Make Your Credit Union a Member’s Primary Financial Institution

 

Did you know that only 24% of credit union members currently view their credit union as their primary financial institution? Here are some strategies for making your credit union your members’ primary institution.

Push Your Member Experience Support to the Digital World

“Just Google it” is the motto of an entire generation. Rather than asking questions and being satisfied when they hear, “I don’t know” as the only answer, Millennials and Gen Z are tech-savvy and ready to use their internet connection to help them tackle anything that life throws at them.

This also means that customer service is now digital. Does your credit union have a dynamic member services FAQs page (with text and videos)? Are you hosting webinars for financial literacy and creating chatbot interfaces to help give your members support every time they come to your website?

The big shift to digital services that took place during the coronavirus pandemic is now set to be the primary method for getting anything and everything done.

Products and Services Aren’t Enough – You Need to Be Engaging

Today’s members aren’t looking for just a service, they’re looking for brands that want to understand and engage with them. They want to be able to contact your credit union or jump onto your website and find the best possible advice for their situation and needs. It’s no longer about facilitating a transaction but carrying on a conversation with your member’s needs.

Success in this engagement comes, first and foremost, through your employees. With the right training and data, your team can be the determining factor in making your credit union your members’ primary financial institution.

Personalization is Paramount

Part of that employee training needs to be based on how to incorporate personalization as often as possible. There is a reason that members are called “members” and not “customers.” Mass banking and automation are not the cornerstones of your business. The ability to make every member feel like a “regular” in your establishment is.

But having your staff try and remember the preferences of everyone who comes in your doors or uses your online services is impossible. But data storage and analysis can do that heavy lifting for you. You can look at trends in a member’s banking behavior, personal meetings or loan needs, and so much more when you have a solid data collection and storage process.

Going Digital Doesn’t Mean Forgoing Face-To-Face Interactions

With the focus on cutting-edge digital solutions, it’s easy to start thinking the physical aspects of your credit union – your lobbies, teller desks, and meeting rooms – will soon be obsolete. But in fact, many financial institutions have seen an 80% bounce-back of in-person transactions after they reopened their branches.

Members still crave in-depth conversations with your knowledgeable and professional teams. That face-to-face time is often how you, your teams, and the members learn incredibly important information about products, services, and how to best serve your members.

CUInsight has an incredible example in part 2 of their three-part series on increasing the number of members who consider your credit union their primary financial institution. In Scenario 1, a credit union team member pulls up the account opening checklist when a new member wants to sign up. Depending on what the checklist includes, the member may or may not get the things they need from their new account. But in Scenario 2, the credit union team member has been trained to see this new member’s presence as an opportunity to gain insight into the products and services the member needs right now, and possibly even discuss some things they will need in the future.

Great data solutions and training can help show members that your credit union deserves to be their primary financial institution.

IMS Has the Data Solutions

IMS is a leading provider of enterprise data protection solutions for credit unions. We can help you with everything from core hosting to disaster recovery, IaaS, and more.

Contact IMS for more information.


Boost Your Credit Union Brand

 

Branding, in the information age, is hard. Because your credit union brand image doesn’t just come from you. It comes from your credit union’s interactions with every guest, affiliations with other businesses, and even its stance on social issues.

Is your credit union in need of an image upgrade? Here are some tips to boost your credit union brand.

Pump Up Your People

The most forward-facing aspect of your brand is your staff. Training your staff has to be more than just showing them how to enter data correctly and attend to customers’ needs in a timely manner. It’s about customer experience. If your credit union’s staff behave in a rote way, much like a computer program, then you aren’t boosting your brand image.

The human element of your credit union is why people want to come and do business with you. If it is absent, potential members will find easier, online-accessible options for their banking needs. The internet can’t replace your employee’s expertise and empathy when it comes to one-on-one interactions. Take a look at your team, find out what their strengths and weaknesses are. Then, address them in the way you would like your brand to be known for.

Celebrate Your Members

Everyone loves a special occasion. And the best brand marketing comes from incentivizing members and potential customers with special days. Increase visibility for your credit union by posting events or promotions centered around International Credit Union Day, International Credit Union Week, and National Credit Union Youth Week.

Finding fun and clever ways to reach out to new audiences and celebrate your credit union within a community can help boost your brand and enhance your business.

Connect with Your Community

Being community-centered is more than just sponsoring a local sports team or running promotions during the local community festivals. If you can, use your employees and your members to keep your finger on the proverbial pulse of the neighborhood you’re serving.

Learn about the fun things people like to do in the area. Find out what the latest news is about the local high school sports teams or band competitions. Run polls and surveys to see what kinds of events, ideas, and services your community would like to see more of. Don’t just contribute to the community – make your credit union a part of its fabric.

Ditch the Inauthentic Brand Efforts

Not all brand efforts are created equal. Check the example in this article about how KFC tried to partner with Susan G Komen (a prominent breast cancer-focused non-profit), though recent studies showed fried chicken could contribute to cancer.

Make sure to do your research on what community causes and national charities would be a good fit for your credit union. Just because Make a Wish or Doctors Without Borders are huge, recognizable charities don’t mean it makes sense to tie your brand to theirs.

Take strategic approaches to each partnership and charitable effort to boost your brand in ways that can truly showcase your credit union’s mission, vision, and values.

Put Your Credit Union in the Cloud

Just like you want your brand to be unmistakable, IMS wants to tailor its data and security services to better protect your credit union and its data assets.

IMS has virtual private cloud services and solutions like core hosting, virtual desktop, disaster recovery, and more for your credit union. Contact us today for more information.