3 Software Options for Credit Unions That Can Boost Member Retention

By: Web Finance Direct

If there’s one thing we can say for certain as 2023 comes to a close, it’s that software is as vital as ever for credit unions and banks. In today’s fast-paced, technology-driven world, members have come to expect seamless, secure, and convenient access to their financial services. Without going the extra mile to offer the right software to your members, your retention may suffer.

By implementing and maintaining up-to-date credit union software systems, financial institutions can enhance member experience and satisfaction, which in turn contributes to better overall member retention. In this blog, we’ll discuss software’s developing role, a few of the most important software, and how you can implement them at your credit union. So, how does software for credit unions benefit lenders? And what are some of the best options on the market?

How Software for Credit Unions Can Boost Member Retention

According to an article from Yahoo, an estimated 85% of Americans prefer to bank online or on an app. It represents a radical shift from the days when visiting a local branch to make deposits or speak to bankers was the only option. By offering easy-to-use and reliable software for credit unions, lenders can cater to the needs of their members who prefer to manage their finances digitally.

Through the right software for credit unions, lenders can give their members the ability to perform transactions, check balances, and access other services at their convenience. Software for credit unions can also go a long way in helping find and connect with qualified leads that are more likely to become long-term members. So, let’s break down some of the most beneficial software systems credit unions should be implementing.

Customer Relationship Management (CRM) Software

What can you do if you’re a bank or credit union looking to reach more potential members? The answer may be through CRM. CRM systems are critical for credit unions because they enable them to effectively manage interactions and relationships with their members, providing a 360-view of their customers. With the right system in place, your credit union’s staff can access a comprehensive view of each member’s history and preferences, allowing them to provide tailored support, communications, and recommendations. Let’s take a look at a couple of the best CRM software for credit unions.


At its core, Salesforce is a leading CRM software for credit unions, allowing them to maintain detailed profiles of their members. This aids in tracking interactions, preferences, and financial behaviors, which can be used to tailor products and services to individual member needs.


Another leading software for credit unions in the CRM industry, HubSpot gives credit unions and other lenders the ability to draw potential members to them rather than reaching out with traditional advertising. Credit unions can use this to attract new members through content marketing, SEO, and social media campaigns.

Online & Mobile Banking Apps

Allowing your credit union’s members to access their accounts and perform various transactions through the Internet or mobile devices is crucial to success in today’s competitive marketplace. Software for credit unions can help make that happen.

There are even software platforms designed to give banks and credit unions more analytics and insights into the behavior of their users. Q2, for example, offers a streamlined credit union software solution that can enhance member experiences and provide data that credit unions can use to make better decisions over time. So, how can banks and credit unions optimize their apps?

First, it’s important to make sure every user enjoys a unique experience. Through features like expense trackers, personalized financial dashboards, and even chatbots or AI assistants, your members will feel engaged and supported throughout their financial journey.

In addition, make sure you prioritize the overall security of your app. By requiring two-factor authentication, strong passwords, and payment blocking, you can help limit the threat of ransomware and fraud attacks on your platform while staying compliant. There are even software platforms designed to give banks and credit unions more analytics and insights into the behavior of their users. Let’s take a look at a couple of options.


Q2 offers a streamlined credit union software solution that can enhance member experiences and provide data that credit unions can use to make better decisions over time. The platform even gives WFD credit unions and banks the capability to gain 360-degree views of their members’ behavior while interacting with the platform.

Web Finance Direct Mobile App

Our latest mobile app gives loan applicants a more streamlined experience when interacting with WFD, credit unions, banks, and dealerships. With features such as fast loan document uploads and application status pages, it offers an easy-to-use and transparent way of applying for a loan.

Fraud Detection Software and Cybersecurity

It’s one thing to offer advanced software to your members, but is your credit union equipped to defend itself from fraud? Fraud detection software for credit unions can be a game changer. Today, credit unions are as vulnerable as ever to various forms of fraud and financial crimes, which can have severe consequences, including financial losses, reputational damage, and legal penalties.

According to a recent study from Black Kite, a Boston-based cybersecurity firm, that analyzed 250 credit unions, 86% had sensitive employee information available on the Dark Web. Of that 86%, 66% had not deployed the necessary software for credit unions to protect against cybersecurity attacks. The moral of the story? The security of your credit union could change at any minute and you have to ensure your organization is prepared to combat vulnerability.

Companies like Fiserv and SAS offer fraud detection and prevention software for credit unions that are built on predictive analytics to stay on top of sophisticated money laundering and fraud schemes that have advanced alongside technology.

Additional Ways to Boost Credit Union Membership

Outside of software for credit unions, there are several other ways to potentially increase membership over time. Below, we look at the top two ways credit unions and banks can scale their membership and customers: 

1. Expand Your Marketing Efforts

In today’s competitive marketplace, banks and credit unions alike must differentiate themselves from their competitors. A great way to do this is by offering engaging marketing materials like emails, commercials, and paid advertising to your target audience. When done right, marketing can build trust, raise brand awareness, and provide a better way to promote your key offerings.

2. Indirect Lending Platforms

Another major shift in how credit unions offer loans and attract new members is through indirect lending with trusted partners like Web Finance Direct. In today’s digital age, a lot of this process is moving online, as customers can browse the web for their desired purchases and apply for loans on their phone, laptop, or desktop.

Paired with the right software for credit unions, Web Finance Direct’s network allows credit unions to offer loans to a wider range of applicants across multiple industries, including auto, RV, powersports, and marine. Our process is designed to match you with applicants that meet your lending requirements every time.

To learn more, contact our team to speak with an expert. To stay up-to-date on the hottest trends and topics in the financial industry, check out our blog to read more.


What software do financial institutions use?

Software for credit unions and banks ranges from mobile banking apps to cybersecurity platforms to keep sensitive information safe. In today’s digital age, the importance of software cannot be understated.

Do banks and credit unions use CRM?

Yes. CRM is an important software and marketing tool for credit unions looking to maintain consistent communication with their members.

How can credit unions improve to reach younger markets?

To reach younger markets, software is important for credit unions to implement, as this generation is much more likely to prefer mobile banking and services/products that are in a digital-forward format.

Can banks and credit unions use chatbots and AI to provide more personalized customer service to members?

AI chatbots like ChatGPT have exploded in popularity in the past few years. Banks and credit unions can go a long way in providing members with a more human feel compared to pre-scripted responses.

What marketing automation tools can financial institutions use to improve member engagement and satisfaction?

From loan automation platforms to content management software, credit union marketing strategies may rely heavily on the power of technology. 

What are the key considerations when choosing third-party software for credit unions?

When credit unions choose third-party software, they should prioritize data security, integration capabilities, regulatory compliance, scalability, cost-effectiveness, and user-friendliness. Ensuring alignment with the credit union’s specific needs and goals is also vital.

What are the long-term benefits of investing in software for credit unions?

Investing in software offers credit unions a number of key long-term benefits. These can include enhanced operational efficiency, improved member experiences, data-driven decision-making, cost savings, and a competitive edge in today’s evolving financial landscape.