Meaningful Communications Are the Lifeline Between Every Credit Union and its Members
How Do You Make This a Core Capability of Your Credit Union?
Significant changes in financial services over the past few years have brought increased regulatory scrutiny, new compliance policies and heightened public concerns. For every credit union, large and small, success depends upon member acquisition, satisfaction and loyalty. Consequently, every consumer contact presents an opportunity to earn that trust and differentiate what your credit has to offer from its competition.
The ability to successfully implement a comprehensive Customer Communications Management (CCM) strategy that supports these goals is often one of the single biggest challenges—and opportunities. Positioning for success in a market environment that is dependent upon having access to the information customers want—and being able to deliver via the channel they prefer—morning, noon, or night via print, electronic, web, and mobile devices demands a sophisticated strategy. For many credit unions, this can seem like an insurmountable hurdle, but it’s not.
Leveraging the power of multichannel campaigns requires the ability to determine the communication preferences of each customer and having in place the right solutions to deliver compelling, personalized content through that channel. Just as important as communicating through multiple channels—and key to improving the member experience—is ensuring the delivery of targeted and easy-to-understand statements and other communications when doing so. For example, if an individual has a profile that suggests she may be interested in financing a new car, the technology in place should have the ability to personalize her next statement with information highlighting the different options available and of interest to her. Accessing all the intelligence you already have on members can ensure that all-important ability to put their needs front and center with every communication sent to them.
What does it take to meet the needs of an ever-changing, diverse group of members?
Whether the recipient likes paper (mail), electronic (e-mail, internet), mobile devices, or a combination of these channels, being able to meet delivery preferences is quickly becoming essential to engage prospects and simply to remain competitive.
One of the first decisions to be made is whether this can be done in-house or should it be outsourced to a third-party service provider. Many organizations already use third-party service providers to print and mail statements and other customer communications. If you choose to outsource, it is critically important to closely evaluate your vendor partner’s capabilities to ensure they can meet member communication needs in the areas of agility, flexibility and control. Employing “agile billing”—the ability to maintain flexibility and control of documents while enjoying the cost benefits of outsourcing physical printing and fulfillment—is simply good business.
Meaningful communications are the lifeline between credit unions and their members and prospects, and there are software solutions available that are specifically designed for a multichannel, personalized communication strategy. It pays to do research because not every solution offers all of the functionality you may need to achieve your specific communication objectives. The right solution will be user-friendly and have the flexibility needed to allow business users to create interactive, point-of-need, personalized documents for their members in-house, while ensuring that costs are controlled through centralized production and fulfillment.
