Beachfront Banking – A New Industry Benchmark?

The end of August is all about the beach for me. Enjoying the last days of summer before a busy Autumn ahead. There is nothing like the hot sun, cool ocean and salty air to break my everyday work routine.

And yet as interesting as my beach novel is, I inevitably start thinking about work and home. With mortgage rates finally on the decline again, I imagine quite a few vacationers will find themselves daydreaming about a new home. Perhaps they will even open a real estate app like Zillow to look at options.?

Real estate apps have come a long way in recent years, making it easy to find properties for sale, even from a mobile device on the beach. At your fingertips, you can see data on the size, layout, date built, sale and tax history, as well as photos. Prospective buyers can directly schedule a tour or contact an agent with the click of a button.?

Real estate marketplace apps have evolved to make home shopping easier, even accelerating the consideration phase. Many offer a monthly payment estimate with a quick-link to get prequalified for a mortgage. They’ve put a great deal of attention into the customer experience and as a result, they are driving more business. Of note, Zillow stock is approaching pre-pandemic highs.

Credit unions and banks could take a play from the real estate market app book, focusing on delivering quick and easy digital banking to grow their business. Of course financial services is a highly regulated industry with its own unique challenges. But the basic concept of making complex processes easy enough to complete on the beach during vacation is a cross-industry best practice that financial institutions should embrace.

Real estate is not the only industry to improve the digital experience. E-commerce, education and even healthcare have simplified how we interact today. And this has only increased expectations for better digital experiences. It’s creating both a challenge but also a big opportunity for those credit unions and banks to improve their digital experience as means to grow deposits, boost revenue and pull ahead.