Knowing What Attracts Your Member

Account aggregation is still in its early-adopter phase. The chief values of this service to credit unions are centered around marketing. As a value-added service, account aggregation adds stickiness to the credit union's website and it gives the credit union a way to gather customer data, provided that the customer opts in and agrees to an interactive online relationship based on the personal information the customer provides.

 
 

This is the second part of ''Account Aggregation Continues to Draw Early Adopters''
which was an article that ran the week of October 1 2001
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Still in the early-adopter stage, account aggregation is a value-added service whose chief benefits to the credit union are twofold. Both center on marketing. As a value-added service, account aggregation increases the stickiness of the credit union’s website— “a huge benefit,” says Jansen. The presumption is that if a credit union offers account aggregation, it also has
an Internet channel that mirrors its business objectives. For example, says Jansen, “if you’re an auto lender or you’re heavy into mortgage lending, you do this online. Here [is where] your customer is, spending a lot of time on your site, clicking on other tabs and fulfilling other needs that they have.”

Account aggregation also give the credit union a way to gather customer data, provided that the customer opts in and agrees to an interactive online relationship based on the personal information the customer provides. “You have to be respectful of privacy,” says Jansen. Nonetheless, account aggregation is among the up-and-coming interactive features that enable a credit union to develop and pursue one-to-one marketing efforts targeted to each individual customer.

“That means,” Jansen says, “you have to be able to get information from your members—what pages are being hit, what sites are being scraped, what people are doing on the site, which is a real biggie.”

She points out, “It’s valuable to understand what members are doing on the site so the credit union can better present products and services to meet their members’ needs. You can compare your in-house offerings to member online activity—if you see there’s a lot of activity around car-buying, you may plan to support that member need through lending.”

As account aggregation matures, a more-advanced array of value-added services is expected that should also add value to the credit union. One example, says Jansen, would be debt consolidation, “you could ask end users whether they’re interested in lowering their monthly debt by x-percent. If they say yes, now I’ve aggregated all this information about their incoming bills and invoices, what their financial picture looks like. I could tell them based on what they’ve told me that they could close these four credit card accounts and open one of ours, do a balance transfer, and save x-amount in finance charges.” Other new features to watch for include single sign-on, premium reporting capabilities, funds transfer, online real time financial advice, and information alerts.

All in all, says Jansen, inclusion of account aggregation improves the credit union member’s online experience. “ It’s a big value to me that I can go to my credit union, log on and see all my information in one place, as opposed to hitting all my bookmarks individually.

“If you think about your total online experience, only a portion would emanate from the credit union. The point of account aggregation is you get all those online relationships presented in one place. What the credit union is doing at this point is adding value, improving their end users’ online experience, because it’s easy, it’s convenient, it’s a place to go that helps the member. [Rather] than logging on separately to all these places I can just go to my credit union and see it all in one place.”

 

 

 

Oct. 8, 2001


Comments

 
 
 
  • say, who is this Jansen fellow?
    Anonymous