The #1 Thing You Can Do for a Better Member Experience

Mar 26, 2024 | Product, Technology & Innovation

In a PYMNYS study, over 25% of consumers said safety (of money and personal information) is the most influential factor when opening a primary bank account. Previously, higher security was at odds with creating a member experience, but there is a new approach.

You can create a better member experience AND increase security simultaneously with reusable credentials .

What are reusable credentials? Using cutting-edge verification technology, your members only verify themselves once during onboarding. After that, they will have credentials that work across all interactions with your credit union. The credentials cut down wait times, eliminate repetitive verification hassles, and create a seamless member experience at every touch point. 

Why this matters: This revolutionary approach has the potential to reshape the member journey by creating seamless interactions, increasing efficiency, and providing unparalleled member satisfaction. In addition to these benefits, this method also significantly minimizes fraudulent activities within your identity verification process.

How reusable credentials create a better member experience:

  • Streamlined Interactions: Reusable credentials eliminate the need for repetitive identity verification, ensuring a smooth and efficient member journey.
  • Reduced Wait Times: Members no longer need to endure long queues or waiting periods, as the verification process now takes seconds.
  • Smooth Branch Visits: With credentials persisting across interactions, in-person visits to the branch are quicker and more personalized, enhancing the overall experience.
  • Effortless Call Center Interactions: Members experience faster and more efficient interactions with call centers, as there is no need for extensive identity verification.
  • Stress-Free Teller Transactions: Teller interactions become stress-free as the burden of repetitive verification is lifted, allowing staff to focus on delivering a superior member experience.
  • Enhanced Security: While providing convenience, reusable credentials maintain the highest level of security. With unbreakable encryption, reusable credentials are tamper-proof and make fraud almost impossible.
  • Consistent Experience: Whether online or through mobile apps, members enjoy a consistent, secure, and frictionless digital experience, fostering trust and loyalty.

👀 See how reusable credentials can revolutionize credit union operations in our new eBook, “KYC: A New Age of Less Fraud and Friction.” 

Dive Deeper

How do Reusable Credentials Work?

Reusable credentials are a shift in the way identity is managed. It is moving away from centralized systems controlled by organizations to a model where individuals have greater control over their own identity information.

In the end, members can show their encrypted and unique credentials on their phones as irrefutable proof of who they are without disclosing information that can be used maliciously. 

The process looks like this:

  • Initial verification: Once a member is verified using robust authentication methods, the system creates a reusable credential that can be used across various services and applications.
  • Decentralized identity: Decentralized identity (DI) technology powers reusable credentials. This technology (that utilizes encryption and other cutting-edge tech) ensures that the data is secure, tamper-proof, and resistant to single points of failure. 
  • Secure communication: The DI system provides irrefutable and secure communication across all channels, with built-in, ultra-secure identity validation.
  • User control : Individuals own and control their identity information. Unlike traditional systems where large organizations store and manage user data, DI empowers individuals to own and manage their digital identities. Protecting both individuals and organizations.

🎧 Listen to the Privacy Files podcast episode where Dr. Paul Ashley explains Decentralized Identity to get the whole picture. 

How Reusable Credentials Make a Better Member Experience for Credit Unions

Transforming Branch Dynamics for a Better Member Experience

The traditional branch experience often involves members waiting in queues for identity verification, leading to frustration and dissatisfaction. Not to mention that traditional identity verification methods (IDs, security questions, etc.) can be maliciously reproduced.

Reusable credentials significantly reduce branch wait times. Members breeze through the verification process, allowing them to focus on their financial needs rather than waiting in line. This streamlined experience enhances efficiency and leaves a lasting positive impression on members, contributing to their overall satisfaction. 

Consistent Seamless Interactions for a Better Member Experience

Reusable credentials create a credit union experience where every member interaction is smooth regardless of the channel. Whether a member interacts in-branch, over the phone, or through digital channels, the authentication experience remains seamless. Repetitive security questions and cumbersome verification processes that differ in every channel are replaced with a unified, efficient system, fostering a sense of trust and reliability.

Remember, in the PYMNYS study, over 25% of consumers said that safety (of money and personal information) is the most influential factor when opening a primary bank account. You can give members next-level security with reusable credentials.

Liberating Tellers for Member-Focused Excellence

Tellers are the face of the credit union, influencing member perceptions and experiences. However, the burden of identity verification often diverts their attention from delivering personalized service to preventing fraud.

“Tellers are the first line of defense. It’s our job to protect your account. But we aren’t perfect. Just like any sort of defense, we make mistakes or miss things. We are human and are subject to human error.” – A teller explaining their experience on the job.

Reusable credentials liberate tellers from the time-consuming and stressful verification process, enabling them to concentrate on building meaningful connections with members. This shift in focus enhances the overall member experience, making each interaction more personalized, efficient, and satisfying.

Reusable Credentials are the New Era of KYC and Identity Verification

Reusable credentials are the perfect opportunity for credit unions to deliver an outstanding member experience. Beyond the technological upgrade, it signifies a commitment to efficiency, trust, and member-centric banking.

Reusable credentials will be the future of credit union success by minimizing wait times, ensuring seamless interactions, and empowering tellers to prioritize member experience. Anonyome Labs is here to help you seamlessly add reusable credentials to your credit union.  

To learn more about how easy it is to add reusable credentials to your current app and interface, contact us today! 

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