Measuring omnichannel results

An investment in this strategy should move the dial on several metrics

Omnichannel is about offering members a “tailored experience within a multichannel world,” says Steve Shaw, VP/strategic marketing for digital channels and electronic payments with CUES Supplier member Fiserv, Brookfield, Wis.

In the best case scenario, a credit union begins the process of refining omnichannel delivery by mapping its current systems and processes. Instead, these conversations “almost always start with ‘What technology do I need to buy?’” says Sam Kilmer, senior director with CUES Supplier member and strategic partner Cornerstone Advisors, Scottsdale, Ariz. “Generally speaking, for every amount of effort or resource you put into a new technology, several multiples of more effort are required to figure out all the processes that work across them to connect systems and get people working better together. You can look at this from 30,000 feet, but a lot of incremental improvements need to be done in the trenches.”

“Adding all these services and delivery channels to support omnichannel strategies can be expensive and should be carefully considered,” says Kevin O’Connor, SVP/chief financial officer with CUES Supplier member CU Solutions Group, Livonia, Mich. At the same time, “credit unions certainly can reap the rewards of better member intelligence and a clearer idea of how to spend their budgets for greater ROI.”

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