What Makes Your Credit Union Unique?

When we work with credit unions on a marketing campaign, social media plan, website or an HR consultation we often ask them “what makes your credit union unique?” More often than not, they’ll say that it’s their member service, variety of products or mobile banking. While these are all great answers, if all credit unions say this – then these features aren’t truly unique, are they?

Sometimes you need to sit back and look at your credit union and its website, marketing materials and offerings as if you were a member and see if there’s something that would set you apart from the competition. Or you could always conduct a member survey to determine what your differentiators are in their eyes. 

If you’re still not sure what makes your credit union unique, here are some places to start in your search:

• Personality – Spread out all of your marketing materials and look at your website – do they have a common voice? Does the verbiage help convey a personality for your credit union or is most of it in business “brochure-speak?” Members want to feel a brand personality and a connection to the organizations they do business with. This is true especially for Gen Y and younger, they want to feel like they can identify with you, that your credit union “gets” them, so be sure to write your materials with that in mind.
  
  This common voice and personality should also be evident in your social media – one of the most informal forms of member communication. Share interesting non-financial related articles or fun staff photos from recent promotions or outreach events. Social media is a great outlet for showing off your credit union’s sense of humor and community involvement. Just make sure to keep all content business appropriate.
  
  
• Rewards – More often than not these days, people expect to be rewarded for doing business with you. No matter how great your rates may be or how few fees you charge, these aren’t enough. And everyone offers a credit card with reward points these days. It’s time to think bigger. Offer relationship-based programs that encourage members to bring all of their accounts to you. Many credit unions now give their members special yearly dividends on their accounts to boost wallet share.
  
  Another option is to help them save. Everyone wants to save money, and with the credit union credo of putting members first, a dynamic discount rewards program could be just what you need. Invest in America offers exclusive discounts on what people buy every day – from new cars and roadside services to monthly wireless service and satellite TV.
  
  
• Technology – Keeping up with the current website technology is basically a credit union requirement these days. How you do it is what matters. Your website is the first contact many people will have with your credit union – so make sure they can see it the way it was meant to be seen with responsive design. This lets your members have a seamless online experience whether they visit your site on a PC, tablet or smartphone. Speaking of smartphones, members are becoming more tech-savvy and expect their mobile banking app to be able to do almost everything they can do in your branches.
  
  Other ways you can set your credit union apart online is by offering online chat as a member service tool or a searchable FAQ section to get their questions answered. Financial literacy can also be a differentiator, so offer members helpful articles, videos or podcasts to help guide them.
  
  
• Staff – Sometimes it is excellent member service that sets your credit union apart. A happy staff leads to happy members and a happy credit union. Make your recruiting count and hire the right people for the right jobs. Once they’re hired, have a solid onboarding process in place so they can hit the ground running in their new position. Many credit unions have a “buddy system” in place so your new hire has a go-to person already on staff to help them smoothly navigate your credit union’s culture.
  
  Don’t forget about your current staff. Sometimes it’s easy to hire someone, train them and then have them fall off of HR’s radar. Stop that from happening by offering useful performance reviews and ongoing training, including your managers. The better your staff understands your credit union and their role in it, the better they’ll be able to serve your members.

Finding what makes your credit union truly unique is a complicated, continual process. But don’t be afraid to dive in and uncover things that set you apart from the competition – your credit union’s success could depend on it.

What Should Your Credit Union's Next Website Look Like?

Okay, so you know your credit union’s website needs a revamp.  You have a mobile banking and app solution to meet the needs of members wanting to easily conduct transactions on their smartphone phones. But you may be asking yourself, should my website be more mobile-friendly as well? 

Your ultimate goal should be to be able to accommodate all of your credit union’s website users – regardless of how they access. According to Televox, mobile Internet has surpassed desktop use in 2013. In fact, mobile website traffic across all industries is growing 3.5% per month.  

Using responsive design—which detects which device is being used to determine how your website should be displayed—will give members a seamless experience between smartphone, tablet or PC. 

If your budget can’t absorb a complete revamp, we recommend you take your existing design and make it more responsive. Responsive design may still be a “buzz” word – but due to its usefulness and growing popularity – we don’t predict it will be for long.

Let CU Solutions Group give you a free, no-obligation quote on turning your credit union's current website into one with responsive design. 

