By Bryan E. Clagett
Online financial management involves more than just the technology to transfers funds, pay bills and monitor accounts. To drive change and ultimate success in retail banking, credit unions of all sizes need to incorporate personal financial management as a cornerstone of their OFM strategy.
For example, members using OFM must be able to use the kind of PFM tools that help them budget, categorize expenses and manage cash flow. Such tools, when offered by credit unions, demonstrate advocacy and enable members to better manage money and their futures. For years this industry has spoken about enabling members and building high tech, high touch environments. With PFM, this can all be accomplished.
Credit unions have a unique advantage when adding PFM capabilities to their Internet banking channel because, unlike many third-party sites, they are uniquely trusted as a secure banking channel, regardless of which channel of service a member chooses to use—Internet, wireless or traditional.
Also, the convenience of incorporating PFM in the online banking platform is unparalleled. Credit unions of any size can leverage integrated PFM and OFM technologies to enhance member service and trust while improving wallet share and member satisfaction.
A credit union’s PFM tools enable members to make an ever-wider variety of decisions confidently. And, when members make confident decisions, credit unions gain the ability to engage them in more relevant interactive and advisory ways, and gain keener insights into member needs, and improve marketing and service.
Bryan E. Clagett is chief marketing officer for Geezeo, Tolland, Conn.
CUES Personal Financial Management, Powered by Geezeo helps credit unions leverage PFM and OFM to retain and strengthen member relationships. The PFM program includes tools such as: account access, bill payment, net worth calculators, account aggregation, budgeting capabilities and financial goal management. Learn more today!
