Personalization is a powerful strategy for companies operating in today’s world, where customer experience is now a key differentiator. Customers expect companies to show that they understand them and their specific needs at each point in their journey. They also expect consistency in communications, regardless of the source or channel.
Personalization is vital for companies looking to build long-term relationships with customers. For credit unions, who have always provided a local, high-touch and personalized service, personalizing digital interactions and more specifically member communications are now imperative.
Personalization is also great for the organization’s bottom line, as it drives better engagement and revenue.
Personalization Drives Better Engagement & Revenue
71% of consumers say a personalized experience influences their decision to engage.
- Dynamic Yield
202% of companies see an increase in conversions when calls-to-action are personalized
28% of consumers have increased brand loyalty when communications they receive are personalized.
95% of companies that saw 3x ROI from their personalization efforts.
Doxim offers a holistic CCM solution that will help operationalize your credit union organization’s member experience strategy and make every interaction count
Understanding the value of personalization
Recent research by Keypoint Intelligence confirms that consumers recognize and respond to personalization.
About 45% of consumers spent much more time reviewing digital marketing communications that were personalized and relevant to them than generic communications. This share was even higher for direct mail (52%).
As cited by 43% of consumers, personalization was the top factor that made consumers more likely to read or review a digital marketing communication.
Only about 37% of consumers were frequently or very frequently receiving highly personalized marketing communications, so is there is certainly room for improvement.
Businesses have realized that personalization is very important to consumers. According to Keypoint Intelligence’s Vertical Visions research, 84% of financial/banking firms that used direct mail customized or personalized these pieces to have more targeted messaging. Of these firms, the vast majority report significantly or moderately higher response rates on personalized/customized direct mail.
In the Shift to Customer Experience Management (CXM) Credit Unions’ Member Communications Need to Be Personalized
Across industries, we’re seeing a shift from Customer Communication Management (CCM) to Customer Experience Management (CXM).
Credit unions can boost member experience through personalized interactions. To achieve this, they can engage members with communications that are:
- Frequent and ongoing - to maintain good engagement
- Connected across touchpoints of the member journey – where one communication triggers the next
- Omnichannel and delivered in the member’s preferred channel
- Ad hoc and frequently interactive, supporting 2-way engagement
- And, most importantly, PERSONALIZED
4 Innovative ways to Personalize Credit Unions’ Member Communications
The latest release of Doxim CCM incorporates 4 powerful new tools credit unions can leverage to achieve effective, personalized communications that deliver business results:
Targeted, Personalized Onserts - drive demand by including onserts, which are advertisements and messages that appear directly on member statements and communications, in designated blocks. But, because no member is the same, marketing business users can segment their members, design and upload onsets for each segment and apply logic - so that during document generation the process will automatically select and include the right onsert based on the individual member’s data.
Self-Serve Correspondence - give your customer service team the ability to send urgent communications to members. Doxim CCM Self-Serve Correspondence gives them the control, speed, and agility they need to rapidly author service communications and, in doing so, deliver a better member experience.
Personalized, Interactive Video - satisfy members, motivate them to act, drive conversions and wallet share, as well as lower the cost per sale with Doxim CCM Interactive Video. It delivers an interactive and personalized experience - providing the ‘personal touch’ that credit union members have become accustomed to.
Interactive Documents - Provide rich, interactive information and personalized end-to-end engagement – all contained within the capsule of a PDF document and sent securely to the customer via email with Doxim CCM Interactive Documents.
How Doxim Can Help Credit Unions Achieve Their CXM Goals
As a single, trusted partner offering a holistic CCM solution that will meet all your CXM needs, Doxim can help you operationalize your customer experience strategy and make every interaction count.
Doxim’s omnichannel CCM platform can empower your business users to generate the frequent, ongoing, and personal interactions your members have become accustomed to and crave. Communications are also distributed through multiple channels (via print, PDF, HTML, email, text, and online interactive experiences) to further enhance the member experience.
The omnichannel capabilities of the platform are such that when a member calls in for support, the service representative can provide immediate assistance by calling up the communication or document that the customer received. This keeps every customer communication connected, making multi-step, omnichannel customer interactions a reality.
Doxim Interactive video provides the ‘personal touch’ needed to simplify complex information and drive increased satisfaction and wallet share. Seamlessly integrated into the broader Doxim CCM platform, Doxim CCM Interactive Video will enable personalized digital experiences, such as interactive statements, bills, policies, or reports, that offer visual engagement and real-time interactivity.
Behind the scenes, Doxim’s seasoned member experience experts can also help you encourage member engagement and consult on creative communication design that delivers a great user experience.
And of course, Doxim’s customer communications management technology offers you all the security and compliance you require to keep your member’s sensitive data secure, plus the scalability and flexible pricing you would expect from a modern SaaS-based solution.
Let’s discuss how we can help personalize your credit union’s member communications to ensure a great member experience
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.