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THE LUMIN LAB

How the Right Digital Solution Can Support Roles in a Bank or Credit Union

Digital banking isn’t just for end users; it has the power to benefit all roles within a financial institution as well. That is if you have the right platform in place. 

“Every business is now a tech company.”In the wake of 2020, we’ve all heard this line. And while it’s true for most industries, financial services have possibly felt this most. 

Today, bank and credit union customers think banks have magically morphed into tech companies, and they expect products and services to be delivered just like one. That means that if your financial institution hasn’t already, you might want to start thinking and operating like one. How? The simple answer is to take a page out of the tech giants’ playbook.

One of the many things that big tech companies really understand is that great technology enables even greater tools. Successful tech companies leverage the same tools they employ to serve their customers to serve themselves. And, they empower these tools to be used across teams, departments, and leadership to inform nearly every aspect of their business. 

It makes sense, but it seems to be a missed opportunity for many financial institutions. However, with the right digital banking solution, banks and credit unions can start emulating the tech giants their customers think they are, while also empowering every role within their institution to do their jobs even better, for the business and for the customer. Regardless of your role within a bank or credit union, here’s how the right digital banking solution can support you.

For the confident Cs. 

Today’s financial institution leadership—CEOs, CFOs, COOs, CIOs, etc. (or the Cs for short)—have a lot on their plate. Trying to keep their banks and credit unions afloat while undergoing massive digital transformation is one thing; trying to compete with a new set of market disruptors is another.

With the right digital banking solution, the Cs will have all the tools they need to stay competitive in today’s digitally-driven world. Here’s what the Cs should expect from their digital banking platform:

Data-driven insights. There’s no question that digital banking generates data, both from consumers and for business intelligence. But how that data is activated is key. The right digital solution arms the Cs with the business intelligence they need to make informed, data-backed decisions.

Real-time reporting. When time is of the essence, real-time reporting is critical. A robust digital banking solution provides the Cs with the actionable insights they need, when they need them, to make critical business decisions when it matters most. 

Culture of innovation. Today’s Cs are looking at a new wave of change—people change. Transforming into a tech company brings with it the emergence of a new kind of employee, new partnerships, and new strategies. A dynamic digital banking solution will empower Cs to meet tomorrow’s needs today while fostering a culture of innovation that ensures success going forward.

If you’re a C in a bank or credit union today, now’s the time to reevaluate if your digital banking platform is providing you with the best tools to do what you need for your institution, employees, and customers. If it’s not, it’s time to find a solution that does.

For magical marketers.

Embracing the future means understanding how your customers interact with your financial institution today—primarily online—and how you can elevate their experiences tomorrow. Here’s what the right digital banking solution provides bank and credit union marketers:

Better visibility. The digital world gives marketers one thing in spades—data. With the right digital banking solution, that data gives you the ability to see how your customers behave and the power to predict what they’ll do next. And with real-time data and actionable insights, engaging with customers when they want is what elevates a good experience to a great one. 

Personalized communications. Gone are the days of mass marketing communications, and financial institutions know this best. But not every bank and credit union has the tools in place to provide the personalized engagements that their customers expect. Only a comprehensive digital banking solution enables frictionless individualized customer engagements, recommendations, and solutions—in real-time—that are rooted in empirical knowledge of their interests, preferences, and financial situation.

Optimized omnichannel experience. Today’s customers are engaging with banks in any number of ways, yet, they want the transition from in-person to online to mobile, for example, to be seamless. The right digital banking solution enables a smooth transition between channels that can be enhanced as the customer’s needs evolve. 

If you’re a marketer in a bank or credit union today, you probably know whether or not your digital banking platform enables the tools that you need to do your job effectively (and efficiently!). If it’s not, take the time to advocate for yourself and your team, knowing that the right digital platform can empower you to know your customers better.

For the amicable admin and invincible IT teams.

The IT and admin teams within any financial institution are unsung heroes, solving both internal and customer problems every day. But as technology makes things easier for everyone else, why is it that the IT and admin teams continue to bear the brunt of the work? They’d be the first to say that it’s probably a tech issue. However, with the right digital banking solution, it doesn’t have to be. Here’s how:

Minimal pain points. People love technology…until there’s a problem, that’s when they want to talk to a person, and it’s the IT and admin teams to the rescue. But a robust banking platform is one that simply works better. A solution that has increased functionality that works with institutions and their end users (instead of against them!) results in fewer issues and happier customers all around.

Reduced workload. IT and admin are tedious jobs within any organization, so where there’s an opportunity to optimize processes that reduce their workload, that’s a no-brainer. The right digital banking solution enables automated and optimized processes that drastically cut down the manual tasks for IT and admin to tackle every day.

Speedy resolutions. Fixes shouldn’t take long in today’s fast-paced world, and your digital banking platform should not only reduce issues but also provide solutions faster. A robust digital platform is one that has an exceptionally reliable product, and when there are issues, it gets them solved faster.

If you’re in the IT or admin department in a bank or credit union today, it’s time to reclaim your day and push for a digital banking platform that enables you to work smarter, not harder.

The right partner can help.

In a future marked by both innovation and ambiguity, one thing is for certain: knowledge is power, and in today’s world, both can be harnessed with the right tools in place. Fortunately, for forward-thinking banks and credit unions that have a robust digital banking solution in place, those tools are inherent, and the insights they provide are worth their weight in gold.

At Lumin Digital, we help banks and credit unions—and the teams that keep everything moving—implement the right digital banking solution, one that provides data-driven insights, creates solutions, optimizes processes, and helps your organization grow. 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.