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Connecting with Members through digital channels will enhance experiences and revenue
(November 25, 2014) — Our members are clearly telling us what they want, but are you doing a good job of listening? We know that members are looking for ways to easily connect with their credit union through a variety of different channels; which range from branch interactions, to phone, web, mobile, social and other online service points. We also know that they are not only asking for, but expecting reliable and accurate self-service solutions. According to the January 2014 McKinsey Quarterly, 75% of members stated that they prefer online service for member interactions and information. This statistic proves that institutions that are taking a holistic approach to member service with the help of digital self-service technologies are responding to the changing needs and expectations of their members, and are therefore successfully gaining trust and growing their businesses.
Through this comprehensive approach to service, financial institutions gain the dual benefits of enhanced member experiences and high revenue growth opportunities.
Take advantage of your digital channel capabilities
With the adoption of a robust, intelligent knowledgebase solution, your credit union could be greatly reducing overall call volume, delivering highly rated, instant member experience 24/7, and meeting new members’ expectations through your digital channels. This technology, when fully integrated through each of your digital channel assets, will deliver thousands of instant and accurate answers to your members every month, vastly improving and maintaining their overall experience with your institution.
These thousands of connections with your members are key opportunities to promote products and services, and drive them to a place to conduct more business with you. For example, if your member is asking questions around your current auto rates, the solution will instantly deliver an answer to the member while including a variety of targeted calls to action like directing that member to your credit union’s digital loan application. Every interaction through this channel is an additional opportunity to drive more revenue, while expanding your opportunity for personalized connections with members.
The advantages of having a digital knowledgebase solution continue to surface when you look at the kinds of data this member services technology can collect. Your institution can leverage the analytics provided around these member interactions to encourage innovation and strategic decision making. Analyzing trends in the data can also lead to an increase in the volume of lending opportunities for your credit union, through development of one-to-one, targeted marketing campaigns based on the unique interactions and inquiries of each member.
Execute a comprehensive approach
What tends to happen when financial institutions implement self-service technologies is that they neglect to take an all-inclusive approach. If the technology is not widely accessible across channels, not available in the languages members require, and/or not made available for employees, the maximum ROI expectations will fall short.
A great example of a credit union that has maximized their member services approach is 1st United Services Credit Union in California (1st USCU). 1st USCU currently uses 2 SilverCloud platforms to deliver self-service knowledgebase technology solutions to their employees and their members. With this technology, their employees have instant access to information around their products, services, policies and procedures. The second platform is available for their members to ask questions and learn about products and services. 1st USCU’s use of this member services technology has streamlined their internal operations, saving them time and money. More importantly, 1st USCU is providing a significantly higher level of service to their members because their employees have the tools needed to deliver consistent and accurate information every time; which has facilitated in growing their asset size by 32%.
Innovation requires aligning traditional banking channels with technology to improve the experience for the member and translate this engagement to revenue growth at the organization. Recent estimates by McKinsey & Company* show that within five years, more than 95% of banking transactions are likely to take place through direct or digital channels. This means that in order for your credit union to retain current members and promote growth, the front line of your institution must have a robust digital member services tool on hand to efficiently and effectively address the evolving sales and service needs of your members.
If you are wondering how this type of digital service technology can be integrated into your credit union’s current banking systems, or if you are in need of assistance with improving or building your credit union’s digital channel to improve member engagement and drive revenue, financial services institutions like Allied Solutions, LLC offer consultative services that will help your institution build a digital strategy that achieves the goals of your credit union and meets the needs of your members.
For more information about this technology or to find out what other digital solutions Allied offers to credit unions, contact Brian Timson, Director of Strategic Partnership Distribution at Allied Solution, at brian.timson@alliedsolutions.net.
About SilverCloud
SilverCloud, Inc. (www.silvercloudinc.com) is a SaaS provider based in Portsmouth, NH that delivers easy-to-launch, unified customer self-service solutions for the financial industry. These user friendly solutions expand across all of the financial institutions channels providing an elevated level of service for the consumer. SilverCloud’s clients comprised of hundreds of banks and credit unions are more competitive, and have reduced support costs – all through a simple monthly subscription.
About Allied Solutions,LLC
Allied Solutions, LLC is one of the largest providers of insurance, lending, and marketing products to financial institutions in the US. Allied Solutions uses technology based products and services customized to meet the needs of 4,000 clients along with a portfolio of innovative products and services from a wide variety of providers. Allied Solutions maintains over 20 regional offices and service centers around the country and is a subsidiary of Securian Financial Group, Inc.