What’s the point of your credit union website?

Recalling my previous article, I asked if credit unions even need a new website in 2014. The point I was trying to make is that for success in a humanized digital economy, a credit union needs much more than just a website.

The credit union world is littered with poorly designed websites. And not just from an aesthetic point of view but also from a functional perspective. Perhaps because the website RFP process is flawed.

Just the other day I heard from a credit union who recently launched a new website. The agency they worked with was more focused on aesthetics and branding as opposed to functionality. Long story short, they now have a beautiful website. However, it is not doing much more than the old site did in regards to meeting organizational and marketing objectives.

Instead of just a new website, an entirely new digital marketing process is needed as the traditional credit union marketing and lead generation model is broken.

And the only way to fix this problem is to construct a new model. Even though many credit unions continue to adopt the latest digital tools, they do so while clinging to dogmatic marketing and lead generation models no longer effective in a humanized digital economy.

In reality, there is no quick fix for credit union digital marketing and lead generation.

Success in a humanized digital economy begins with the end in mind. And that is why I ask what’s the point of your credit union website?

Now this would really depend on who you ask. So let’s take this question from a few different perspectives:

  • Members
  • Consumers (or non-members)
  • Credit union

If you ask members, they would give you one set of answers. From our experience of running digital member focus groups, the number one reason a member visits a site is to access their account. But if you dig deeper into different member segments, the answers would vary beyond this. And that is important when planning and managing a website.

On the other hand, responses from general consumers would be much different as they have no need to access an online account. Our research has found consumers are going to a site for information and education in hopes of finding a solution to a challenge or need they have. For the majority of consumers, this digital buying process takes over 30 days and during this time, a consumer uses around nine different resources to help them make their decision. This requires a completely different UX (user experience) than that of a member.

Finally, and most importantly, I believe the perspective of credit unions, when asked this question about the point of a website, is highly flawed based upon the responses we have received when leading credit unions through our digital discovery and planning engagement.

Common responses have included:

  • We have a website so our members can access their accounts.
  • We have a website because we need one these days.
  • We need a website to share our brand.
  • We have a website so we can promote our products and services.
  • We have a website to share our latest news and events.
  • We have a website so we can win a marketing award (true response).

Quite frankly, all of those reasons are simply rubbish.

The number one reason a credit union should have a website is to generate leads for loans and new accounts in humanized digital economy.

Period.

This is what will impact the bottom line.

This is what will move the needle.

This is how a credit union will begin to build a digital asset that can be optimized and improved over time to reduce the cost of acquisition, increase member profitability and improve operational efficiencies.

James Robert Lay

James Robert Lay

JAMES ROBERT LAY is one of the world’s leading digital marketing authors, speakers, and advisors for financial brands. As the founder and CEO of the Digital Growth Institute, he ... Web: https://www.digitalgrowth.com Details