Inside Marketing: The 5 elements of digital member engagement
Personalization and effective digital communication are key factors of a satisfying member experience.
The financial services industry has shifted toward digital banking—perhaps slowly at first, then with urgency at the onset of the pandemic. This shift is creating new member engagement opportunities for credit unions, and the quality of a credit union’s digital interactions translates directly to the quality of the end‑user experience. Such interactions impact member satisfaction positively or negatively based on perceived level of empathy, content quality, relevance, ease of use and timeliness—and, ultimately, how well the credit union knows their members’ or prospects’ identities, needs, financial understanding and product interests.
In today’s digital environment, consumer satisfiers—and dissatisfiers—have changed, making the delivery of an exceptional member experience more complex. With over 80% abandonment rates par for the course for banks’ online application processes, the stakes for designing a satisfying experience are higher than ever before.
Historically, credit union member engagement has been executed through in-person discussions, written correspondence and telephone conversations. And while members do still value face‑to‑face service, digital access brings a host of new opportunities both for the member and for the credit union. While traditional interactions were typically reactive to member‑initiated visits or calls, in a digital world, software‑based engagement methods take a more proactive approach with the ability to capture additional touch points across various stages of the member journey.
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