How Addition Financial Adapts to Member Needs in the Digital Age

Table of Contents

1. How Long Has Digital Banking Been Around?

2. How Has Addition Financial Integrated Digital Tools to Enhance Member Services?

3. How Has Addition Financial Adapted Its Communication Channels for the Digital Age?

4. What Are the Benefits of Addition Financial's Mobile App for Members?
5. What Security Measures Does Addition Financial Implement to Protect Members’ Digital Transactions?
6. How Is Addition Financial Planning to Evolve Its Digital Services in the Future?

Credit union member needs in the digital age have evolved just as fast as new technology. Digital transformation is the order of the day, and all of us at Addition Financial are committed to providing leadership to assist current or new members as they navigate our increasingly digital world.

Whether we’re finding ways to put emerging technologies such as artificial intelligence to work for our members, improving cybersecurity to protect our members’ data privacy or fine-tuning the way we interact with members on social media, we’re determined to meet our members where they are in the digital era.

How Long Has Digital Banking Been Around?

The history of digital technology in banking is longer than you might think. It started more than 50 years ago in the 1960s, which is when financial institutions began using digital solutions to improve the customer experience. Early examples included automating check deposits and the introduction of the first ATMs, although those didn’t become commonly available until the 1980s.

With each new technological advancement, credit unions and banks thought about how to create digital capability for themselves and their account holders. As early as 1995, some large banks had already created digital platforms with portals where customers could log in and view their accounts.

How Has Addition Financial Integrated Digital Tools to Enhance Member Services?

The leadership team at Addition Financial has a shared purpose to make member services as comprehensive and accessible as possible. With that in mind, we have created a digital platform on our website. Members can do all of the following things in a secure digital environment.

• View account balances and transaction history
• Move money between accounts
• Learn about the financial products we offer
• Pay bills
• Manage credit and debit cards
• Apply for credit cards and loans
• Get support 

Our website is streamlined and easy to navigate. Even people who don’t have extensive digital skills or have never used online banking before can understand it quickly.

We also have a mobile banking app that allows members to take our services with them wherever they go. In addition to the features we’ve already mentioned, members can use their mobile devices as a digital tool to make deposits from anywhere and at any time. 

How Does Addition Financial Ensure a Seamless Online Banking Experience for Its Members?

Part of our ongoing commitment to our Addition Financial members is providing them with a seamless digital banking experience. We do that with intuitive navigation on both our website and mobile app. Members get real-time transaction updates, account alerts and 24/7 access to their accounts. We’ve fully integrated useful features such as remote deposits and automatic bill pay to help members streamline their finances. Most importantly, we know that enhancing services for members is an ongoing digital initiative, not a one-time transformation

How Does Addition Financial Support Members Who Are Less Familiar with Digital Technology?

We recognize that while some of our members may be comfortable with online banking, others may not have the digital capability they need to make full use of our suite of digital banking tools to increase their financial literacy. Online banking isn't just for younger members, we want to ensure we have financial inclusion for Boomers, Gen X-ers, Millennials, and younger generations!

For those members who may be less tech-savvy, we provide educational resources including blog posts and step-by-step online tutorials. Our support team is available to guide members through digital banking processes and troubleshoot issues as they arise. Our members may also get in-branch assistance when it’s needed.

How Has Addition Financial Adapted Its Communication Channels for the Digital Age?

Member engagement is one of our top priorities, and part of our commitment to embracing technology is adapting how we communicate with members, including easy access to both customer support and self-service options. We're committed to not just member relationships with younger consumers or millennials, but we want to create a fantastic digital experience for any potential members.

What that has meant for us is providing secure email and in-app notifications, as well as secure support channels. We’re active on social media and encourage our members to ask questions and provide feedback on our services there. We also use our website, mobile app and social media accounts to share promotions and financial tips.

How Does Addition Financial Personalize Digital Interactions for Its Members?

Personalization is something that’s always been important in the world of banking. Today, we have the opportunity to use member data-driven insights to tailor recommendations to increase member satisfaction. These may include:

• Transaction alerts based on spending habits
• Budgeting tools based on spending and financial goals
• Financial product recommendations

Every member who creates a checking account online or mobile account gets a personalized dashboard with tools to help them manage their accounts.

