Northern Inland Credit Union (NICU) is a mutually owned-authorised deposit taking institution (ADI) delivering financial services to benefit members. It offers a full fleet of banking products to its 16,000 members in north-western New South Wales.
Banking and consumer behaviours are constantly changing, and that change has only become more rapid over time. While NICU has been running a successful banking business for over 50 years, they recognised their current business and Member service model will need to change to adapt to the digital evolution currently occurring in many industries, none more so than banking. They needed to make some imminent changes, including adopting new digital technologies and offering more digitally-led Member journeys. NICU also needed to address growing Member expectations for consistent Member experiences and services across all channels.
Direct competition from other similar mutual competitors, as well as the market domination of the big four banks, meant NICU needed to make digital transformation a priority and leverage as much of its business intelligence assets as possible.
The key challenges NICU aimed to address with its digital transformation included:
- Offering Members a seamless customer experience
- Capturing all relevant Member and interaction data accurately
- The systems were previously not open and agile to accommodate data capture, feedback loops, and customer relationship management (CRM)
The systems were not integrated – NICU had separate email and SMS systems that were not integrated with other systems. Only about 10% of enquires lead to a sale with no data to explain why this was happening or how to improve the conversion rate within the sales funnel.