Right now, there are 6.92 billion smartphone users around the globe. That's a staggering 86.29% of the world's population, and the numbers are still climbing! According to Statista, we can expect a 4.2% annual increase, bringing the estimated total to 6.8 billion users this year.
Even more impressive is that this figure is 3.2 billion, or 86.5%, higher than the number of smartphone users we had in 2016, just seven years ago.
It's no wonder smartphones are now the most popular electronic devices in the world, used by a staggering 95.8% of all internet users. The convenience and accessibility they offer have made them an indispensable part of our daily lives.
By 2024, global smartphone users will continue to rise and hit a staggering 7.1 billion, meaning around 89% of the world's population will be equipped with smartphones. It's mind-boggling to think that nearly nine out of ten people worldwide will have one of these powerful devices in their pockets!
Credit unions must keep pace with the rapidly changing landscape in this digital age. Enhancing the digital member experience is paramount for credit unions to stay relevant and serve their members effectively. With an ever-growing number of smartphone users, focusing on user-friendly interfaces, robust mobile banking applications, and personalized digital services will be crucial.
Credit unions have the opportunity to embrace cutting-edge technologies like Artificial Intelligence (AI) and chatbots to revolutionize member support and convenience. One example is Intelligent Virtual Assistants (IVA), AI-powered chatbots and voice assistants that use natural language processing to understand member queries and provide automated responses.
University Credit Union in Southern California, serving 41,000 members with assets of $800M, implemented an AI-powered Intelligent Virtual Assistant called Royce. With Royce IVA, members can perform various transactions through simple conversations with the AI agent.
The impact has been impressive. University Credit Union saved a staggering $2.5 million from support operations, with an astonishing 98% accuracy in responding to queries. They also saved an impressive 497.1 hours and boosted annual revenue by $3.36 million.
With the continued rise of smartphone usage and the advancements in AI technology, credit unions have an incredible opportunity to elevate their digital member experience and build even stronger connections with their members. By embracing these innovations, credit unions can cater to tech-savvy consumers, attract new members, and ensure they remain at the forefront of the financial industry's digital revolution. By prioritizing the digital member experience, credit unions can build stronger connections with their members and attract new generations of tech-savvy consumers.
Ready to 10x Your MX?
Tom Foster, Corning Credit Union's Director of Product & Project Management, and Anne Legg, Founder of THRIVE share greater details about the 10x your MX framework and how it positively impacted Corning's talent and membership.
Tom and Anne identified three key deliverables from this engagement.
It delivered a framework that enhanced data consumption capabilities, increasing member experience and satisfaction.
It improved organizational efficiency and processes.
It empowered credit union talent to develop critical thinking and execution skills, increasing member satisfaction.
Tom emphasized leveraging data and adopting a cross-functional approach; the credit union made significant strides in enhancing member experiences and satisfaction.
Are you ready to unlock the full potential of your credit union and elevate the lives of your members? 10x the MX leverages cross-functional teams to create collaborative, effective solutions driving meaningful impact. We specialize in helping credit unions activate their data to accelerate and elevate their members' lives.
10X the MX
Corning Credit Union
Learn how Corning Credit Union used
10X the MX to:
Increase member experience and satisfaction
Improve organizational efficiency and processes
Empower credit union talent, boosting satisfaction, building critical thinking and execution capability
Filling Your Knowledge Gaps!
We believe that data transformation doesn't have to feel overwhelming or expensive to be impactful. After helping over 600 credit union leaders launch their data journeys, we have identified several consistent knowledge gaps. We have worked hard to fill these gaps with a variety of educational artifacts:
Data Activation Series (Final class! Registration closes Aug 30!)