The Ultimate Online Experience for Credit Union Members

One of the first impressions a current or potential member has of your credit union is devised through its website. It might be time to take a look at your website through fresh eyes and see it as your members or future members might see it. For current members, you want it to be more than just a bookmarked portal to your online banking site. For potential members, you need it to showcase your credit union’s personality and brand as well as quickly illustrate everything your credit union has to offer them. It’s all easier said than done, right? Maybe not …

A recent study from a financial industry research firm, Moebs Services, uncovered that financial institutions are either overlooking or underutilizing their websites. The study evaluated website information from 1,676 financial institutions nationwide. A major finding was that credit unions outshone banks with availability and consistency of website information. 

Apart from making product and service information easily accessible on your website, there are a few other ways your credit union can give members the most it can on its site. Online membership and loan applications as well as friendly member service with secure live chat can help ensure that you keep your members’ interest and loyalty. Finally, you want your members to see your website the way it was meant to be seen – regardless of how they’re accessing it. This can be accomplished by using responsive design when updating your site, enabling a positive and consistent online member experience on smartphones, tablets and laptops. 

Engaging the Mobile Member at Your Credit Union

by Amy Neale

So, it’s no secret that cell phone use, especially smartphones, has been increasing year after year. Mobile is becoming a marketing standard in member engagement. Has your credit union taken the time to figure out how to best leverage the typical “mobile member”?

A recent study by Maxymiser surveyed U.S. consumers who owned at least one computer, tablet and smartphone discovering that nearly three-quarters of the respondents visited a banking website or mobile site more than five times per month. And another study from Pew Internet & American Life Project showed that 35% of its respondents banked on their mobile phones – especially those in the 18 to 29 year old age group.

Financial institutions nationwide are standing up and taking notice of this continuing mobile trend. Forrester Research estimates that the financial service industry will spend around $837 million on mobile marketing in 2013. They project that number will grow to $1.61 billion by 2016.

     Many credit unions are unsure of the best way to approach the mobile member. The marketing experts at CU Solutions Group have a few suggestions. Some of these your credit union might already utilize, others might be worth looking into: 

•  Online applications – Since most members are looking to apply for loans online, the days of having a PDF of an application on your site for members to print, fill out and bring in are numbered. It’s time to offer online loan, credit card and membership applications. Get them while they’re interested – and make sure it’s mobile-friendly!
  
•  Mobile marketing – From banner ads to text messages, this is often an untapped resource for many credit unions. Think about including text-based contests or sweepstakes to drive member engagement.
  
•  Responsive design – Many credit unions have already jumped on the mobile site bandwagon – but it’s now time to think about how members use your website. Many move from phone to tablet to laptop and back throughout the day. Responsive design will ensure your website looks great and delivers the best member experience through all devices.

     If you haven’t already, the time to engage your mobile member is now – before they decide to switch to a more mobile-friendly financial institution! 

 

Gaining the Competitive Advantage for Your Credit Union - Part 2: Online Competition

by Amy Neale

Below is Part 2 of a four-part series we've done on Gaining the Competitive Advantage for Your Credit Union.

Online Competition

Technology is another area your credit union can use to build its competitive advantage. Unfortunately, many credit unions think online technology begins and ends with launching a website. There are numerous features and tools you can include on your website to make it more useful to your members, enhance their user experience and position it as a go-to online destination.

But keep in mind that an October 2012 survey by eMarketer shows that even though consumers still spend more time on their desktop than on mobile, consumers’ mobile use is growing 14 times faster than desktop. So your credit union will need to start shifting its attention to include both its website and mobile in its strategy.

When it comes to making improvements and headway online, choose wisely. Features should be chosen because they’re useful, not just because you’ll be seen as “tech-savvy.” Here are just a few additions to consider to stand apart from the fray:

• Mobile – If you add only one channel to your online strategy this year, go mobile. Online users have come to expect mobile sites and mobile apps (including for tablets) from their financial institutions. Make yours more appealing and more useful than the competition’s.
• Secure Live Chat – This lets your member service representatives truly interact with current and potential members online in real time.
• Financial Education – Advocating financial literacy is one thing credit unions do well. Go one step further and offer online resources to your members.
• Financial Tools – Online calculators are a simple-to-add, easy-to-use resource you can include on your site to help members budget, evaluate loans and make solid financial decisions.
• Video – Whether instructional, community-based or promotional, videos are an attention-grabbing way to engage your members.
• Responsive Design – Keep in mind that people will be visiting your website from computers, smartphones and tablets. Make sure your visitors get the best experience possible from whatever device they’re using to view your site by using responsive design.

 Related Services: Mobile, BoldChat, Financial Resource Center, Video Management