Why Credit Unions Must Become More Member-Centric Today

by | Oct 5, 2021

How Can Credit Unions Provide The Same Personal Advice, Knowledge, And High Touch service In A Digital Environment?

2020 Was a challenging year for many organizations in various industries, across the globe. Shutdowns spurred digital transformation and inevitably, digital adoption by consumers. It has become clear that digital transformation is now a necessity for credit unions to remain competitive.

It’s important to note, however, that true digital transformation success doesn’t only require an investment in technology – it requires a focus on member-centricity that is single-minded, almost to the point of obsession. To sum it up, credit unions must become more member-centric, which means placing members at the heart of their digital strategies.

Traditionally, credit unions have achieved member-centricity because of their high touch, personal service, so member obsession is not an unfamiliar strategy. Up until recently though, credit unions were focused on enhancing the in-branch experience. Increasingly this approach is evolving into a focus on ways to increase member engagement by leveraging data and technology to enhance the member journey – this is however dependent on an organization’s level of digital maturity and omnichannel capabilities.

Find out how Doxim can help your credit union accelerate digital transformation and enhance member experience. TALK TO A DOXIM CCM EXPERT

How to retain the in-branch high touch service when migrating members to digital

Credit unions have managed to become member obsessed and thus provide a great member experience in a physical ‘in branch’ environment by fostering good long-term relationships with their members. This has enabled these organizations to give members the best advice possible and guide them appropriately in terms of the ‘next steps,’ based on their financial needs and personal circumstances.

Now, the question is: how do credit unions provide this same personal advice, knowledge, and high touch service in a digital environment?

This can be achieved by leveraging data to understand members’ needs and behavior. The result is a more personalized approach, which translates into a ‘humanized’ digital experience. The end result is improved member engagement.

“When we deploy digital banking experiences that are crafted from the consumers’ perspectives, there is proof that we will improve satisfaction, increase sales, expand the depth of relationships, increase retention, and positively impact our organizations,” says Pari Bose, PenFed Credit Union

Credit unions must become more member-centric to ensure future success in a digital world

While the pandemic accelerated the move to digital services and communication, credit unions needed to retain their local advantage while still supporting their customers’/members’ digital requirements and removing unnecessary costs.

So, to thrive in the future and remain member obsessed, credit unions need to see physical and digital channels as interdependent or symbiotic. This means investing in omnichannel communications, rather than prioritizing either physical or digital channels.

Omnichannel communications is about enabling a consistent customer communication experience and content across all engagement channels, both digital (email, web, text, mobile app) and physical (branch, service center, mail). A successful omnichannel communications strategy means customers receive consistent messaging regardless of the communication channel they prefer and can seamlessly switch between channels without fracturing the experience.

To create the same engaging experience across all member touchpoints, credit unions should focus on the following three areas:

  1. Create a seamless, omnichannelmember experience across member journeys
  2. Utilizeaccurate and usable data to enable hyper-personalized communication experiences
  3. Invest in technology that can boost digital capabilities and promote omnichannel communication

To compete with large banks and big tech, credit unions need to not only build their digital capabilities but also have a strategy to market these services to members and prospects.

This can be achieved by engaging with the right customer communication management technology partner.

A customer communication management (CCM) platform is an essential part of providing the kind of omnichannel experience that members now expect.

Why Doxim CCM is a good fit for credit unions looking to become more member-centric

It’s vital to partner with a vendor that has proven experience in helping credit unions transform digitally, and the use cases to prove it. Doxim’s platform and infrastructure enables a fast, low investment opportunity to leverage communications management to enhance member experience as quickly as possible.

Credit unions can empower their business users to do what they do best. Our industry-focused platform offers self-service capabilities, wherever appropriate. Your users will have the tools that enable them to be agile in response to market changes, while your organization can grow your base and maintain the intimacy and personalized service your members expect.

With our CCM expertise across digital and print, Doxim keeps channels connected and eliminates the need to manage disparate systems and multiple vendors. Doxim is regularly audited and maintains the strictest compliance levels per the requirements of multiple highly regulated industries.

Let’s discuss how we can help your credit union transform digitally and become more member-centric. CONNECT WITH ME

3. Expansion of digital products

As banking customer behavior shifts, banks must move with the times, or risk getting left behind. Many banks today are exploring the power and potential of open banking, which can allow them to offer more innovative products and services to their customers, as well as to better compete with fintech companies and other non-traditional financial service providers.

As you shift your banking business model to reach new segments or provide an enhanced array of services, communication becomes even more pivotal to your success. After all, if your customers don’t know which new services they qualify for, or how those services will help them meet their goals, then they are unlikely to explore them further. CCM technology can be leveraged here to provide personalized on-statement messaging that directs customers to the right products and services, as well as 1:1 personalized “explainer” videos to help them get started.

Adjusting your bank’s priorities to thrive in 2023

In an era of constant change, the key to successfully transforming your bank’s business model will be to stay attuned to the changing needs and preferences of customers, and to be open to exploring new opportunities and technologies that can help your FI stay competitive and relevant. But these new opportunities are doomed to fail if you do not clearly communicate their benefits and make it simple for customers to access them.

That is why transforming your customer communication strategy is the best first step to broader digital transformation. By updating your approach to communications to meet omnichannel customer needs, you also position your bank to communicate the benefits of changes in your broader organization, like new or enhanced products and services. The pace of change in banking has never been brisker – but with the right strategic approach to these changes, the future is bright.

Investing in a modern customer communication management and engagement platform is an essential part modernizing your banking strategy, as it can provide the personalized digital experiences that will keep your bank or credit union ahead of the competition. It helps provide a great customer experience, and builds rich relationships, which in turn results in customers for life and a competitive advantage in the rapidly evolving financial marketplace.

How Doxim can address the banking customer communications trends identified and help future-proof your digital banking strategy

banking customer communications trends

Doxim’s experienced consultants and omnichannel platform can help transform your customer experience in many ways, including:

  • Gathering and utilizing customer data to continually improve the personalization of communications.
  • Building trust with customers via communication (via print, PDF, HTML, email, text, and online interactive experiences).
  • Leveraging interactive video to drive personalized digital customer experiences, such as interactive statements, bills, or reports, that offer visual engagement and real-time interactivity
  • Putting customer data, including customer statements, at the fingertips of your service representatives for immediate and personal service.
  • Making a meaningful connection with value-added content, like information about philanthropic activities, on customer statements.

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