Tips for Increasing Member Engagement This Holiday Season

 

Before the end of September, retailers were putting out Christmas decorations. As the debate about when it’s “appropriate” to start shopping and planning for the holiday season rages, it feels worse than normal this year, and there’s a reason for that. Tons of news outlets and retailers are echoing the same sentiment: shop early this year, as the last 18 months have caused supply shortages in many industries. Here are some ways to increase member engagement this holiday season, and you should start doing them right now.

Prepaid Cards

Gift cards and cash are at the top of many people’s lists this year. Financial hardships still abound as we try to combat the global effects of the coronavirus pandemic, from supply shortages to labor shortages and more.

Prepaid cards can also be used to help your members budget for their holiday spending. They can be used in-store and online, and they can mitigate risk for users because they aren’t tied to any specific bank accounts. With more and more online scammers building websites that trick and mislead customers, the holiday season will likely see its fair share of digital fraud and theft.

The convenience and cybersecurity benefits of prepaid cards are undeniable. It’s a great way help your member start their Christmas shopping off right.

Highlight Community Outreach

Giving is a big part of the holiday season, and your credit union should take advantage of that to showcase what your branches are doing to give back to your communities.

Use your social media platforms, onsite displays, and more to bring attention to the work your credit union does to take care of the families and friends in the area. You can do this by highlighting your 2021 efforts or creating new opportunities for community outreach before and during the holidays themselves. Take up specific causes, and make sure you are vocal about them online.

Promote Employee Holiday Cheer

Don’t forget about your staff! The best way to get your members in the holiday spirit is to show the cheer your employees have. 

Take a look at your usual events and ideas. Instead of allowing your staff to dress in their holiday best for one day, you can run a fun “contest” every Friday – invite your staff to get creative with holiday themes using their wardrobes, then post the top picks on social media and have your followers vote on the one with the best “holiday spirit.” That employee could win something small like a free lunch or gift card to a local business.

There are tons of ways to highlight the holidays for more than just a week or two!

Hold Giveaways

Another way to generate member engagement and community outreach is by holding giveaways before and during the different holidays. Bolster community ties by partnering with a different business every week or every holiday. Your members will discover new community gems they weren’t familiar with, and they’ll see that your business is committed to helping bring success to all area businesses. You could offer this to current business-facing credit union members first or create a Business Spotlight program that runs through the holiday season and brings attention to area businesses that do their banking with you.

Offer Holiday-Edition Financial Management Classes

86% of millennials overspend during the holidays – and that sets them back in the new year and beyond. You could help ease these burdens by offering some financial education opportunities that are specifically tailored to learning how to budget for the holidays, shopping tips, or even financial safety tips (how to tell if a retail website is “legit,” and other helpful topics). Member engagement can come from many places, and showing that you care about the financial health of your members – especially during this time of the year when money is flowing in unusual ways – can help them see that your brand is helpful and genuine in its efforts.

Have Yourself a Credit Union Christmas – Without Data Problems

IMS offers data backup and disaster recovery solutions – the holidays are the last time of the year when you want to have data problems. Our backup services are all-inclusive, to help you get back to taking care of your members during what is sure to be an interesting and uniquely challenging holiday season.

Contact IMS for more information.


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.