No credit union member left behind
We are all aware Baby Boomers have reinvented every decade of their lives, which makes it no surprise they continue to do so. Some will retire, and some will stay working for longer than the generation before them as continued good health and life expectancy expands. In spite of different lifestyle choices, this is a group needing services beyond loans and deposits, providing an opportunity for credit unions to present products and services catering to the needs of this age group to keep them engaged. However, this opportunity also raises communication and technology issues for credit unions as they work to connect with this diverse member group in a manner they prefer.
Finding balance is complicated for a demographic group all over the place when it comes to how they like to receive information. Whether an older member likes paper (mail), electronic (e-mail, Internet) or mobile, meeting their delivery preferences has become increasingly important to keeping this large number of members from moving to another financial services provider. With more and more of this age group being tech-savvy, internet and mobile capabilities are a must-have along with traditional methods. One channel for communicating with any age group no longer fits all.
Credit unions of all sizes today recognize the value of expanding the scope of their business from simply putting ink on paper to sharing information to playing more robustly in the broader customer communications space. A critical success factor that is needed to ensure a device-responsive strategy is a reality for your members (and profitable for your credit union) requires having the ability to create flexible content automatically converted on demand to match the requirements of the delivery channel; because what looks great on a printed transactional document or direct mail piece today also needs to look great on a smartphone and tablet. This becomes even more important when you consider 72 percent of Boomers with income over $75,000 are smartphone users who are on the go, traveling and are hyper-focused on their wealth.
Many credit unions outsource their physical print/mail operations to service bureaus and BPOs. In these cases, it is still important to have an in-house customer communication solution in place to leverage the power of your non-technical, customer-focused employees to design, deliver and maintain meaningful multichannel customer communications while meeting the business and technical requirements of your print/mail provider. Insourcing customer communication management, while outsourcing print fulfillment, provides a way to maintain control of your communications and improve efficiencies. If you use a third-party service provider, know the questions you should ask to meet your multichannel needs, as not every solution offers all the capabilities you may want to achieve your goals.
Working in the best interest of depositors, not stockholders, and going out of the way to make sure to meet members’ needs are two important attributes that differentiate a credit union from a competitive institution. With the growing use of Internet-based communications and the proliferation of smartphones and tablet devices used by members of all ages, member expectations are on the rise with regard to how your organization communicates with them. Implementing a well-considered customer communications strategy delivered where and how your Boomer member wants to receive it can help you foster those strong relationships and keep these members loyal by getting important information to them more quickly—and with the personal touch they expect via the channel they prefer.
