The Financial Brand Insights - Fall 2021

are. From mobile and digital banking to digital issuance, contactless payments options and more, consumers are not only accustomed to digital experiences but now expect them at every touchpoint—and these expectations are here to stay. Integration with core processing systems, mobile applications and more provides financial institutions with APIs needed to better deliver a seamless member experience across any and all channels. Personalization is Key Every day, consumers are becoming more reliant on digital channels, while simultaneously becoming accustomed to smarter and more personalized experiences. While these types of experiences are already the expectation in other areas—take Facebook or Netflix, for example— financial services is presented with an opportunity. Now is the time to shift the narrative and define how financial institutions can intelligently leverage the right tools and the right data to establish a different kind of engagement model —opti-channel—driven by analytics that will meet or ideally exceed customers’ digital expectations. The end goal? To reach a point where financial institutions are using data to truly create experiences that are specific to each customer and his or her individual needs based on the

value the customer represents to the financial institution. Personalized service, combined with cutting-edge technologies, enables financial institutions to provide the interactions customers want from their trusted financial partner. Maintain a Forward-Looking Approach The pandemic has shown that consumer preferences and habits can be impacted by a variety of factors. While financial institutions must clearly remain focused on the future of payments for their organizations and clients, it is also critical to keep a pulse on the future of our collective communities. Financial wellness has become an important initiative—and one in which the financial services industry is primed to provide support and assistance. In fact, more than three out of four consumers (78%) agree that they could benefit from advice and answers to everyday financial questions from a professional, according to the NFCC 2020 Consumer Financial Literacy Survey. Education, from how to utilize new tools and technologies to budgeting tips and more—can all play a pivotal role in the financial wellness of consumers across the U.S. In this year of acceleration and transition, we believe a square focus on the shifting preferences and expectations of consumers—from digital and personalization to financial wellness and more— will continue to position the financial industry for success. As we find ourselves at a distinct inflection point in the history of our country, our industry has a unique role to play. It is time to use our collective momentum to help fuel customers’ financial health and success in the next normal. n Chuck Fagan leads PSCU as its president and CEO, driving digitization of the cooperative to enable financial institutions’ growth and an unparalleled experience through service delivery, best-in-class payments solutions

A Time of Acceleration and Transition for Financial Services

As we look ahead, we anticipate a time of both continued acceleration and transition as consumers gravitate back to routine activities and prepare for a post-pandemic world. With this in mind, on what areas should financial institutions focus to most effectively provide the services and support consumers now expect?

and data security. ”

By Chuck Fagan President & CEO at PSCU

As we look ahead, we anticipate a time of both continued acceleration and transition as consumers gravitate back to routine activities and prepare for a post-pandemic world.

The financial services industry has experienced rapid change over the last 18 months, with COVID-19 acting as “The Great Accelerator.” Consumer preferences quickly gravitated toward digital channels in response to the global pandemic, fast-tracking financial institutions’ long-term innovation strategies into immediate needs.

Digital Continues to Reign Supreme

For many financial institutions, the accelerated shift to digital has made it more important than ever to meet accountholders where they





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