Member Communications in the Cloud

It’s hard to miss the excitement and enthusiasm for cloud computing these days. Experts tout the technology as the next phase of evolution for the Internet and companies are investing heavily into the approach. Indeed, as a metaphor for the Internet, “The Cloud” is a familiar cliché…but is it for real, or just another phrase du jour?

Reach for the stars

According to new research from Gartner, it looks like cloud computing is not only here to stay; but also growing at a rate that is faster than previously predicted. New statistics released this month estimate that U.S. spending on enterprise cloud services will increase by nearly 20% this year alone. Cloud computing is also attracting growing investment around the world. By 2016, Gartner says, enterprise cloud spending will reach $207 billion.

Get your head in the cloud

All the action is in the Cloud. But what does this mean for banks and credit unions looking to make the most of their technology dollars and who are under strict watch to ensure a return on their investment? One area that can provide immediate benefits is found in your member correspondence. Managing member communications via the Cloud can start saving hard dollars right away while helping to build better member relationships over time. While the idea of porting paper statements to the Web is not new, the fact is that going paperless often requires a great deal of investment in hardware, software and expertise to get the job done. Not so with cloud-based member correspondence; an immediate and efficient way to manage your communications online.

Cloud-based correspondence

The beauty of member communications in the Cloud is that you don’t have to build the infrastructure to get the job done. Just as you would expect from any service – the gas company or the phone, for example – you don’t need to invest in the physical hardware or software needed. As a result, you can go paperless more easily and less expensively than ever before. And while the idea of managing member communications may not play first fiddle on the cloud-based bandwagon, perhaps it should. Credit unions often can begin playing another tune when the savings and efficiencies found by eliminating traditional printed correpsondence begin to come on board.

Transform your business?

Credit unions can transform the business of communicating with members using Cloud-based correspondence. After all, now you have a dynamic channel directly to your members that allows you to present more targeted and relevant offers and information. Using the account data that you already have, it is possible to design transpromotional strategies that encourage more business from your best customers…your existing members. While most of the” junk mail” and electronic “spam” is never read, account statements and member correspondence get noticed.  What better opportunity to expand your monthly “appointment” with your members to engage in ways that are more deeply relevant for your members and more profitable for your organization?

Moving Forward

If it seems like everyone is talking about cloud computing these days, you’re right. And credit unions can take advantage of the inherent benefits of the Cloud by examining how the approach can help them better managed their member communications. Where to start? Our own TransXAction service is one place to consider. We can ease the transition to cloud-based communications and boost the experience your members have online. Building an excellent online member experience is essential as technology evolves to the Cloud. Be sure to focus on the member experience first and the technology second, and you may find a silver lining in the change.

Brad Banyas is CEO of OMI, a leading Managed Communication Service Provider that assists organizations in transitioning print communications to the paperless world. OMI products, Statement2web® and TransXAction, ™ provide a single point for creating, managing, and measuring customer communications of all kinds. OMI enables business-changing strategies that utilize daily, weekly and monthly customer communications as focal points to reduce cost, increase revenue, improve brand loyalty and boost customer satisfaction. Visit www.omi.co.