Conexus Credit Union: Customer financial health at the center of digital efforts 22 September 2021
First, I would say Digital, Digital Channels, Digital Platforms are used to describe the digital customer facing self-service channels. This would include: public website, online banking, text banking, mobile banking, and mobile app.
Which interactions are hardest to digitize? (e.g. complaints, problems, advice, new mortgage)?
For advice yes, we have plans underway. For the remaining interactions, we have intentions, but don’t yet have plans.
Relevancy is the biggest benefit we hope to generate from our digital initiatives. We don’t feel a financial services provider can survive and be relevant today without strong digital offerings. It’s critical to doing business.
What are the top issues customers face when interacting with you digitally?
Not everything is available though all channels. There is also a bit of a disconnect between our digital channels and advisors. Wet signatures are still required.
We have created many more processes with electronic signatures.
Customers can’t do everything online today. This is a barrier. Additionally, we have an aging customer base. Older customers might have been a little slower to adopt some of the technologies.
Not really, just some in branch training for customers. Overall, not a lot of investment. The current pandemic lockdowns have been the greatest driver of digital adoption.
Does your bank have the required digital skills amongst existing staff, or have you had to recruit for these skills?
We have some but are also recruiting for new skills all the time.
For sure. We look at many forms of partnerships and outsourcing. Cloud computing, contract style consulting, fintech partnerships, even open innovation style partnerships are being used or considered.
I would say we use an onion approach. High level planning three years out, then getting progressively more detailed as we get closer to today.
We don’t always calculate ROI on all initiatives. We do create an expectation(return) of what we want from our investment into the project, But it’s not all in a $/ROI sort of way. As well, we expect to fail occasionally when we are doing truly unique and different work. That’s part of the culture of our company.
Overall, our balanced score card is the ultimate measure of success for our company. One of the big measures on our balanced score care is a customer financial health indicator aggerate score. This uses our customers’ data to create a financial health score for each person, which is then aggregated up to each advisor and the entire company. So, we strive to improve our customers’ financial health. Digital is a big part of that success. We also track a metric that compares digital interactions to branch interactions. We have a target to get all (almost all) transactions out of the branches and leave branches as advice centers.