Credit Unions Can Use Communications Management to Enhance Member Experience

by | Jun 21, 2021

5 Most Important Customer Communications Management And Member Experience Trends In Credit Unions

As the financial services industry emerges from a period of forced change relating to rapid digitalization, credit unions have a unique opportunity to springboard their digital transformation.

This is the year to focus on how to use communications management to enhance member experience and promote loyalty.

Here are the 5 most important customer communications management (CCM) and member experience trends in credit unions.

1. Re-imagine the role of the branch

In the wake of rapid digitalization of customer communication, brick-and-mortar branches will not disappear. Rather, the reasons why a member chooses to visit in-person will evolve and credit unions will re-imagine their branches to address those requirements.

Straightforward transactions and day-to-day banking will mostly remain online, while members will prefer to discuss finances and get financial advice face-to-face.

2. Ensure consistency across communication channels

Consistency across communication channels is essential to ensure a modern omnichannel experience.

Members want to select the channel that they wish to interact on and be able to switch channels whenever they want to, without losing the thread of the conversation.

A central platform for customer communications management across all channels (print and digital), will thus be a wise investment.

3. Focus on data strategy and message personalization

Credit unions have always provided a personal and community-based service, and it should be no different now that certain communications have moved onto digital channels.

Digital communication and the data generated, enable a high level of personalization, not just of the communication, but the entire digital experience. This is rooted in the ability to gather and utilize data, and every credit union should have a strategic data plan.

4. Outsource to an experienced CCM vendor

The credit unions that flourished last year were those that had made smart technology investments and were able to quickly move services and communications online.

Those that were not in the fortunate position to do so, now need to catch up. This is an ideal opportunity to consider outsourcing to a CCM vendor that can implement a customer communication management solution in a short term and at an affordable cost.

5. Improve cybersecurity, ensure compliance

With increased digitalization, comes increased cyber risk. Credit unions will need to focus on the security of their customer communications technology and processes.

In addition, being a highly regulated industry, all financial institutions cannot proceed with a CCM strategy without understanding how the selected platform complies with regulations.

Doxim’s Approach to Strategic CCM Partnerships with Credit Unions

Our CCM platform and infrastructure checks all the boxes for decision-makers that need to use communications management to enhance member experience as quickly as possible, while ensuring communication compliance.

We are an experienced and reliable partner, backed by the loyalty and trust of thousands of clients.

Here’s how Doxim understands the value we bring to a successful CCM partnership:

Outsource the complexity to Doxim, print and digital. With our CCM expertise across digital and print, Doxim will keep channels connected, eliminate the need for you to manage disparate systems and multiple vendors, so you can focus on growing your core business.

Empower your business users to do what they do best. Our industry-focused platform is designed for business users and offers self-service capabilities, wherever appropriate. Your users will have tools to be agile in response to new revenue opportunities and to improve CX, growing your organization while maintaining the intimacy and personalized service your customers seek.

Get a helping hand with risk management. As CCM complexity increases, Doxim maintains the strictest compliance levels per the requirements of multiple highly regulated industries and is regularly audited. FIND OUT MORE ABOUT DOXIM’S CCM SOLUTIONS FOR CREDIT UNIONS

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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