When digital ID is an agenda item but not a budget item, what’s your approach?
Grant Allen2021-12-09T20:00:23-07:00October 28th, 2021|
2022 strategic planning is in full swing
Every credit union leader knows the process well. It’s the leadership team’s annual opportunity to focus on the big-picture items. Leaders review and discuss their vision, the operational issues they face, the new measurable performance goals, and high-priority projects and initiatives for the upcoming year.
This time around, perhaps you’ll also discuss questions like:
How has our members’ pandemic experience changed how they interact with the credit union?
What are the implications for us if most of our member interactions are either online or app-based?
What new technology benefits are members likely to want?
If we adopt one of these new technologies will our CU be unique in our market?
Are we confident the cost of the new technology will fit into our budget?
MemberPass digital ID gives you a strong, practical affirmative response to every one of these questions. And this blog will explain how and why this is true.
Yes, many more people adopted digital financial tools in 2020
Per The Financial Brand, the routine usage of digital channels for financial purposes increased across all age groups.
In the past seven days, more than half of respondents had used a mobile financial app.
About a third accessed their financial institution via desktop or laptop computer in the past week.
About 80% of respondents preferred to use digital access channels rather than go to a physical branch.
More digital banking triggered more financial fraud
As more and more people adopted digital banking and payments during the pandemic, fraudsters weren’t far behind. The reported incidence of financial scams, identity theft, and account takeovers increased in every channel. Experts say the rapid shift to digital channels enticed fraudsters to seek new vulnerabilities and opportunities.
In this new environment, yesterday’s defenses and responses are likely to be less effective. MemberPass digital ID may be the best fraud defense you can put in place.
It’s clear. The new technology members want is digital ID
A recent Filene Research Institute study sheds light on this. The basic research premise was that members expect their CU to be secure. Further, they expect there will be fraud-prevention practices in place. In today’s overwhelmingly digital world, MemberPass digital ID will provide the safety and security your members want. Not surprisingly, the study found that about 70% of respondents were interested in the digital ID benefits MemberPass provides.
You’ll offer a unique benefit if MemberPass digital ID is part of your services
This is because MemberPass started as an exclusively credit-union product, and it still is. It’s not offered to banks today and it won’t be in the future. This is a really good reason in support of why you should offer your members the security and convenience of MemberPass digital ID.
What if we haven’t budgeted for MemberPass?
MemberPass is highly affordable. It should fit comfortably into virtually any credit union’s operating budget. It only takes about three weeks to implement the program, and the resultant savings from custom core-processor integrations should help you recover the cost of MemberPass in a year or less.
MemberPass will give you more confidence every time you authenticate someone
This is the key benefit from the credit union’s perspective. Every time you authenticate someone, regardless of the channel or the purpose, there is risk. MemberPass creates a different, nearly risk-free authentication reality.
It’s a secure encrypted connection between you and the member. It delivers unmatched safety and security. When members ID themselves with MemberPass, you can be absolutely certain they are who they say they are. The result is that all forms of financial fraud are virtually eliminated.
If you haven’t added MemberPass to your credit union, we’d be happy to arrange a personal demo
Seeing is believing. If you want to learn more, please email us to set up your own demo. You can also register to attend a MemberPass webinar or visit us online at www.memberpass.com to find out more.
Bonifii, a credit union service organization, offers MemberPass. MemberPass proactively protects your members from fraud by using distributed ledger technology, enhanced cryptography, and biometrics to create the most PRIVATE, SAFE, and SECURE omni-channel way for your member to interact with your credit union. Visit www.memberpass.com or email Atull@memberpass.com