Why Personalizing Credit Unions’ Member Communications Is Key

by | Nov 10, 2021

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

Drives Interest

71% of consumers say a personalized experience influences their decision to engage.

– Dynamic Yield

Motivates Action

202% of companies see an increase in conversions when calls-to-action are personalized

– HubSpot

Increase Loyalty

28% of consumers have increased brand loyalty when communications they receive are personalized.

– SmarterHQ

Boosts ROI

 95% of companies that saw 3x ROI from their personalization efforts.

– Monetate

Doxim offers a holistic CCM solution that will help operationalize your credit union organization’s member experience strategy and make every interaction count. Connect with a Doxim CCM expert today

 

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. 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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