The Cost of Not Moving Fast Enough
In our everyday lives, when placing an order online, we expect acknowledgement right away. When paying a bill online, we expect immediate confirmation along with an updated account balance. When parking on the street and feeding a parking meter or ticket system in many towns now, you can provide your cell number and receive a text reminder 15 minutes before your time expires. Can your members and non-members alike pay their loans with you online? Can they self-serve to activate and change their autopay settings? Do they have the option to securely pay by text?
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How Credit Unions Can Acquire Millennial Customers
I am writing this post as my Roomba rumbles past my desk chair, automatically cleaning the floor, sensing obstacles and dynamically re-routing itself. Amazon and others are serving up digital ads via my browser, and some of the products they are offering look promising. A notification from my mobile banking app shoots across the screen to tell me a purchase larger than a threshold I have set has been attempted.
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Increasing Member Tenure via Integrated Marketing Communications - Digital Banking Innovation
Virtually every credit union has new customer acquisition as a top priority, but generating a new account is only the beginning. To achieve near-term profitability and long-term relationships, the new customer must become fully engaged. This engagement is typically not achieved in a day, week or month. It is the foundation of a relationship that includes, trust, dialogue, incremental growth in services, and a growth in share of wallet if done correctly. The alternative to focusing on building customer engagement is a relationship that does not meet its full potential or losing that customer to a competitor.
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Retaining Customers with Online Loan Servicing – Digital Banking Strategy
Attrition or inertia. Are you losing or winning? It is harder to know in this era as members are far less visible, opting for self-serve tools, and often using them off hours. A strong digital banking strategy enables credit unions to create acquisition inertia and positive customer retention.
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