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Banks and Credit Unions are Customers Too

Part 2 of our Tech-Enabled or Tech-Empowered Series

How forward-thinking organizations are reshaping how they empower technology—beyond the digital banking platform—to enable better ongoing support for banks and credit unions.

Customer service is at the very heart of banking. While banks and credit unions are undoubtedly well-versed in delivering superior customer service in person, today’s digitally complex world requires a new type of service that is not easily transferrable from their in-person expertise.

To remain competitive, banks and credit unions must leverage their decades of expertise and unwavering commitment to the principle of customer service, while also relying on their digital banking platform to deliver the experiences their customers have come to expect.

But that’s no small ask. Through decades of lessons learned, what’s been made clear to many is that a successful digital transformation is about much more than just adopting a new product, tool, or system; it requires a complete shift in mindset in how we approach technology, one that empowers technology to work for you, not against you.

Embracing technology in new ways can fundamentally change the way organizations do business. Only then can they create the experiences that today’s customers expect.

But reshaping that approach will undoubtedly affect the digital tools we use and the partners we connect with. That’s why the most forward-thinking digital banking providers are seizing the opportunity to empower technology that supports their banking and credit union clients with the ongoing service they need to succeed today and in the future. Here’s how.

Inspire confidence.

With so little else to compete on, delivering a great customer experience is the best way a bank or credit union stands out. Those services used to be about the in-person, personal touch that the financial institution could create for their customers. But today, the services are as much digital as they are in-person.

While banks and credit unions are expected to deliver exceptional services for their customers, they, too, are customers; customers that were once confident in their ability to deliver excellent customer services, but have more questions than answers when it comes to translating that expertise to digital. And they’re not alone.

Banks and credit unions are not tech companies. Yet, they’re expected to keep up like one. For those financial institutions partnered with an experienced digital banking partner, now they can.

Experienced digital banking providers that are looking ahead recognize that just as technology must keep up with the pace of consumer demands, so too must their bank and credit union clients. As technology is updated, organizations need knowledge and understanding about any changes made to instill confidence in the capabilities they provide. And that takes ongoing service that is both timely and relevant. By leveraging technology in new ways, tech-empowered service facilitates better communication, more access to experts, and optimized processes that inspire the confidence banks and credit unions need to serve their customers better.

At Lumin, our approach to creating services for our clients is what separates us from the rest. Like our bank and credit union clients, who are built upon the philosophy of customer service, we recognize the exceptional power ongoing support can have for our clients. That’s why we listen to our clients, and use their insights and needs to drive the evolution of our technology. We encourage open, honest communications and provide direct access to our team of experts across all functions of our digital banking solution. By deploying frequent updates, and smooth technology releases with little to no bugs, the time a bank or credit union once spent fixing IT bugs, for example, can now be spent discovering new ways to serve their customers better. And, through weekly demos illuminating the updates we’ve made to our digital banking platform, we ensure our clients have the knowledge they need to succeed.

Connect with others like you.

While the challenges to transform and keep up with today’s digital demands are irrefutable, the great equalizer in the chaos is that they are significant for everyone. No one bank or credit union is unique in this undertaking. But unlike any other time in history, technology has opened up even more space for knowledge sharing, creating opportunities to learn from one another.

Sharing opinions about experiences online is something that consumers have certainly mastered. Leveraging any number of platforms, they’re not shy about telling their peers what they like and don’t like for just about everything, their financial institution included. And while it’s this direct consumer feedback that helps give the insights banks and credit unions use to create the services their customers demand, there are other ways that financial institutions can harness this essential information: from each other.

Connecting to learn from others like you could be the single most valuable service you need to survive today’s digital jungle.

That’s why forward-thinking organizations are finding new ways to empower knowledge sharing. Moving beyond using technology to drive value for customers, they’re enabling technology to facilitate different levels of communication for organizations, and between them.

From creating communities of like-minded peers to connecting decision-makers at all levels of organizations, technology can bridge the gap between the unknown and the experienced. And for banks and credit unions trying to keep up in today’s highly competitive, digitally challenging world, knowledge sharing is key to individual success and the industry as a whole.

At Lumin, creating a community of peers has been one of our proudest achievements, and one that our clients genuinely appreciate. Early on, we realized that while each of our clients had unique digital challenges, they had more in common with one another than they even knew. And we knew we had the opportunity to use technology to create connections between our clients that would positively impact them all. That’s how our client-led community user groups were formed. Instead of us, their technology partner, providing insights we’ve garnered from other client experiences, we closed the loop and created a forum for all our clients to share directly as peers. We’re not even involved in their peer-led community group; we empower them to communicate openly and honestly to learn from each other. Their feedback to us as their technology partner will ideally help them all.

Learn from Lumin Digital

While transformation can be overwhelming, you’re not in this alone. With a strong digital partner and a community of your peers to lean on, brighter days are ahead. As a digitally-native technology company, Lumin’s ability to think differently about technology is fundamental to who we are. It’s ingrained in everything we do – from our advanced digital banking solutions, to our internal operations, to our culture of curiosity. Contact us to learn more about how we can illuminate your success.

Check back to learn more about how we’re using technology to elevate sales in Part 3 of our Tech-Enabled or Tech-Empowered series.