How credit unions can provide an optimal member experience
The pandemic was indeed a catalyst for many credit unions’ digital transformation projects. Enhanced digital self-service options, once a “nice to have,” became a priority overnight, as members, who could no longer access credit union branches, still needed access to services.
Given the urgency of the situation, many credit unions focused on creating a safe and accessible way for members to function online. In effect, they sought to replicate the “in-person” experience at a branch with digital self-service options that provide the same experience virtually.
By making it possible to conduct most in-person tasks online, credit unions survived the pandemic and served their members’ most immediate needs. But there is a world of emerging trends in member experience that credit unions need to consider in 2022, or they’ll risk being left behind as the world emerges from the pandemic more tech-savvy and online than ever before. Are you ready for the next wave of digital change?
Doxim can help your credit union digitally transform with a strong focus on optimizing member experience
Here are some of the next generation digital customer experience trends that credit unions should track and respond to as 2022 nears - with a focus on enhancing credit union member experience.
Striking a Balance between Humanity and Automation
Automating routine tasks is a great way for credit unions to reduce costs related to member services and speed up the resolution time for inquiries. But for these services to work, members need to be comfortable with them. Unsurprisingly, the COVID-19 pandemic accelerated the adoption of online interactions across all age groups. But not every member is equally comfortable with next-generation automation.
For instance, many of your members, especially younger members, may be comfortable interacting with chatbots and online FAQs to answer their questions. But a subset of members will always prefer speaking with a human to resolve issues. In this circumstance, automation can help by placing the right information at the hands of your help desk, to reduce resolution time. In short - there’s a place for the “human touch” in credit unions today, and figuring out how to offer that personal connection online will be a key challenge for credit unions as they fine-tune their digital strategies.
Making Effective Use of Data and Insights
The more routine tasks your credit union brings online, the richer the data you gather about your members becomes. Since the digital transformation boom began, many credit unions have been sitting on a goldmine of data, without focusing on how best to use it. To ensure your competitive advantage, consider all the ways in which data can be turned into insight and then into action.
One of the reasons credit unions struggle to leverage member data, is a lack of a “single source of truth” - an integrated source of real-time data that is easily accessible by business users. Technologies like CRM (Customer Relationship Management) and Customer Communication Management platforms can help credit unions integrate and leverage data sources so that marketing and service teams can deliver campaigns that enhance member experience and build both loyalty and the lead funnel.
They do so by delivering the insight and personalization capabilities necessary to understand members and anticipate their needs, tell relevant stories, and personalize product recommendations so the credit union can compete in a saturated market.
Taking an Empathy-First Approach
As the dust from the pandemic starts to settle, your members are emerging into a changed world. Some may have lost loved ones, while others experienced job loss or serious financial hardship. Couple that with rising inflation and the possibility of rate increases, and it becomes clear that your member base is under considerable pressure going into 2022.
How can a credit union use technology to create an empathy-first approach that helps members take control of their financial futures and respond to global issues? Consider some of the following tactics to improve credit union member experience:
1) Keep members informed of both your corporate philanthropic efforts, and of course opportunities for them to make a difference as well. Consider, for example, showcasing local charitable efforts or activities so they can take part. You can use your CCM software to include a message about a food drive or charity-related fun run on their monthly statement.
2) Make it easy to go green! Invite your members to reduce their carbon footprint by going entirely digital for their statements and other communications. And consider offering socially responsible and green investment options. The desire to invest in a sustainable way is an emerging trend across all age groups.
In fact, a Morningstar study in 2019 found that 72% of the U.S. population “expressed at least a moderate interest in sustainable investing,” and that number is likely to increase as the climate crisis continues to develop.
3) Lead with empathy by meeting your members where they are in terms of financial or economic hardships. Now that more member interactions occur online than ever before, your credit union can use its data to proactively identify members at risk and reach out to them.
Many innovative solutions exist in the marketplace today to help members manage liquidity, predict, and budget for expenses, and invest. Credit unions may profit in the short term from members who don’t manage their financial risks well, but they risk eroding their member base when they put these immediate gains ahead of the long-term member relationship. Conversely, credit unions that assist members during a period of heightened financial risk often find themselves with loyal members for life.
Digital Transformation 2.0: Bridging the Experience Gap
If your credit union has made huge strides towards digital transformation in the last two years, you may find yourself asking what’s next. You don’t need to look any further than the FinTechs and challenger banks to find an answer.
These competitors are using data and automation to deliver tailored solutions to customers, through their preferred channels, at their convenience. They prioritize seamless digital delivery, personalization, speed, and relevance when delivering their financial products, and they view every interaction through a customer-first lens.
The best way to compete with them is to make the next phase of your digital transformation about using technology to understand member needs more deeply, and then respond to those needs with innovative products and services tailored to them.
How Doxim can help your credit union respond to emerging digital CX trends in 2022
Investing in a modern customer communication management (CCM) platform is an essential part of providing the kind of personalized digital experiences that will keep your credit union ahead of the competition. It helps provide a great member experience, and builds rich relationships, which in turn results in members for life and a competitive advantage in the rapidly evolving financial marketplace.
Doxim’s experienced consultants and omnichannel CCM platform can support your CCM needs in several ways:
Gather and utilize member data to continually improve the personalization of communications.
Build trust with members via communication (via print, PDF, HTML, email, text, and online interactive experiences).
Leverage interactive video to drive personalized digital member experiences, such as interactive statements, bills, or reports, that offer visual engagement and real-time interactivity
Put member communication data, including member statements, at the fingertips of your service representatives for immediate and personal service.
Make a meaningful connection with value-added content, like information about philanthropic activities, on member statements.
Let’s connect and discuss how Doxim CCM can help you enhance your credit union’s CX for success in 2022
VP Sales, Financial Services North America at Doxim
Josh is a solutions consultant by nature, focused on identifying customer communication solutions for financial institutions.
In his position as Vice President of Sales (USA), Josh leverages his experience to understand the needs, and propose solutions, for customer communications management in credit unions and community banks.