Report
386
Number
Jan 14 2016

Digital Strategies: Creating Stronger Online Engagement

Let’s face it. When it comes to selecting a new financial product or service, the digital channel (and yes that includes your website, social media outlets, online reviews, the app store, etc.) is where most prospects and members will start their search, and likely make a decision. In fact, research shows that 70% of households start their search for new financial institutions online via websites, search engines and social media. Moreover, mobile banking transactions will double worldwide in the next four years. Enhancing your members’ experience through your digital channels as they learn about your credit union services, personality, and philosophy is crucial to show the value of membership.

In 2013 Filene launched Digital Strategies, a program designed to help credit unions adapt to consumers' changing shopping behaviors. Credit unions' websites often contain barriers that prevent shoppers from participating in a streamlined purchasing funnel. This research outlines best practices and reccomendations from the Digital Strategies program. Based on several case studies of participating credit unions, we detail the essential components of a robust, member-satisfying digital experience across a variety of products including credit cards and mortgages.

Filene thanks its generous supporters for making this important research possible.

Report Number 386