With tighter regulations, increasing compliance burden and growing pressure to generate fee income, strengthening credit unions' bottom lines is a serious game. Some credit unions find success by offering "sticky" products and services, such as choice checking accounts and rewards credit cards, to retain members. |
Over the 13 years DigitalMailer has provided eStatements to credit unions nationwide, we have seen our clients and their members gain many benefits. |
It may not be well-known, but its message and purpose should be well-heeded: March 31 is "World Backup Day." Given the huge amount of digital data generated nowadays, setting aside a day as a reminder to copy and archive files was a smart idea. |
At DigitalMailer, we work with credit unions across the county to help them incorporate today's technology into more effective and efficient communication. So when a team from one of Filene Research Institute's i3 innovation groups asked us to create a member relations tool that would reduce costs and track member response to a request for information, we quickly jumped on board... |
With technology continuing to evolve, consumers are growing more demanding of convenience, speed and simplicity. They want the flexibility to bank where and when they like. |
The onus is on all of us to stay current on the latest trends and technology available to best communicate with our customers or clients. |
We live in hectic times. To help us juggle work, family and household duties, we search for convenience to simplify our lives. So, thank goodness for technology! What would we do without our smartphones, tablets or laptops to stay informed, on schedule and connected? |
To give customers relevant and useful information, companies use data-mining technologies to gather intelligence about online behaviors. By tracking consumers' activities, companies can target messages to match interests and needs.
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Pick up any current best-selling marketing book, and you'll find a section on product differentiation. Maybe the words will be changed up, but the implication is the same. Your company had better stand out or you stand to go out of business. |
Everything looks good, but can you make it great? Not only can you, you need to. |
Not so long ago, direct deposit, audio voice response and online bill payment were the next big thing in financial services, but now they rarely turn heads. |
According to the History Channel the Smart Phone is the #1 Gadget of the past 100 years. Their diagram shows the convergence of all the previous technology that is now available in one device. This month was the release of the iPhone5 with even more technology wrapped into a Smart Phone. |
We were in the presence of tech industry giants like MasterCard, Jack Henry, MONEY Magazine, and hundreds more. Hear what industry experts are saying about our newest product, My Virtual StrongBox. |
How most providers handle online storage presents an opportunity for credit unions to offer a needed and sticky service -- a place for members' business and personal papers. |
Want a better way to compete with other financial institutions? Get noticed by going local. |
Later that evening, someone calls to speak to Mrs. Dolly. I know there's no "i" or "e" in the name Daly, but it's pronounced Day-Lee. The mispronounced name is an instant signal that the caller is no one that anyone in our house cares to talk to. |
For many organizations, stickiness is achieved by cross selling; the more products or services a customer uses from a single company, the less likely they are to take business elsewhere. |
Is your largest branch open for business? |
Members now expect speed and easy access, and they have developed "need it now" attitudes. As a result, financial institutions are beefing up their automated services. |
You know social media is everywhere, used by people of all ages and companies from every industry. Its widespread acceptance makes it a great tool for enhancing communication and awareness. It's fun, interactive, convenient ... and risky, as more companies are learning the hard way. |
Credit unions are trimming expenses where they can, with many closing branches and reducing staff to cut costs. But in too many cases, it's still not enough. |
Technology continues to eliminate face-to-face contact and cross-sell opportunities and with the proliferation of online account opening platforms: now is the time for a formal onboarding process. |
But where do those last one hundred emails come from? A lot of them get dumped into my spam folder, and our company's quarantine program catches many more. But plenty emails I was expecting to get are falsely flagged by the spam system and withheld. |
NWFCU had a fairly successful lending program, but loan officers were spending a lot of time playing "phone tag" with members to complete their loan applications or inform them of the progress. |
As more companies and individuals embrace social media tactics, businesses are also catching on - to their need to keep a close watch over these activities as they relate to the workplace. |
Too many credit unions report staggering numbers of "unengaged" members - between 20 percent and 30 percent, according to clients we've talked with. And these members can directly impact your profitability. |
Reactivation and growth from unengaged members seems to be one of the hottest topics in credit union marketing circles. Why? |
They're the unengaged members, a chunk of your membership who only have one product and haven't taken steps to move any other accounts or transfer any balances. |
Many businesses stand ready to welcome people looking for alternative banking options--companies such as Walmart, PayPal, Amazon. |
Credit unions can no longer sit on the fence when it comes to eStrategy. As members grow more familiar with technology, their expectations are shifting. Today, they want faster, easier and on-the-go access. If their credit unions can't keep pace, members will find other financial institutions that can. |
For consumers, e-statements are both more secure and available sooner than mailed statements. And financial institutions gain from considerable cost-savings. |
When I want more information about something and it has a QR code, I just start grinning. Finally! No more screwed up typing! I can just scan and go. |
DigitalMailer didn't build separate websites for its mobile users. Instead, we enhanced our existing website with an eye toward mobile and smartphone users. |
What are those strange-looking boxes of black-and-white patterns that are starting to pop up everywhere? Maybe you've seen them around - in local stores or magazine ads, on billboards or high-end direct-mail pieces - and not given them a second thought. Well, maybe you should. They're quickly becoming one hot way to connect direct marketing and mobile marketing in the real world. |
Northwest FCU used a combined print and electronic Reg E campaign to educate, inform and collect opt-in/opt out for 12,000 "high overdraft protection" customers. All communications were designed to drive members to learn more about Reg E and record their preferences on a DigitalMailer secure online form. |
Your website looks great. It's easy to navigate and loaded with information, product offers, and special promotions. So, how do you drive member traffic to it? Use a robust email marketing program. It's fast, efficient, and easy on the budget. But before launching an email marketing campaign, step back and review your game plan. |
With a Regulation E Overdraft Rules deadline just around the corner, credit unions are facing another compliance challenge for their overdraft services. And while they can't reduce compliance, they can reduce associated costs with a simple, affordable solution designed by credit unions that fill the gaps in their compliance plans. |
For the staff at $1.8 billion/100,000-member Northwest Federal Credit Union, Herndon, Va., February's "snowmageddon" provided a valuable opportunity to assess its emergency communication plan. Among the points that emerged: Early and ongoing communication with employees is critical and Northwest FCU has a good system in place. |
Secure links to an FTP site are helping a young CUSO handle $1.5 million to $2 million a day in approved applications for student loans that credit unions can then keep on their own books.
