The Finalytics.ai 2021 Credit Union Digital Experience Report provides a snapshot of key industry trends and a heuristic review and ranking of the user experience at the largest 50 credit unions by asset size in the United States. The report is the result of comprehensive review of each organization’s digital presence. We rated each credit union’s public marketing site according to six key dimensions of the experience:
- User Experience (UX)
- Analytics and SEO
- Key Features and Functionality
- Visual Design and Branding
- Digital Marketing
Key Features and Functionality Category
For the Key Features and Functionality category, we evaluated each site on the presentation, findability, and inclusion of features including:
- Online account origination
- Mobile check deposit
- Live chat
- Find a branch / ATM
- Peer-to-peer payments
- Product comparison
Our review identified five credit unions that stood apart from the rest. The Key Features and Functionality winners are:
- Digital Federal Credit Union
- Boeing Employees Credit Union
- First Tech Federal Credit Union
- America First Credit Union
- Mountain America Credit Union
Members today have high expectations for the tools they use online. For example, we see more and more credit unions offering digital payment services to compete with FinTech services like Venmo and Square’s Cash. For this evaluation, we focused on what we believe to be the most important features for users on both desktop and mobile.
None of us were surprised that DCU leads the pack for key features and functionality. DCU offers all the key features we were looking for, and then some. We like their digital account opening platform that uses mobile phone info to gather applicant information resulting in streamlined data entry. DCU has a wealth of information about their digital banking within their site, although we wish it was less dense. They also offer voice skills for Alexa and Google Home.
BECU’s showing came from better than average experiences for digital account opening, financial calculators, appointment scheduling, and information about digital wallets. BECU also earned extra points from offering Alexa skills.
It’s also not surprising finding First Tech Federal placing well in this category. Their strengths are in their digital account opening experience, embedded financial calculators, digital wallets, and product comparisons.
America First information about their digital banking features is one of the better experiences we found. Also, we liked their implementation of Blend for mortgage applications and PFM functionality. They offer Zelle to compete with Venmo and CashApp.
Rounding up the top 5 is Mountain America. They offer all the functionality we were looking for with the addition of robust digital wallet capabilities.
Congratulations to all the winners!
To learn more about the findings in the Finalytics.ai report, download the 2021 CU Digital Experience report.