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Omnichannel is about offering members a “tailored experience within a multichannel world,” says Steve Shaw, VP/strategic marketing for digital channels and electronic payments with CUES Supplier member Fiserv, Brookfield, Wis.
In the best case scenario, a credit union begins the process of refining omnichannel delivery by mapping its current systems and processes. Instead, these conversations “almost always start with ‘What technology do I need to buy?’” says Sam Kilmer, senior director with CUES Supplier member and strategic partner Cornerstone Advisors, Scottsdale, Ariz. “Generally speaking, for every amount of effort or resource you put into a new technology, several multiples of more effort are required to figure out all the processes that work across them to connect systems and get people working better together. You can look at this from 30,000 feet, but a lot of incremental improvements need to be done in the trenches.”
“Adding all these services and delivery channels to support omnichannel strategies can be expensive and should be carefully considered,” says Kevin O’Connor, SVP/chief financial officer with CUES Supplier member CU Solutions Group, Livonia, Mich. At the same time, “credit unions certainly can reap the rewards of better member intelligence and a clearer idea of how to spend their budgets for greater ROI.”
An investment in omnichannel delivery and marketing should move the dial on such metrics as membership growth and retention, share of wallet, and member satisfaction ratings, he says. “You can’t put an exact parallel on credit union growth to excellence in omnichannel delivery, but that should be one result. Increasing use by members of multiple channels would certainly be another measure. And then there are the intangibles of getting to know your members better and how to market to like-minded consumers to grow your organization.”
Credit unions can evaluate the impact of omnichannel delivery by measuring both the specific response to relevant product and service offers and the more general returns on improving the member experience, says Mike Eckstein, director of business insights for FocusIQ, a targeted marketing/data program from CU Solutions Group. “If the customer is happy, the credit union should be able to increase lead volume and close rates.”
Along with enhanced member relationships, improved delivery across channels should increase frequency of interactions via digital channels, which in turn should boost efficiency and drive down operational costs, suggests says Steve Shaw, VP/strategic marketing for digital channels and electronic payments with CUES Supplier member Fiserv, Brookfield, Wis. “There is definitely an ROI if you make the right investments to deliver the experiences that members need and want.”
Ultimately, an effective omnichannel strategy positions credit unions next to members in their daily lives, he adds. “They might get an alert while they are at work that they have a bill that is past due. They should be able to just open up their account quickly and pay it. If they are standing in line and want to check their balance, they should be able to open their phone and, with a swipe of the thumb, check to see if they have enough money to pay for their purchase. They should be able to transfer funds and send money to their kids at college. This is what marketers need to be thinking about—how members live today and how to provide the access and information they need at their fingertips.”
Karen Bankston is a long-time contributor to Credit Union Management and writes about credit unions, membership growth, marketing, operations and technology. She is the proprietor of Precision Prose, Middleton, Wis.
