How Can Credit Unions Use Digital to Improve Member Experience in their Wealth Management Program?

​Digital engagement has become a standard expectation of almost every service and product in the current marketplace. Digital tools and workflows can be tailored to create a quick, easy, and pleasant experience for credit union members, yet this area is often neglected - especially within wealth management. To remain competitive and meet the expectations of today's members, credit unions need to focus on the digital experience of their wealth management programs. Three key areas credit unions can make strategic initiatives include: digital account opening, data analytics, and mobile user experience.

1. Streamline Digital Account Opening
Traditional paper-based onboarding is time-consuming and error prone, creating a cumbersome member experience. On the other hand, a streamlined digital account opening process reduces friction and complexity for members. Credit unions that implement a truly digital account opening process can significantly enhance the member onboarding experience, making it simple and hassle-free. Key features to implement include:

• Paperless Workflow: Digitizing every step of the account opening process, from filling out forms to signing contracts. By removing the need for physical documents, financial institutions can cut down the time it takes to open an account from days to mere minutes. 
• Document Upload Capabilities: Enable members to upload necessary documents directly through the platform. This integration cuts down on processing time and improves data accuracy.
• Electronic Signatures: Allow members to legally sign documents online, eliminating the need for in-person visits and streamlining the final steps of account opening.

2.  Mobile First User Experience
A superior mobile user experience is crucial for engaging members who increasingly rely on smartphones and tablets for managing their finances. Credit union wealth management should focus on creating a mobile app that offers full functionality. Important aspects include:

• Responsive Design: Ensure that the app is accessible and fully functional across all device types and sizes.
• Intuitive Navigation: Create a user-friendly interface that allows members to find information and perform tasks quickly and effortlessly.
• Real-Time Notifications: Implement push notifications to keep members informed about their account status, market changes, and personalized advice, enhancing the transparency of the service.

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​3. Implement Automated Rebalancing for Managed Accounts
Automated rebalancing is a vital feature for managed accounts, ensuring that the investment allocations remain aligned with the client’s risk tolerance and financial goals, despite market fluctuations. This automation can be set to trigger based on specific criteria such as time intervals, percentage deviation from target allocations, or significant market events. Automated rebalancing helps in maintaining the intended investment strategy efficiently, reducing the need for manual adjustments and enabling a more consistent adherence to investment principles. This not only saves time for advisors but also enhances portfolio performance and client peace of mind.

For credit unions, improving the digital experience in wealth management is essential to meet the evolving needs of their members and to stay competitive in a rapidly changing financial landscape.