Credit Unions and Financial Services Companies: Improve Online and Mobile Services With Digital Transformation

by | Dec 9, 2019

Today’s credit union and financial services customers want easy-to-use online and mobile services that give them greater control over their money while maintaining the highest levels of data security and privacy. Setting the stage for best-in-class digital service offerings is a key benefit of digital transformation, and it’s why so many credit unions, and other types of financial services companies, need to do it. In this post, we’ll explore the benefits of digital transformation for credit unions and financial services companies.

Enhance Online and Mobile Experiences

shutterstock_1064461262Online and mobile experiences are instrumental to the success of a financial organization. If you’re able to give them what they want, you can expect happier, more responsive customers. Makes sense, right? Creating this customer happiness is critical within the financial industry. Online and mobile experiences provide customers information and access to their money whenever and wherever they need it. Delivering this level of service demonstrates your commitment to what customers really care about, which helps earn long-term loyalty while reducing the number of customer service calls your organization must answer.

Mostly likely, your organization already offers online and mobile access to customer accounts; however, technology is changing incredibly fast, and state-of-the-art, cloud-based data infrastructures are now unleashing the true power of online and mobile services. Your competition is mostly likely taking advantage of these advances—so should you!

Better Meet the Challenges of Regulatory Compliance

shutterstock_372677380Within the financial services industry, companies must now abide by updated regulatory standards. These requirements mandate maintenance of accurate records and use of the latest digital security technology to keep client data safe. Many financial organizations are now moving forward with digital transformation because compliance with new regulatory standards is built into cloud-based data infrastructures…and as regulations get updated, software can be updated to maintain compliance without costly hardware upgrades. In today’s fast-changing regulatory environment, digital transformation really does make the most sense!

Digital Transformation Reduces Fixed Costs of Physical Infrastructures

Credit unions and other financial services companies are becoming leaner as they embrace digital transformation. Rather than having to maintain large buildings with multiple areas for printing and storage, companies can cut back on physical infrastructures significantly. Cloud-based data infrastructures store data securely off-site while ensuring client service teams have access to the most up-to-date client information, which offers many benefits to a financial services company:

  • Staff is more empowered to up-sell services and meet marketing goals
  • Team members can be more productive
  • Clients enjoy better service experiences, which drives organic organizational growth

Drive Collaboration Across Teams

Another critical need for financial services companies is enabling collaboration across teams located in different locations. Digital transformation can ensure that you support these team members with the information they need to complete their work.

Digital transformation can help ensure your team members are on the same page, working with the same data when addressing questions. It can also ensure that complex challenges are met with a proactive, team-based response that earns buy-in from members across the organizational infrastructure.

Digital Transformation Reduces Risk and Enhances Environmentally Friendly Business Practices

One of the core advantages for financial services digitizing data is reducing the risk associated with data loss. Paper is vulnerable in numerous ways—fire for instance. Digitizing client records and storing them in a cloud server protects customer data from all manner of physical risks and ensures that the information is easily accessible, wherever it is needed.

Beyond the security provided by digital transformation, less or zero paper can translate to much more environmentally friendly business practices. For example, organizations can move to e-statements instead of printing paper statements.

Imaging Office Systems Enables Customized Digital Transformation

Whether your credit union or financial services firm requires an update to an existing digital system or a comprehensive overhaul, Imaging Office Systems is the partner you can rely on. To learn more about our company and the complete range of digital transformation services we offer, contact our team of experts today.

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