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.

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

What Makes a Better Credit Union Website?

by Cathy Scoda 

As cooperative as the credit union industry is, you’re still operating in a competitive landscape—and you need to use all the tools at your disposal to keep your current members happy and attract new members. Thankfully you already have one of the tools you need—a website.

Your website may be just one of the tools that you can use to gain a competitive advantage—but what an advanced tool it is! Simply by adding features, you can take your website from one that describes your products and services to a site that engages visitors and makes them interested in returning. 

Start with the Fundamentals

For website veterans, these tips are simple reminders, but they merit a brief mention. The following are some of the simplest features that can be adjusted to make each visit to your website a pleasant one. Be sure your site has:

• Clear navigation
• Strong balance of text and “white space”
• Easily understood naming conventions or labels so that visitors can quickly find what they need
• Descriptive information about your products and services
• Call to action (with contact information) on every product and service page

Incorporate Useful and Fun Features

People quickly tire of a static website, so add features and interactive options to keep visitors coming back. Depending on your site’s available “real estate” and your budget, you can add one or all of the following:

Secure Live Chat – A live chat service lets your member service representatives (MSRs) interact with your members and potential members in real time. Your MSRs can address concerns, answer questions, provide information—and even send members directly to a specific page of your website.

Financial education and budgeting tools – Your site can be a trusted resource for financial education and budgeting resources. Add relevant financial articles and tips to help your members make sound financial decisions, and your members will rely on your site for more than just rates and a link to their home banking login. When you add financial calculators to your site, you’re helping members budget and plan so they can reach their financial goals.

Video – Place videos on your site on a regular basis to keep members interested, so they’ll return to your site to see what’s new. Some types of videos you can post include:

• Instructional – Financial literacy is always important, so post videos that cover different topics (such as controlling your credit or planning for retirement) and appeal to members of all ages.     
• Community-oriented – Share a brief video of your CU staff members participating in community events, such as a fundraising event for a charity.
• Promotional – Post a video of your CEO’s appearance on the local TV news to discuss the importance of Member Business Lending or simply promote a product or service.

Mobile site – Let members find your site and access it wherever they are—with a mobile site. Whether members are on the road and need to find a branch or shopping for a car and want to talk financing, a mobile site provides a quick way to reach you and your services. 

Look Ahead

These are just a few of the features that you can use to enhance your site, serve your members, and keep visitors to your site engaged. But stay tuned; the way technology is changing, chances are you’ll soon have a few more tools to select from the technology toolbox!

Related Products: Content Management System, BoldChat, Video Management System, Mobile Site

Connected and Impatient – How Credit Unions Can Serve Gen C

The millennial generation, known as Gen Y, is also known as Gen C—as in “connected.”

Just how many of them are connected? A recent report published by Pew Internet & American Life Project states, “Seventy-one percent of Americans between the ages of 25 and 34 now own a smartphone as do 67% of those ages 18-24 and 54% of those ages 35-44.”¹

Let’s face it. We rarely, if ever, spot a member of that generation without his or her phone in hand. Texting friends, making calls and finding information online are all ways of staying connected to the rest of the world. The downside is “that the impact of networked living on today’s young will drive them to thirst for instant gratification, settle for quick choices, and lack patience.”²

If You Can’t Beat ‘Em …
You can use this generation’s connectedness and impatience to your advantage. Give them the tools they need to do business with you—whenever they want and wherever they are—without always having to come into a branch. Consider these tools:

• Online Membership Application – Completing paperwork is “out.” Online applications that can be completed quickly and securely are “in.” Make it simple to apply for membership. After all, you want them to join.
   
• Secure Live Chat – Answer questions and provide information in real time. It’s a “strike while the iron is hot” tool. Someone viewing your site is interested; be prepared to answer any questions that pop up. Remember that good secure chat programs come with the “send an email after business hours” feature. That’s slightly delayed gratification—but only by one business day!
   
• Mobile Site – Your mobile site makes your credit union portable; members can take you with them. A mobile version of your site lets your members find the information they need at the moment it’s relevant. (Think: I’m shopping for a new car and want to check my CU’s loan rates.)

Tools that help members connect with you are easy to implement. So, think like a member of the generation you’re trying to serve and ask yourself, “What are we waiting for?”

¹Smith, Aaron, Nearly Half of American Adults are Smartphone Users, Pew Internet & American Life Project, March 1, 2012, http://pewinternet.org/Reports/2012/Smartphone-Update-2012/Findings.aspx, accessed March 23, 2012.

²Anderson, Janna and Rainie, Lee Millennials will benefit and suffer due to their hyperconnected lives, Pew Internet & American Life Project, February 29, 2012, http://www.pewinternet.org/Reports/2012/Hyperconnected-lives/Main-findings/Negative-effects.aspx, accessed March 23, 2012

Related Services: Mobile Sites, BoldChat, Social Media