Member experience, channel integration, security and personalized solutions are key. By Samantha Paxson Sponsored by CO-OP Financial Services
Credit unions can compete with any financial institution in terms of wallet share for their plastic and digital payment cards, but they must constantly expose members to the range of services and technology they provide. We can begin to do this by remembering that we truly are in business as “people helping people.” So, we need to ask ourselves, "How are we naturally engaging with our members to help them navigate their financial lives through our industry’s wide array of offerings and platforms?" Credit unions have a better opportunity than any other services provider to help members solve their financial life goals. In doing so, we can propel them organically across products and platform, to the benefit of members and credit unions. There are four key consumer and technology trends today that need to be leveraged if credit unions are to sustain wallet share--and truly help our members. First, deliver an unmatched member experience, one that is consistently “fast and brilliant.” Consumers are impatient and want financial technologies that are real-time, delivered in a pleasing way, and built to easily address and conveniently satisfy consumer banking needs. Second, adopt technical front- and back-end integration across all channels, including those most frequented by members, such as mobile, digital, card, call center and ATM. This will create greater convenience and further enhance the member experience. Third, innovate across all channels to create the strongest payments protection in all of financial services. Security is still the biggest concern that consumers have when it comes to using mobile banking. Fourth, the best way to focus on credit union revenue growth--what wallet share capture is all about--is to offer seamless and personalized debit and credit solutions, with loyalty engagement programs baked in and tailored to the behaviors and preferences of members. Of course, the trends are easier to enumerate than to capitalize on. There really is no alternative. Marketing and IT must partner to craft what the member experience will be when using a product. This is a collaborative process that covers such issues as user interface, consistent branding and making the whole experience delightful. In marketing, we are seeing the emergence of a new type of executive--the chief marketing technologist: part strategist, creative director, technology leader and teacher. Credit union marketing professionals need to be the glue that brings together products with trends, breaking down barriers that may exist to collaborate on strategy and planning, execution and infrastructure.
Samantha Paxson is chief marketing officer for CO-OP Financial Services, a financial technology provider to credit unions based in Rancho Cucamonga, Calif. Paxson can be reached at 800.782.9042, ext. 2570. CUES School of Strategic Marketing I and CUES School of Strategic Marketing II will be held July 13-15 and July 16-17 in Seattle. Complete both schools (not necessarily both this year!) and earn the prestigious Certified Strategic Marketing Executive (CSME) designation. Attend CUES School of Member Experience, where you and your classmates will cover findings from Filene’s report, "Customer Experience and Credit Union Opportunities," and tap into knowledge developed by MNA Consulting Inc., over years of creating member-centered credit union culture. The event will be held Sept. 14-15 in San Antonio.
