S. Digital and the ship sets sail in a sea of opportunity, an iceberg comes into view. As the iceberg adage warns, there’s more than meets the eye.
Misallocation of digital investments
When allocating investment towards digital, an overwhelming emphasis is placed on the online and mobile banking system. Yes, this is a critical touch point on which members engage with and measure a credit union. The demand for this experience to be cutting edge and competitive is great, but it’s only the tip of the iceberg. What lies below the surface presents both a conundrum and opportunity.
Getting a picture of the whole “iceberg”
When credit unions prioritize the tip of the iceberg, they often forgo or delay investment in other stops around the digital ecosystem. Long before a member or prospective member interacts with a mobile or online banking system, they experience a multitude of touch points with your credit union’s digital presence: Your marketing site, social media accounts and online advertising to name a few. These add up to the digital member experience and create a digital marketing funnel including an eventual stop at your online/mobile banking system.