Credit union membership today is undoubtedly diversifying. Whilethis is a welcomed evolution, it requires supporting a growingnumber of diverse member expectations.

Continuously meeting the needs of existing members is paramount,but credit unions must also work to better engage younger, moreprogressive prospective members. And following last year's BankTransfer Day, there is now a need to satisfy a greater number offormer bank customers that made the switch, highlighting the memberservice that has always separated credit unions from otherfinancial institutions.

Beyond adding new products and services, credit unions shouldalso consider the channel convergence already in process forpromotions, cross selling and service functionality. Channeloptions serve existing and prospective members while enablingcredit unions to improve efficiencies and recognize new operationalcost savings.

Online and mobile banking are now more often viewed as one inthe same with consumers increasingly accessing the Internet viamobile devices. With that in mind, credit unions must make stridesto align online and mobile channels, providing members options forapplying and accessing these products and services.

Today's Membership Snapshot

Credit unions are still seeing the growth ignited by lastNovember's Bank Transfer Day, which contributed to an alreadyevolving membership base. According to CUNA, approximately 1.9million consumers have made the switch. We have yet to fully seethe impact of these members, though economists expect to seegreater traction on credit unions' bottom line by later thisyear.

As new members embrace the overall credit union experience, theywill expect the same level of convenience and product availabilitythey had at their previous bank.

Sadly, many institutions wrongly view online and mobile servicesas a means to satisfy what they consider the more tech-savvy Gen Ymembers. However, a recent survey from the American BankersAssociation showed a jump in online banking as the preferredbanking method among the 55-plus age group to 57% in 2011.

Unlike the traditional mindset, and what may have even been truea few years ago, every age demographic more or less wants choicesto access the institution how, where and when they prefer.

With members of all ages demanding more advanced offerings,credit unions must invest in new channels to remain relevant. A May2012 Rosetta survey identified the most frequent uses of onlinebanking as checking account balances and recent activity, makingindividual bill payments, transferring money and obtainingfinancial information.

Naturally, demand is also rising for online and mobile servicessuch as account enrollment and e-signature capabilities to signdocuments from locations outside the physical branchinfrastructure. Since credit unions typically do not have a branchon every corner like the regional and national financialinstitutions, their desire to remain competitive provides an extraincentive to make new, convenient product offerings standard.

Reap the Rewards of Meeting Demands

Today's diverse and more sophisticated member base comes withhigh expectations for service options and technology. While meetingall those demands might appear unfeasible, providing a strong,unified online and mobile platform engages current and potentialmembers while reducing a credit union's costs.

A March 2011 TowerGroup study found that migrating in-branchtransactions to mobile devices results in tangible cost savings;mobile banking customers perform an average of 15 to 20 mobiletransactions per month, eliminating those contact center costs.

Beyond creating tangible cost savings, self-service channelsalso improve the productivity of credit union employees and enablethem to offer more focused in-branch service. More mobiletransactions allow a credit union to more often shift their focusfrom day-to-day administrative and transaction responsibilities tocross-selling opportunities.

Marc DeCastro, research director for IDC Financial Insights,recently commented that, “We [IDC] believe that in the long termmobile and online will be on one platform.” According to thisoutlook, credit unions must commit to channel convergence and plannow to achieve an end goal of device and browser autonomy.

Credit unions pride themselves on superior service, and channelconvergence supports this service philosophy by creating a win-winsituation: members are satisfied with advanced offerings andtechnology while self-service options reduce credit unions' overalloperating costs. By focusing on the integrated growth and promotionof online and mobile channels, credit unions can reallocateresources toward promotions, cross selling or other technologygoals.

As you make 2013 budgeting decisions, focus not just on the“now”, but rather what will allow your credit union to flourish foryears to come in an increasingly competitive arena.

John Levy is co-founderand executive vice president for Integrated Media Management inLinden, N.J.