Member Communications for Credit Unions
By John Duhig, OMI
Today’s forecast is Cloudy
Communicating with customers is not as easy as it used to be. In the past all credit unions needed to worry about was printing and mailing monthly member statements, creating an occasional direct mail campaign, and ensuring great service at each branch location. But times have changed. More and more members bank online and fewer prefer plain old paper statements. Even branch operations have changed. Services are becoming virtual and connecting with members these days is less about the printed page or a physical branch and more about the kind of experience members have online.
The Burden of Paper
The burden of a paper is taking an unnecessary toll on credit unions, especially in branches. In the wake of the recent financial meltdown at least 15% of current branch networks have crossed over into unprofitability.1 As a result, nearly one in five banks say that they are likely to reduce the number of branches they maintain.2 While many commercial enterprises have embraced online communications channels to save money, many credit unions have fallen behind the curve. But in today’s challenging economic climate, credit unions must be more agile and competitive than ever before. Paper-based processes and communication are simply no longer adequate to meet twenty-first century demands for improved credit union performance.
A Break in the Cloud
How can you overcome these challenges? One answer can be found in “the Cloud” – a transformative tool to eliminate paper, embrace multi-channel communications, and improve member experience. It seems like everyone is talking about the Cloud these days, and for good reason. Analysts estimate that Cloud-based services now account for over 50% of the new demand for managed IT services. Credit unions can find immediate cost savings with the Cloud because there are no up-front costs and as membership grows a Cloud-based infrastructure grows with demand.
Cloud-based managed communication platforms, like 366 Degrees from OMI, allows credit unions to create, manage, and deliver member communications no matter what form they take — paperless statements, on the Web, via email or using social media. These systems can be tied to internal security credentials, single sign on (SSO), for login and content customized based on user access rights. They provide a common ground to manage all your member communications.
Gain Savings and Member Loyalty
In addition to saving money, credit unions are now able to create more valuable member correspondence by leveraging account information to craft well-thought loyalty programs. Ultimately, marketers build more lasting relationships as the catalysts to long-term customer satisfaction. From a marketing perspective this can become a necessity and enables a number of important benefits.
– Allowing complete control of credit union brand guidelines by specifying what, when, and how content can be customized in your marketing.
– Most systems provide templates for easy creation of customized materials and the ability to personalize content to better engage your members.
– Through the use of PURLs and tracking analytics, credit unions can segment and target communications with relevant promotions and messaging.
– By residing in the Cloud these solutions can centralize and consolidate department needs and connect internal systems already in place with minimal impact on IT resources.
Moving Forward
Credit unions that use the Cloud to eliminate the burden of paper and automate the member communications process stand to gain a number of important benefits. Now you can reduce operational costs, consolidate your marketing processes, streamline workflows, and optimize your member communications. Now is the time for credit unions to evaluate the new breed of Cloud-based communication management tools as a way to drive revenue, increase profits, and expand brand recognition. To find out more visit www.omi.co or call 1-877-377-7274.
