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By DigitalMailer, Inc.
Digital communication products are helping credit unions get information, and more importantly loans, out to their members. One CU’s member survey indicates that the percentage of members that get their CU information and products electronically has jumped significantly.
Internet Increases Opportunity
Credit unions continue to embrace the Internet as a full customer service channel and are moving their web sites towards increased interactivity and a self-service model. After creating a strategic contact point through digital communication (eStatements, e-LERTs and targeted emails http://www.digitalmailer.com/articles/estate_evolution.html), Credit Unions are evolving their web sites into a successful CRM tool by adding technology and Internet services that provide access to CU products and services. The chart below highlights the transition that is occurring as web sites evolve towards a 24/7 full member service channel transitioning from ''Information Only'' sites to Information, Selling, Delivery and ultimately CRM sites.
Why is This Important?
As Internet usage increases and becomes more mainstream with CU members, credit unions must have the technology and products in place to maintain a competitive advantage. The key to success is giving members using the Internet what they want, when they want (not when the CU wants!). The days of ''Please contact the CU on Monday between 8 and 4:30 are long gone! Getting connectivity and interactivity with your members increases CRM and generates loyalty, increased services per member and additional revenue for your organization.
Survey Says - Consistency Pays Off
Transition of a web site is a slow process. Even though a CU might change the technology quickly, member adoption rate lags the change. Case in point - Since implementing eStatements in September 2000, Northwest FCU (Herndon, VA) www.northwestfcu.org has achieved an 18% adoption rate for checking accounts and 25% for first mortgage statements. NWFCU’s 2002 member survey revealed that 9% of its membership used eStatements (and the custom email notification) as a source of NWFCU information compared to 0% in their 2000 survey. NWFCU has also found that using the power of the right offer, in front of the right member, at the right time is extremely effective when coupled with the eStatement information requested by a member. Using eStatement technology (who they are and when they are coming) and MCIF information (what products they don’t have with us or have somewhere else) the credit union can successfully present targeted ''offers'' that generate additional revenue while members are reviewing their statement information. NWFCU’s email notifications and targeted banner offers inside eStatements are proving this every month.
Where To Start
EStatements, e-LERTS and email campaigns can pull members to a credit union’s web site and turn it into a powerful marketing tool, but don’t try and accomplish everything all at once. Take small steps and pick one service to begin the process of transitioning your web site. Look for digital communication products that offer:
Also keep in mind, choosing the right partner is just as important as choosing the type of digital communication tool used.To subscribe to our E-mail newsletter that shares resources, industry trends, best practices and valuable lessons learned from credit unions and financial service providers, click on the link below: http://www.digitalmailer.com/newsletters/vol1iss6.htmlDigitalMailer’s (www.DigitalMailer.com) digital communication products assist credit unions in gaining a strategic business advantage over competitors via the Internet and their web site. DigitalMailer provides products such as eSTATEMENTS, E-LERTS and e-CHECKs for credit unions that are designed by CU professionals to reduce operating expenses, enhance cross-selling opportunities and increase revenue for our clients.Contact Information:Ron Daly firstname.lastname@example.org Toll Free (866) 994-4900 ext 102 © 2003 DMI
This sponsored content article is provided to the credit union community for shared insights and knowledge from a recognized solutions provider in the industry. Please note that the views and opinions offered here do not reflect those of Callahan & Associates, and Callahan does not endorse vendors or the solutions they offer.
If you are interested in contributing an article on CreditUnions.com, please contact our Callahan Media team at email@example.com or 1-800-446-7453.
February 10, 2003
7/26/2012 03:59 PM
Fully concur with the author's comments!
It's time for some new voices/writers on electronic statement delivery. This author is in every issue and frequently provides case studies from the same CU.
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