Business process automation for credit unions is becoming crucial as digital-only banks and fintech companies rapidly reshape the financial landscape, creating unprecedented competition. Member retention is now a pressing concern, and credit unions must adapt by implementing technology that meets today’s digital expectations. Business process automation (BPA) is one of the most effective ways for credit unions to streamline services, improve efficiency, and enhance the member experience, ensuring long-term loyalty in a digital-first world.
For more on how credit unions can boost member loyalty with digital solutions, read the original article from Collier Pickard here.
The competitive threat from digital-only banks
Digital-first banks like Monzo and Starling have transformed financial services by offering convenient, user-friendly apps and 24/7 access to essential functions. These banks appeal to tech-savvy members who prioritise speed, ease of use, and constant accessibility. Credit unions risk losing members to these agile, digital competitors if they don’t take steps to match this level of service.
BPA offers credit unions a way to modernise by automating key processes, providing faster, more reliable service, and reducing the likelihood that members will turn to online-only alternatives.
How BPA supports member retention
BPA helps credit unions automate essential processes, such as loan applications and member onboarding, which traditionally require significant staff time. By automating these steps, credit unions can reduce waiting times and ensure greater accuracy, creating a smoother, more satisfying experience for members.
For example, automated loan applications can allow members to submit and receive approvals quickly, often without needing to visit a branch. This meets today’s demands for convenience and speed and frees staff to handle more personalised, high-value activities that strengthen member relationships. In the United States, credit unions that have adopted BPA report significant improvements in efficiency and member satisfaction, setting a benchmark for the UK as it begins adopting similar practices.
Meeting modern member expectations
Today’s members expect seamless, digital-first experiences from financial institutions. They want quick responses, real-time updates, and services accessible from anywhere, at any time. BPA helps credit unions meet these expectations by eliminating bottlenecks in key workflows and enabling faster, more consistent service.
Automated account management, 24/7 chat support, and quicker loan approvals are some of the BPA-powered features that give members the convenience they desire. By automating core functions, credit unions can reduce friction in the member journey and make it easier for members to complete essential tasks without delays. With this level of service, members are less likely to be drawn to digital-only competitors and more likely to stay loyal.
Leveraging the trust advantage
Despite the appeal of digital banks, credit unions still have one significant advantage: trust and community connection. Members often value the personal, community-focused ethos of credit unions, which is difficult for digital-only banks to replicate. By combining this strength with BPA-powered efficiency, credit unions can offer a unique blend of personal and digital service.
93% of businesses say they have higher customer retention rates after using CRM, and 44% say their rates increased by 10-29% source. For credit unions, integrating BPA is a way to retain the personal touch that members trust while meeting the digital standards they expect.
How Collier Pickard can help credit unions implement BPA
At Collier Pickard, we specialise in helping credit unions implement BPA effectively, enabling them to deliver fast, reliable service while continuing to focus on member relationships. As CRM consultants, we provide tailored solutions that align with each credit union’s unique goals and ensure a smooth, efficient implementation of BPA.
By partnering with Collier Pickard, credit unions gain the tools and support needed to stay competitive, keep members satisfied, and thrive in an evolving financial landscape. For credit unions ready to adapt, BPA offers a powerful way to retain members, streamline operations, and succeed in today’s digital world.
