Vystar Credit Union Claims Top Honors in 2023 Credit Union Digital Experience Report
The 2023 Credit Union Digital Experience report is Finalytics.ai’s fifth annual report on the digital experiences offered by the 100 largest credit unions in the United States. The report explores how effectively credit unions provide digital experiences that can be leveraged as a competitive advantage. Research and scoring in the report are based on evaluating each credit union’s website and related areas such as online account origination, digital marketing, key features and functionality, SEO optimization, web analytics, overall member experience, and security and privacy.
Vystar Credit Union took the top honors in the 2023 report scoring a 3.39 cumulative score on a one to five scale, with one being “poor” and five “most innovative.” Joining Vystar to round out the list of the top five finishers were Alliant Credit Union (3.08), Community America Credit Union (2.79), Wings Financial Credit Union (2.79), and Redwood Credit Union (2.70).
Over the coming weeks, details about each of these organizations will provide insights into their strategies for optimizing their digital experience.
Overall, however, the 2023 Credit Union Digital Experience report contains some concerning key takeaways.
- The average user experience score was 2.31 out of 5, indicating that many credit unions need help exporting their high-touch approach into their digital channels.
- Only 21 of the 100 credit unions exhibit some level of personalization: and just seven feature deeper, more enhanced personalization.
- While most credit unions (91%) identify some level of segmentation, just 30% represent their defined segments very well within their website content.
- Of those using defined segmentation, 58% showed two or more segments in their primary navigation – typically Personal, Business, and Wealth Management.
- Only 40% of the credit unions track analytics across the digital journey, and even fewer integrate web analytics across front-end/back-end data sources.
The data reveals that many credit unions are not investing in digital capabilities that meet current and prospective members’ wants and/or needs. This lack of investment in technology designed to meet member expectations means that the traditional selling point for credit unions – better in-branch support and service – is not translating into a digital experience that differentiates them from banks. With the majority of financial services being offered by financial institutions now being consumed via digital channels, this inability to create a relational environment in the digital channel is an existential threat that must become the foremost priority for credit union leadership.
As noted in the report, those consumers satisfied with the level of trust they have in their credit union increased but remained well below 50 percent. To maintain and improve member satisfaction, credit unions must create a segment of one digital experience for prospective and current members beyond simple personalization. Technologies that can react in real-time to segment audiences and present relevant dynamic content will be required to achieve this goal. There are several products poised to help credit unions achieve that goal.
Future posts will offer more insights into how some of the top 100 credit unions are addressing these concerns will be discussed.
