This article is part of our Best of 2003 article series and is reprinted from earlier in in the year.
Credit unions are using e-LERTs to create both targeted marketing opportunities and operational efficiencies. It’s a win-win since members get the information they request and the CU gets permission to use the email address while reducing costs. Now, the hottest e-LERT is creating a WOW in the eyes of their members…
Yes, Your Paycheck is Here
I don’t know about your CU or call center, but I dreaded the first of the month and paydays when working at the CU. Oh not because my check was too small, but because of the hundreds of calls by members with the age old question Is my pay check there? Of course it’s here, it was here last month, the month before and the month before that -
It’s no surprise that the hottest Tell-Me-When e-LERT for CUs and members alike is the automatic Deposit/Withdrawal e-LERT. This e-LERT finds its way to the enrolled members' inbox every time an electronic deposit or withdrawal is made from their account. Of course, there is CU marketing attached to each one! These are especially popular since they:
- Are in the members' inbox each morning when they sit down at their desk;
- Reduce calls to the branch & call center;
- Drive members to online banking; and most importantly
- Create a WOW for the member
Justice FCU (Chantilly, VA) https://clientadmin.digitalmailer.com/elert/109/elertform.asp launched their direct deposit elert earlier this summer and is seeing a steady climb in the number of members signing up for the Tell-Me-When choice.
Members enroll on a CU’s web site for any of the Tell-Me-When fields that a CU would like to offer. The Tell-Me-When choices help pinpoint member interest and make a Marketing Department’s job a bit easier, not to mention more effective. When the event occurs an e-LERT is sent to those members that requested the notification. The e-LERT uses the CU’s web site and existing technology to get information and service. Some of the current choices offered clients are consumer loan rates, CD rates or savings rate changes as well as when free seminars, special offers or new services are available. CUs of all sizes are implementing this new self-service technology where online members can:
- Enroll in Tell-Me-When fields;
- Receive their requested email notices with targeted offers; and
- Edit their current Tell-Me-When preferences.
Members are opting-in at high rates and opening their inboxes to the CU marketing efforts, especially when the product is bundled with eStatements and/or online banking. The great news for Marketing Managers is that when members enroll, on average 85% request Special Offer and New Product e-LERT information!
e-LERTs: Filling the Void
According to Callahan and Associates latest technology survey there are 560+ credit unions now offering eStatement programs. If your CU is one of those you know a current email address is needed to enroll in the service. e-LERTs are an additional way to use that address more than once a month to communicate with your members. They can also fill some of the voids inherent in other Internet products like,
||Additional use for the thousands of email addresses on file
Improve the email notification in limited systems
Send targeted email notifications to eStatement members
||Send an email that a message or transaction is in the account history
Send an email that a balance has fallen below a selected threshold
||Send the right offer, to the right member, at the right time
Pinpoint member interest and reduce SPAM from the CU
272 Electronic Messaging Opportunities
The number of e-LERT messaging opportunities is endless; however, some of the operational e-LERTs may be restricted by your data processing system. The February issue of the Online Banking Report featured a survey on electronic messages that financial institutions across the country, including our clients, are sending to their customers. To receive a FREE copy of the 272 Electronic Messaging Opportunities survey click on the report icon or send an email to firstname.lastname@example.org and we will process your request.
DigitalMailer’s e-LERT product takes the guess work out of email marketing and builds online relationships by opening your members' inbox. Take an online e-LERT test drive at http://www.digitalmailer.com/elerts.html or send an email to email@example.com for more information on how your CU can use e-LERTs to reach your members.
To subscribe to our monthly newsletter that shares industry trends, best practices and lessons learned from CU and financial service providers click here: http://www.digitalmailer.com/newsletter.html
DigitalMailer’s digital communication products such as e-LERTs, eSurveys and eStatements assist credit unions in gaining a strategic business advantage over competitors via the Internet and their website. Please contact Ron Daly firstname.lastname@example.org or Greg Crandell email@example.com for additional information or to share your ideas and comments.
© 2003 DMI