Credit Unions. Where Marketing and Technology Meet?

by Amy Neale

It used to be a pretty clear cut line where the information technology (IT) left off and marketing took over. Not so much anymore. Websites, microsites, mobile sites and apps, digital/online marketing, social media, QR codes, search engine optimization (SEO) and online analytics have blurred the lines. For credit unions, services like online banking and online applications have blurred the lines even further.

With so much cross-over, the IT and marketing departments in some organizations – including credit unions – are finding it hard to play nice with each other. A recent study from Accenture Interactive shows that 90% of marketing and IT executives feel that their collaboration is not at the right level.  Common issues between the two departments are: 

• Technology doesn’t truly see the value of marketing  its products or services
• Marketing is facing an explosion of analytical data that it feels unprepared to fully handle
• Both departments strive to keep their autonomy in a business world where this is becoming less and less possible  

Accenture Interactive’s findings support these issues. 36% of CMOs say IT deliverables fall short of expectations while 46% of CIOs feel marketing isn’t providing an adequate level of business requirements. 

The Need for Integration

So, where does this leave your credit union? If it’s big enough to have a significant marketing and technology departments, then you’ll have to encourage them to play nice. This means a seamless integration and alignment between the two – which we realize is easier said than done!

To aid in this strategic partnership, the study suggests you might want to start looking at the CMO as more of a CXO – chief experience officer. This makes them responsible for “the consumer experience and drive consumer-centric measures.” Once you understand what creates a cohesive user experience across all of your credit union’s channels, the CXO is in a better position to create a multichannel strategy. This strategy includes the CIO and makes them jointly responsible for driving business outcomes and builds a stronger relationship between the two departments.

But by accomplishing this alignment, you’ll be that much further ahead than the competition. Regardless of whether you view your competition as banks, other credit unions or both, finding a good way to interweave your marketing and technology will result in both departments being stronger, more streamlined and ready to jump ahead of the credit union pack.