Personal assistance is something that credit unions have always done well and we consider our digital banking tools to be an essential part of our commitment to making our members feel welcome and valued, increasing member loyalty.

What Role Does Member Feedback Play in Shaping Addition Financial’s Digital Strategy?

Addition Financial’s members are also owners, and that means we always take their feedback seriously. It’s part of what helps us personalize services, and it also helps us fine-tune our digital marketing to attract potential customers.

We break feedback into two categories: solicited and unsolicited. We request member feedback regularly in our credit union marketing and collect it with surveys and in-person interactions. Collecting large amounts of data helps us spot trends, identify pain points and discover areas where we can improve our services. 

We use the data we collect to refine existing services, add new features based on member feedback and requests and prioritize updates to our digital platforms.

We’re always open to feedback that doesn’t come from surveys, as well. A comment on a Facebook or Instagram post can point us in the direction of how we can improve our services, and we take that in-the-moment feedback into consideration as part of our ongoing digital journey.

What Are the Benefits of Addition Financial's Mobile App for Members?

A transformative digital innovation in banking is the introduction of banking apps. It wasn’t that long ago that certain financial services needed to be conducted in person. It could be inconvenient at times, particularly for people who work during normal credit union operations.

The Addition Financial mobile app is our members’ on-the-go branch. They can carry it with them to their office, their home or even on a business trip or family vacation. Here are some of the benefits of using our digital channels:

• Access to checking and savings accounts, credit card statements, a loan application and more from anywhere with a wi-fi connection. (We strongly recommend using only secure wi-fi, since using open networks may leave your accounts vulnerable.)
• Mobile check deposits allow for immediate deposits without visiting a branch and quicker access to your money.
• Transfer money between accounts with just a few taps.
• Get support when you need it.

Our mobile app keeps customer data secure. It's incredibly user-friendly and integrates seamlessly with our online member services.

What Security Measures Does Addition Financial Implement to Protect Members’ Digital Transactions?

Our members’ safety and security is just as important to us as their financial health and well-being. We have employed a suite of advanced security measures that include:

• Encryption for our website, mobile app, and all digital transactions. Encryption inhibits any intrusion that might compromise members’ personal data and accounts.
• Multi-factor authentication to make it difficult for any unauthorized person to access a member’s account.
• Biometric authentication, including a fingerprint scan or facial recognition for secure log-in to our mobile app.
• Real-time fraud monitoring designed to identify unusual or suspicious transactions; examples include unusually large transactions or overseas transactions.
• Proactive member alerts to notify them of suspicious activity and give them the opportunity to take quick action to confirm transactions or let us know if they’re not authorized.

These measures are all designed to safeguard our members’ accounts and money. Like our suite of digital banking tools, our digital security is an ongoing process that’s constantly being updated. We always strive to implement best practices and we’ll adapt our security as new tools become available and as new threats arise.

How Is Addition Financial Planning to Evolve Its Digital Services in the Future?

Technology is evolving every day, so we hope it’s not a surprise that we’ve always got our eyes on the horizon. Here are some of the things we’re working on.

1. Expanding mobile banking capabilities to enhance the user experience and make member service as accessible as possible.
2. Improving automation to further streamline the online banking experience and create seamless transactions.
3. Integrating artificial intelligence into our banking services to obtain smart financial insights, improve member security and more.
4. Exploring partnerships with fintech (financial technology) companies to introduce new digital tools to help our members and to improve the overall user experience on both our website and mobile app.

Of course, we can’t predict exactly where financial institution technology will go in the future. What we can do is make a promise to our members that we’ll stay abreast of developments, evaluate new tools and features, and incorporate them when we’re confident they’ll improve the member experience.

Learn More About Digital Banking with Addition Financial

Digital banking is an essential element of the member experience at Addition Financial as the credit union industry undergoes its digital transformation. We’re always working to provide value and empower our credit union members to achieve their financial goals. New technology is coming and we’ll be keeping an eye out for anything that improves the member experience in the digital age.

Want to learn more about digital banking with Addition Financial? Visit our digital banking page!