eChannel: Efficiency vs. Enrichment

Members want e-alerts and e-statements. While they might save you money, the online delivery channel is much more than an efficiency service.

 
 

While eStatements save a stamp and make credit unions efficient, the online delivery channel has more opportunity. Credit union marketing sometimes receives negative feedback from members who view the efforts as spam or junk mail, tainting the brand. What are the best ways to reach penetration goals? More importantly, how can you add member value through online marketing? The ability to deliver timely information that members find useful can rejuvenate a credit union’s message.

Members who want to use the online delivery channel will make that clear to the credit union. Members who want eStatements and e-Alerts will opt-in for these services. If the credit union can fulfill these member's wants then they will be providing value, otherwise, members may look to other financial institutions to fill this information gap.  Add value to your online channel by enriching communication: provide members with online opportunities to penetrate credit union products and services.

Member Relationship Management

Through eStatements and e-Alerts, there is opportunity to turn member service into member relationship management. E-Alerts and eStatements are an untapped marketing channel for credit unions. By adding marketing to the member through this communication, the credit union enhances the member experience and enriches the online delivery channel.

Mass customization has never been more capable and appropriate for credit unions. Make communication a personalized effort for each member. Advertisements should be highly relevant. Create opportunity not only for the credit union but for the member. By delivering a message that has been requested or is timely -- for instance, notify the member that they have not used bill pay in 60 days, the member will see that their credit union is keeping tabs on their actions and not just lumping them into "a group" with everyone else. Deliver requested information to members who find themselves to be in-market at a given time. The credit union's ability to stay top of mind is what separates them from a bank; personalized messaging is not an option anymore, it's a necessity.

Credit unions have the capability to go beyond service through the online delivery channel.  Learn proactive strategies and best practices to enrich online members and their interaction with the credit union. Join the Callahan Webinar Network April 2nd, 2008 (a complimentary event) and learn how to add more value to the online delivery channel.

 

 

 

March 3, 2008


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