How to Build Authority & Trust with Credit Union Web Design

Credit union website design is more complex than it may seem at first glance. On the front end, they offer typical banking services like checking & savings accounts, loans, and automatic payments. The back end is where the complexity lies. It entails a comprehensive, ultra-secure portal where users can view and manage their accounts with encrypted login information. Additionally, they should have integrations with services like Zelle and a mobile app where users can access their finances at the palm of their hand.

Credit unions are typically nonprofit, making-money cooperatives whose members can borrow from pooled deposits at low-interest rates.

Banks are for-profit entities, while credit unions are nonprofits. Middle-class consumers lean toward credit unions because of the personalized customer service and lower rates on loans. However, they’re often hit with higher interest rates on deposits and higher ATM, and foreign transfer fees.

The bottom line is that banks are for-profit institutions, while credit unions are non-profits. The two are similar but it takes a lot less investment to open and maintain a credit union. Understanding why people choose credit unions, and the downsides (in consumer’s eyes) when banking with a credit union will aid you in creating the best possible website for increased conversion and long-term customer retention.

POSITIVE BIASES

When it comes to banking, consumers like to shop around. There are countless options, and it’s important for the business to understand the psychological angle of each customer as they find you and begin to consider banking with you. When assessing whether a user is going to open an account with you, or a competitor, these are the biases that will come into play:

• Authority Bias

  This cognitive bias describes a person’s tendency to weigh the opinion of an authority figure more heavily. To counter this, educate customers by creating an article repository on your website. There, customers should be able to search for relevant articles about topics that concern them. Your site should allow you to become an authority in the eyes of prospects, and make interactions with customers smooth & efficient. If you’ve received positive press, share it on your website. Keep email subscribers up to date about news on the business. Incentivize them regularly with cashback rewards, and keep the website updated.

• Social Proof

  Social proof is equivalent to a referral. Amazon ratings, Google reviews, etc play a very important role in the modern consumer’s psychology. They reassure the consumer that the business is legitimate and trustworthy, as many people share their experiences about a business online. Even though most of the reviewers will be strangers, this is crucial. It is absolutely necessary to incorporate positive reviews & testimonials into your website design. To aid this, increase the seductiveness & seeming receptiveness on your website. Phrases like “agents available 24/7” and “our priority is your bottom line” will help you to earn the consumer’s trust.

Credit Union Web Design & Marketing

NEGATIVE BIASES

When a customer is shopping around, they’ll inevitably find you with a few negative biases or beliefs, already in place. Before selling them anything, you have to get rid of these, or at least neutralize them. Agents should receive training on psychological negotiation tactics and consumptive psychology. Consider this: 70% of all decisions are made out of fear. Specifically, the fear of losing something is why most people take action.

• Loss Aversion 

  When a customer is considering banking with you, their deepest insecurity is around losing money. They may fear identity theft or outrageous fines. Loss Aversion describes how we fear loss considerably more than we value gaining something of the same worth. The fear of loss is a powerful bias in consumptive psychology. It’s much more painful for the average middle-class consumer to lose $1,000 than it is pleasurable to gain $1,000. I personally left my credit union years ago after my husband’s account was compromised and they withheld about $4,000 for 6 months.

• Anchoring 

  Anchoring or focalism is when we rely too heavily on an initial piece of information when making decisions. We anchor to that initial impression or experience, and our entire perspective is tainted from that point forward. This further explains why it’s so much easier to receive a negative review than a positive review. Ten positive experiences may result in a positive review. A single negative experience may result in a detailed, inflammatory negative review. The biggest fear in consumptive psychology is that the product or service purchased won’t solve the problem at hand. Thus, consumers are naturally anchored to and expectant of – failure. This is human nature. If you think about an animal in the wild, they’re going to experience fear, anxiety, and many other negative emotions each time they try something new. It doesn’t matter if it’s a trivial or serious matter.

Further, money controls a person’s livelihood and quality of life modern day. If you (the banking institution) fumble a transaction, they may lose their car or home. Their children may lose their education. They may even face legal problems for unpaid child support. Especially if they’re living paycheck to paycheck. Your customers are essentially trusting you with their life. Therefore, credit union website design is far more complex and important than it may seem. Your website design needs to tell them that you’re trustworthy and competent.

Cognitive Triggers to Use in Credit Union Web Design

Our goal in re-developing credit union websites to make your online presence the most seductive & trustworthy option for your customers. If we can accomplish this, then customers will post-purchase rationalize why you are the best, saving your agents time and effort on retention. This happens when we incorporate neuroscience into your web presence & digital marketing strategy.

A good Neuromarketing design & strategy relies on the cognitive behavior of each user; it relies on fundamental human nature. Incorporating predictive triggers that allow us to influence & anticipate each consumer’s behavior, will help us tweak the strategy to have the greatest influence on the specific behavior of your audience.

OUR STREAMLINED APPROACH

The reticular activating system is a short, pencil-sized piece of the brain located just above where the spinal cord is attached to the brain. It acts as the gatekeeper of information between most sensory systems and the conscious mind. We approach marketing with this “filter” in mind. Your online presence should perfectly satisfy the wants and subconscious needs of your target demographic.

Best Credit Union Web Designers

To select the best credit union web designer, there are a few key things to understand. First, consumptive psychology is crucial. If you don’t understand this it’s impossible to compete with those who do.

Secondly, you’ll need to really gauge the values and priorities of your target market. Users will sense whether you’re tuned into their values, and assess your offer accordingly. Since you’re not really offering a physical product or service, this is a unique transaction. Most consumers believe that banks make money by charging fees and loaning out the consumer’s money. When a customer opens an account, they’ll feel like there’s no risk at a conscious level. However, subconsciously they’re petrified of what’s to come. You must remain in frequent communication, and try to be as transparent as possible.

Lastly, you’ll need to incentivize customers in some way. As I mentioned this can be done by offering cash back bonuses, freebies, or giveaways. Large banks are great at offering incentives, and you’re expected to do this as well. If you’re considering a website redesign, contact us for a free neuromarketing consultation where we’ll take a look at competitors and offer a tangible, scientific strategy to increase your customer base.