You’ve got data… Put it to work!

As highly trusted institutions, credit unions have access to copious amounts of member data. And given the changing dynamics of modern-day consumers – namely, their preference for personalization, speed and online/mobile capabilities – this data can help solidify member relationships and strengthen member service.

A slew of 2014 surveys show the importance of incorporating data to improve the customer experience and meet customers’ expectations. Here are some of the findings:

• Most consumers expect their financial institutions to link all communication together in real time, across all channels, according to research by Avaya, a global communications solutions firm.

• Focusing on both customer service (beyond a strong mix of products) and customized banking are critical factors for success, per the annual global consumer banking survey by EY, a provider of assurance, tax, transaction and advisory services.

• Many mid-size banks miss the customer satisfaction mark by failing to meet consumers’ needs for online, mobile and problem resolution, as found in JD Power’s Retail Banking Satisfaction Survey.

No doubt, there are real opportunities to put your data to work … but how?

A little elbow grease

In our work with credit unions to build and enhance their digital relationships, DigitalMailer suggests several data-driven communication strategies. These efforts have proven to be successful, and in many instances, can be implemented using our data-mining and onboarding systems combined with a credit union’s existing technology already in place.

1. Create an SMS platformTo most effectively reach the “always on the go” consumer, SMS – or text messaging – is not only among the most efficient communication tools, it may be most preferred. Our experience has shown members will welcome SMS notices and messages from your credit union – if you ask for and follow their preferences regarding message types and frequency. It’s also important to create a system to collect mobile numbers and update the database regularly.

2. Build an omnichannel communication networkThis is often an area of disconnect between consumers and the companies with which they do business. More of your members are expecting all of your touch points – in-branch, website, call center, email, mobile, social – to be consistent in message, look-and-feel and ease of use; and too many companies aren’t keeping pace. Members want to move easily between these channels for the ultimate convenience. Staying competitive and retaining members means maximizing data and current technologies, engaging IT and marketing staff, and training front-line personnel.

3. Make it personal.If you’re not yet communicating on a one-to-one level, make it a priority. Nowadays, new technologies let credit unions interact much more personally – pushing aside the old scatter gun tactics. Using digital tools, data-mining programs and variable-field capabilities (either in house or through a service provider), you can access the information needed to deliver relevant and useful information to members, tied to their specific needs and interests. And better yet, members expect this personal touch.

4. Push communications to members.In many ways, your business has always been about convenience – one of the key success factors of member service. And today, that means pushing information out to members rather than simply trying to pull them to your site. One of the best ways to do this is via mobile – especially when targeting sought-after Gen X and millennial consumers. Whether you have an abundance of member data or limited records, technology is available to let you create campaigns, triggers or events designed to reach your members using mobile devices. If your resources or expertise to do this is limited, seek the help of a high-quality outside provider.

Fruits of your labor

Incorporating your data with mobile communications and marketing strategies presents enormous possibilities for financial institutions. With current technologies, you can more easily solve gaps in member communication and member engagement – both critical to your credit union’s growth and success.

Today, addressing member expectations means connecting with them where, when and how they want … and more often than not, that’s via SMS on mobile devices.