CALABASAS, Calif.-Understanding the real value of data that credit unions already have along with how online services are evolving can have a profound affect on bottom line, one person is noting.
To be successful, credit unions must deliver actionable insights to members, personalized solutions, and relevant connections, stressed Intuit Financial Services President Sasan Goodarzi. "The future of online financial services is around the interaction of these three things. It's no longer around checking your transactions and information at the credit union."
Goodarzi insisted that financials are moving into an online banking environment in which consumers visit banks and CUs so they can make better decisions and receive more personalized solutions. "Imagine the potential of me knowing how much money you spend at Home Depot and offering you a 15% discount at that store, and you can redeem the offer online," Goodarzi suggested. "That's insight, because I know your behavior and I know where you spend your money, and I can provide you something that is very relevant that helps you save money."
As an example, Goodarzi cited Intuit's TurboTax product being combined with its FinanceWorks financial management tool as a way to deliver personalized solutions. "When it comes to relevant connections, more and more credit unions have to connect the right people with the right people." That could mean connecting local businesses with one another to share marketplace information to help each make better decisions and improve profitability, Goodarzi said.
More consumers are expecting these types of services from financials, Goodarzi contended. "And they want them for free. That is table stakes. The opportunity here is huge to transform the credit union from a place you have go to a place that offers insights, personalized solutions, and relevant connections."
