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! 

 

Making Life Easier for Your Credit Union and its SEGs

 by Amy Neale

HR managers are busy enough without having to hassle with signing up employees to join your credit union. So, make sure anything relating to your SEG relationship is hassle-free using the latest technology. Having online applications for membership and loans on your credit union’s website and/or SEG microsite is a great place to start and a definite way to make life easier for your SEG’s HR department.

As we mentioned earlier, a microsite is the perfect solution for having everything your SEG could need – all in one place. Or, you could devote a page on your website to your SEGs. Include those online applications, field of membership guidelines, SEG benefits for both the employer and the employee, a link to your welcome kit and/or brochure, direct deposit information, etc.

Technology is also a definite consideration when working with a technology-focused SEG. Your credit union needs to offer the latest technology – especially on its website. You might also want to think about developing a mobile site and mobile apps if you don’t already have them.

While offering all of these technology-based services to your SEGs, you don’t want to make life any harder for your credit union employees. A comprehensive content management system for your website is an excellent solution. It can help you manage your credit union’s website, content and any mobile or microsites it may have – all together.

“We’re able to save money each year because of technology. Thanks to these savings, we can give our members rebates and rewards every year,” explains Barbara Ostroski-Enos, marketing director at Dow Chemical Employees’ Credit Union. “We’re proud of our past and are trying to prepare for the future and just be there for our members – which are what credit unions are all about.”

Make Applying for a Loan Easier for Your Credit Union's Members

“Credit unions originated $72.5 billion in loans during first quarter 2012.”¹

While refinancing contributed significantly toward the volume of loans, “origination activity jumped 24.7 percent versus the first quarter of 2011 as all major lending categories posted higher volume.”²

These positive statistics are refreshing news, but credit union professionals are not ones to rest on their laurels. So that news likely has some lending and marketing specialists wondering: How well did we do—and how can we improve those numbers?

One step you can take is to assess your loan application process. How easy (or cumbersome) is it for both the applicants and your staff members? How long does the process (from application to either approval or denial) typically take? Can any part of the process be streamlined? If you’re not sure, ask your members and your staff. 

Online for Ease … and Efficiency

Paper loan applications seem almost archaic, but budget constraints might make them—or a writable PDF—a necessity for some credit unions. Still, it’s worth the time to look at your budget and talk with your website provider. Chances are, your provider can build a secure application for a reasonable cost.

A secure online loan application is a good start—but when it comes to efficiency even the simplest application can’t compare with an online decisioning system. Today’s busy consumers want the option to apply online for any kind of loan, including credit cards, auto loans, and mortgages. And they want the decisions about their loan applications—whether it’s a new loan or a refinance—as soon as they can get them. (Is yesterday too soon?)

With a quality online decisioning system a member can apply for a loan anytime of the day or night—and find out if they’re qualified for it almost immediately. Naturally, the application and decisioning processes must be performed in a secure environment, so members can be confident that their personal information stays that way.

While helping your members save time, the online loan decisioning system should also help free up staff members, so they can consult with members, discern other needs they may have, and recommend products and services. 

Member Service … First and Foremost

A secure online loan decisioning system is good for business—and because it improves the experience each applicant has with your credit union, the system is also good for building stronger relationships with members or establishing a relationship with a new member. (Of course, anything you can do to help your members with their finances is good for both of you.)

With so many vendors competing for your members’ loan dollars (and even payday loan companies are promising loan decisions within minutes), you’ll want to have the advantage. Do your research, and find a secure online loan decisioning system with credit union experience. It may be just the product that helps you look back on this quarter’s loan volume and think: Let’s keep this momentum going! 

Related Services: Loan Decision+, Xpress Membership, Xpress Lite  

¹Johnson, Jay, A Pro-Consumer Movement, Callahan & Associates, Inc., June 18, 2012, http://www.creditunions.com/printerfriendly.aspx?articleid=5097, accessed July 3, 2012
²Johnson, Jay, A Pro-Consumer Movement, Callahan & Associates, Inc., June 18, 2012, http://www.creditunions.com/printerfriendly.aspx?articleid=5097, accessed July 3, 2012

Keep Credit Union Member Attention with Online Applications

The other day I was looking to sign my children up for summer camp. I clicked on the camp application button and was given a PDF to print, fill out and either fax or drop by the camp office. Now, I’m lucky enough to have easy access to a fax machine, so the process was fairly simple. But it got me thinking what an inconvenience it would be if I didn’t and had to make a special trip just to drop off my paperwork. 

It further got me thinking about all you credit unions out there and if you’re making it painless for potential members to apply for membership or current members to apply for loans on your website. How many times have you stopped doing something online because it didn’t seem worth the effort? You’re not alone, about three-quarters of online shoppers habitually abandon their shopping carts.

Playing for Keeps

Once you get potential or current members on your website don’t give them easily-avoidable reasons to leave. You’ve got their attention; they want to take the steps needed to apply for membership, loans or credit cards – so strike while the application iron is hot. Give them access to user-friendly online applications to keep their attention and keep them on your website. 

According to a Forrester Research study in American Banker this month, 37 percent of U.S. consumers who purchased financial services applied for them online in 2011. That’s a five percent increase from the year before. Take advantage of this upward trend at your credit union and offer them online applications. 

CU Solutions Group offers online application programs like Xpress Membership, Xpress Lite and Loan Decision+. Don’t let another online opportunity pass you by. Call us at 800.262.6285 or email info@cusolutionsgroup.com.