The \u201clast mile\u201d is a ubiquitous term that originated in the telecommunications industry to represent the final leg of delivering service to a member. Most of the time it referred to installing copper wire that connected the local telephone exchange to individual landlines.<\/p>\n
More recently, the term represents what can be the final and most challenging part of a consumer interaction. Generally, it\u2019s the point at which a broad consumer service interacts with an individual member to deliver a personalized experience<\/strong>.<\/p>\n In financial services, this is most often in the form of digital documents created to meet the exact specifications and compliance requirements of an individual transaction that allow a loan or deposit to be booked.<\/p>\n The last mile concept is changing the way credit unions approach their digital strategy. Previously, many credit unions focused on digital services to a broad member base that allowed users to access account information, pay bills and transfer funds. Lesser in the strategy was the ability to originate a loan or deposit transaction through a digital channel, and even less likely to be contemplated was the member experience while documenting and booking these types of transactions.<\/p>\n Often, what would begin as a digital experience through a mobile device, tablet, or PC would quickly revert to a less accessible process that concluded with a member coming to a branch to manually sign an agreement.<\/p>\n Credit unions today are recognizing that a shift in their digital strategy is required<\/strong>. Increasingly, credit unions are reshaping their digital presence to focus on the \u201clast mile\u201d \u2013 the hardest part of the member journey that requires an individualized experience. Building a foundation focused on this critical member touchpoint requires credit unions to deploy technology that documents, in a fully compliant manner, consumer and commercial loan and deposit transactions while at the same time supporting a fully digital member experience.<\/p>\n In seeking fintech partners that can support this digital strategy shift, credit unions are identifying essential attributes and capabilities to enable effective execution:<\/p>\n As your credit union begins to formulate a digital strategy or if you\u2019re revising your existing strategy, ask yourself if you\u2019ve contemplated the \u201clast mile.\u201d If not, focus on this part of the member interaction first to deliver a comprehensive, compliant, and digitally enabled experience.<\/p>\n\n
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