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Leveraging Digital Banking Solutions to Enhance the Member Experience & Efficiency

Unitus Community Credit Union

At Unitus Community Credit Union in Portland, Oregon, Char Sears, VP of Member Experience and Product Management, and Heather Bianchini, AVP of Digital Banking Services, discuss their institution’s strategic use of Alkami’s digital banking solutions to enhance the member experience and operational efficiency for their credit union.

 

Leveraging Digital Banking for Strategic Objectives

Unitus has effectively utilized digital banking to drive strategic objectives by reducing operational costs while enhancing service accessibility and options for members’ daily financial needs. The use of digital tools has not only reduced costs but also improved member engagement and retention within the digital channel. A critical component of this strategy is their team’s creation of a comprehensive scorecard that tracks various metrics related to digital channel usage, which aligns with the institution’s business objectives, such as member retention. These metrics provide valuable insights into member behaviors and preferences, enabling the credit union to continually refine its digital offerings. Additionally, the use of self-service tools has empowered members to manage their finances independently, further enhancing their experience.

 

Identifying Areas for Back-Office Efficiency

Unitus systematically identified opportunities for improving back-office efficiency by engaging with internal leaders to pinpoint tasks that currently require members to visit branches or make phone calls to their call center. This exercise highlighted the importance of making these services available through digital channels, thus enabling self-service options for members and streamlining back-office processes. The credit union also expanded their use of secure forms, which helps streamline operations both on the front end and back end. By processing these forms through the digital channel, the credit union ensures a uniform response to members, enhancing both efficiency and member satisfaction. Moreover, Unitus has embraced process mapping and journey mapping to objectively assess the current state of their members’ experiences across various channels. This approach removes assumptions and biases, providing factual data that guides the prioritization of initiatives based on their potential to drive revenue, improve efficiency, and enhance the member experience.

 

Adoption of Digital Banking Solutions Among Members

Unitus members have shown a strong preference for several digital banking solutions, particularly those that provide convenience and enhance financial management. By leveraging Alkami’s extensive partner ecosystem, Unitus has introduced innovative fintech solutions like SavvyMoney’s credit score monitoring. This solution has been highly popular, enabling members to track and improve their credit scores over time. This engagement not only helps members achieve financial milestones but also opens opportunities for them to access new products and services. Money Movement tools, including Bill Pay and mobile deposit continue to see high levels of usage, underscoring their importance in members’ daily financial activities. Additionally, features like Snapshot, which allows members to quickly view their account balances without fully logging in, have been well-received for their convenience.

 

79% of users rated mobile deposits as a “critical” or “important” digital banking feature in 2023

Cornerstone Advisors, 2023

 

The credit union’s relationship with BioCatch has significantly enhanced fraud prevention, almost eliminating fraud within the digital channel. This behind-the-scenes security measure not only protects members but also boosts their confidence in the safety of their digital banking activities. The credit union has substantially reduced fraud without creating friction for the member – reflecting Unitus’s commitment to security and member satisfaction.

Overall, Unitus Community Credit Union’s strategic focus on digital banking has led to cost efficiencies, enhanced member engagement, and improved operational processes. By continuously adopting market-leading technology through Alkami’s partner program and incorporating member feedback, Unitus is proud to provide a seamless and secure digital banking experience.

Interested in exploring how Alkami’s digital banking solutions can help your institution drive strategic objectives?

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