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Strategies that are working for credit unions
Jon Moran, director of product marketing for Earnix, Westport, Conn., likes Amazon. “They do a nice job of individualizing offers and making product recommendations according to segment.” In the financial services industry, he likes what Bank of America is doing—collecting data from digital channels and using that data to improve efficiencies. Moran also reflects on the success of Uber, Lyft and Airbnb: “They’ve changed the game in their respective industries with the customer experiences they provide.”
“And it’s no surprise that Apple is amazing,” says Brett Wooden, chief retail officer for $160million Providence Federal Credit Union, Portland, Ore. “Their customer experience is the same anywhere in the world…whether you’re in New York, San Francisco, Tokyo or a smaller Midwestern town.”
Also take stock of USAA Bank. “Using a mobile device, a (USAA) customer can apply and sign for a loan with their finger, and fund the loan automatically,” explains Wooden. “They can even use the app to push funds to the vendor, schedule a test drive, forward signed paperwork to the dealer, and request the car be delivered to their door.”
The catch word may be “omnichannel,” but what this is really about is what members experience when they do business with you. “Focus on the journey…create a fantastic offering …and rise above what other institutions offer in the service experience,” stresses Ryan Myers, a director at CUES Supplier member and strategic partner Cornerstone Advisors, Inc., Scottsdale, Ariz. “This is how CUs can distinguish themselves from their larger competitors.” Have an integrated plan; use design thinking, so your digital functionality is intuitive; and use content and brand voice to distinguish your offer for a frictionless experience. Map each process to include interactions across channels, while adding vendors and software that support this approach.”
Stephanie Schwenn Sebring established and managed the marketing departments for three CUs and served in mentorship roles before launching her business. As owner of Fab Prose & Professional Writing, she assists CUs, industry suppliers, and any company wanting great content and a clear brand voice. Follow her on Twitter @fabprose.
