Why Now is the Time to Market Your Credit Union’s Mobile and Online Services

If you’re in the northern half of the country, take a look out your window. Chances are there’s snow and ice on the ground and the temperatures are careening toward the zero mark. If you’re lucky enough to be working for a credit union in the more southern states, while you don’t have to deal with the white stuff, winter can bring chilly temperatures and rain. All of these weather-related observations mean one thing – your members are probably spending more time in the warm coziness of their homes and less time out running errands.

Baby, it’s Cold Outside

Sometimes you need to think like your members to find the right marketing angles to reach them. CU Solutions Group is in Michigan and I can see inches of snow outside my office window right now. Throw in the single digit temps and you can bet I’d rather do all my banking online or on my phone right now rather than bundle up and drive to my nearby credit union!

Why not take advantage of the inclement weather and create a fun marketing campaign to remind your members they can stay inside and still take care of their banking needs with your online and/or mobile solutions? Not only will this remind your tech-savvy members of all of the time-saving tech tools you offer, you can also get members who may not know about your online/mobile banking up to speed. 

To accomplish a quick turnaround on a winter-related campaign, you could start with email marketing, Web banners and e-statement onserts to promote your e-services. The next step would be lobby posters and take-ones for your tellers and other frontline staff to use.

If your credit union doesn’t have the bandwidth or marketing team to pull a campaign together quickly, let CU Solutions Group be your marketing team. We can create campaigns of any size that fit most budgets to get the results you’re looking for. We also offer mobile banking, custom mobile apps and a variety of online tools to enhance your credit union’s e-service solutions.

Long Time, No See: Branch Engagement Down as Credit Union Members Go Digital

 

by Chris Steffes, Remote Services Consultant, CU Solutions Group

Tis the season for reflection and resolutions. As we look back on 2014, we find member engagement behaviors have shifted since the beginning of the year. In a recent report from Backbase, consumers now visit branches only 1-2 times a year on average, yet transact with their financial institution more than ever before. Online banking users transact 7-10 times per month, while mobile banking users engage 20-30 times per month.

With increasing numbers of members using digital channels, banking expectations are rising among all consumers. In order to attract new membership and provide existing members with a high quality banking experience on your digital channels next year, it’s a good time to review your credit union’s current digital engagement strategy, and resolve to place the member experience at the center of your credit union focus for 2015. 

Here are a few questions to consider about your members’ experience as you review your digital channels:

• Review Branding
  Do your online and mobile banking channels reflect a consistent brand image, similar to your website? When members engage with you, they experience you as a brand, not just a banking channel. Brand experience is an emotional experience – whether positive or negative. Resolve to provide a consistent brand image across all digital channels.

• Get Feedback
  Have you looked at the member ratings and feedback about your mobile app recently? Potential new members, especially millennials, review mobile apps before they download. Low mobile app ratings can crush growth. Resolve to take member feedback seriously, and incorporate suggestions within your technology plan.

• Implement a Survey
  When was the last time you surveyed members on their experience with your website, online banking or mobile channel? Do members experience friction at any point within their user experience on these digital channels? Resolve to implement a member feedback program on social media, and advertise your improvements on every outbound communication channel – website, newsletter, secure messaging, social media. Your digital members will appreciate your transparency and sincerity, and will remain loyal. Potential members who shop on social media will notice your progressive spirit when it comes to digital engagement.

By collecting member experience data and making a commitment to use this data to drive internal operational and technology change, credit unions can make a leap in service quality and will be better positioned to implement future changes to digital channels. 

If your credit union needs help with its digital channels, our channel management consultants can help. Contact CU Solutions Group today.

Help Your Credit Union Take the Technology Leap

There’s much more expanding the divide between large and small credit unions than their asset size – there’s technology. There are numerous technology offerings that have become the norm for larger credit unions such as remote deposit capture, mobile banking and apps, online banking and online applications. But are these technology offerings out of reach for smaller credit unions? 

A recent study from Callahan & Associates discovered that only 21 small credit unions nationwide had the above technology offerings. The study also showed that these 21 credit unions routinely outpaced similarly sized credit unions in share draft, auto loan and credit card growth. The tech-savvy credit unions also had a higher average member relationship balance than credit unions with a similar asset size: $10, 439 compared to $8.966.

Affordable Technology

If you’re a smaller credit union that hasn’t kept up with larger ones, there’s good news – the cost of technology is becoming consistently more affordable. Online banking and online applications for membership, loans and credit cards have come down in price over the past couple of years. Plus, there are plenty of turnkey versions of these technology offerings out there that can fit even the smaller budgets, and could offer a sizable return on your investment.

The world of technology, especially finance technology, seems to be growing and morphing at a pace that’s too fast. Especially if you’re looking to catch up. But don’t let that intimidate you. Determine what technology would best benefit your credit union and start there.

Why Mobile Banking?

If you’re still not sure, then you might want to start with online and mobile banking. The recent Credit Union Satisfaction Index from CFI Group found that for members, online and mobile banking are the most important aspect of their credit union experience. Another report, this one from Monitise called The Mobile Money Landscape: Market Statistics and Expert Views, reveals that 51% of U.S. adults, or 61% of Internet users, bank online while over 50% of the U.S.’ 5,800 commercial banks now offer some form of mobile banking.

No matter what technology product or service you want to offer your members next, CU Solutions Group has affordable options for nearly any size budget. From online member applications and loan applications to mobile banking and more, we’ll make sure you’re making the best technology decision for your credit union.