Today’s credit union members and prospective members aren’t benchmarking credit unions against other financial institutions; they’re comparing them to all the experiences they receive from increasingly digital brands. In fact, research revealed to audiences at THINK 17 in New York City showed the following brands have set the bar in terms of exceptional consumer experiences: Amazon, Google, Facebook and Apple.
Taking the baton from these brands, financial startups Venmo, Rocket Mortgage, SoFi and Q2 confirm financial consumers have a growing appetite for digitally transformed banking services.
CO-OP’s research team asked credit union executives what they believed members enjoyed and expected from these brands, and the answers came down to eight specific attributes:
- Ease, Speed, Convenience
- Access, Simplicity, Intuitiveness
- Reliability, Security
When we asked those same executives how they believe their credit union measures up when it came to these particular traits, nearly half thought they were in an inferior position to the digital brands consumers love. As we learned at THINK 17, getting the movement to a position of superiority in the minds of consumers will require a strong commitment to digital transformation.
But what exactly does “digital transformation” mean, and how can credit unions begin to adapt to the preferences of an evolving member base? The answer is less about wedging an existing product into a digital channel and more about understanding members’ “jobs to be done.”
Intimate knowledge of “jobs to be done” is behind nearly every disruptive innovation on the market today. These innovations are the tools, technologies and ecosystems that have clicked so well with consumers that they’ve become an essential part of their lives. Earning that can’t-live-without designation is typically due to the innovation’s precise alignment with deep-seated needs. The developers of these innovations ideate by asking “What are people trying to get done in their lives but find frustration with?”
To help credit unions begin to delve into this question, CO-OP commissioned a survey specific to members’ jobs to be done. With the help of New Markets Advisors, a recognized expert in this type of analysis, we surveyed both credit union members and non-members.
Several jobs emerged from this research as opportunity areas for credit unions. And you may be surprised to find they are not focused on the availability or even affordability of financial products. They are much more emotional and based on long-term financial health. To view them and the entirety of the Jobs to be Done research, download “Jobs to the Done: A Roadmap to Consumer-Centric Innovation.”