The CUSO is Credit Union Student Choice, a Washington, D.C.-based turnkey lending operation for credit unions and college students. CUSC booked about $30 million in loans last year for about 15 credit unions, a number that has jumped to 73 this year, with 10 more under contract, according to Mike Weber, CUSC's vice president of marketing. |
In these difficult times, few things are guaranteed. Headlines announcing company layoffs, budget shortfalls and shaky consumer confidence attest to the continuing recession - the deepest in 70 years. So what can you count on? Gearing up marketing during a downturn, pays off... Sound Crazy? |
For credit unions along the East and Gulf coasts, it has been quite a year for implementing contingency operations. The 2008 hurricane season was one of the most active on record. In just more than six weeks, seven named storms affected communities throughout many coastal states. As cities shut down and residents evacuated, credit unions launched crisis plans"several on more than one occasion. Ask these credit unions what their key focus was during such challenging times, and communication likely ranks top on the list. |
That question is one of the most famous examples of up-selling in American history. Today, credit union executives and marketing teams are striving to create the same up-sell message that will increase their service-per-member ratios. The fact of the matter is, credit unions are not really that good at up-selling when they are not face-to-face with the member. Until now... |
You've planned carefully, done the research. You've crafted creative copy guaranteed to make an impact. Even scrubbed your email list to ensure its accuracy. Hit the send button and then it happens... |
ROA dropping like a lead balloon ... margins shrinking like a violet ... postage rates climbing up and up (again!). Hundreds of credit unions have changed one Standard Operating Procedure and are saving thousands. And that SOP change is that ... |
What? Step up marketing efforts when the economy is tanking? It may be the best time. With a well-designed message, your credit union can stand out in a once-cluttered field laid barren by those with less moxie. And when you've got something members want, they'll pay attention - perhaps more so when money is tight. |
A growing number of credit unions see guaranteed member contact as extremely valuable especially when you know which member you are reaching, what credit union products and services that member now uses, what he uses at the bank down the street, and what your next offer to him should be. With online statements, marketing teams know this information and are turning their eStatements into revenue generating programs, not just cost savers. |
With so much advertising money being spent online today, you"d think Web site banner ads would be a slam-dunk for e-marketers. Think again. While banner ads can be used as effective advertising tools, the strategy behind design, content and screen placement is changing as getting messages to consumers becomes more challenging. |
Walk into any sales strategy meeting, and one-to-one marketing is likely to be the hot topic. But with a diverse membership, and varying interests and needs, how can you offer promotions personalized for each member? |
Some say it's a losing battle. Spam is here to stay, and the enemy is gaining ground. But take heart: Spam filters are becoming more sophisticated, with forceful weapons that can fight off the worst of foes. |
Walk into any sales strategy meeting, and one-to-one marketing is likely to be the hot topic. But with a diverse membership, and varying interests and needs, how can you offer promotions personalized for each member? |
10 percent of U.S. Marketers surveyed are using a new communication channel and another 37 percent are piloting or expecting to pilot the channel within the next 12 months. What is it and why should you care? |
What if by changing one word your credit union could save $25,000, $50,000, or even more per year - without cutting member dividends or skimping on service? Too good to be true? The difference between "opt- in" and "opt-out" is one short, simple word. But It's more than that. In the case of one credit union, the difference will amount to more than a $125,000 annual reduction in operating expense. By making electronic statements the default delivery method for your online banking members, inviting them to "opt out" instead of "opt in" for the service, credit unions are immediately realizing big savings in postage and paper. |
Readers tell us that the small difference between "out" and "in" has become a hot topic over the past month. This difference will save two more credit unions thousands per year by changing one simple word.
Sequels are rarely better, but we had to do it! So, we'll say it again and give more examples: The difference between "out" and "in" can save thousands of dollars per year. How? By making eStatements the automatic delivery method for your online banking members. |
The difference between "opt in" and "opt out" is one short, simple word. But It's more than that. In the case of one credit union, the difference will amount to more than a $125,000 annual reduction in operating expense. |
For many members of Seven Seventeen Credit Union, e-statements have been a welcome enhancement. Since the $655-million Warren, Ohio-based credit union first launched the program at the end of 2001, use of e-satements has grown with 76% growth experienced in 2005. Today, more than 10% of Seven Seventeen's members receive e-statements, According to Karen DeSalvo, vice president of marketing for Seven Seventeen, a variety of strategies has led to the program's growth and success. |
Yes! The number of online users across the nation is growing every day. According to an October5, 2005 report from the Pew Internet and American Life Project, 68 percent (some 137 million people) regularly access the Internet today, compared with 63 percent at the end of 2004. Further, 53 percent of those online users have high-speed access, up from 21 percent just three years ago. With broadband's convenience, that number will only go up. |
Got two cents? Better save it. Beginning January 8, 2006, you'll need a 39-cent stamp to mail a letter - a jump in postage of 5.4 percent from the current rate. Two cents may not seem like much of a hike for "everyday" mail, but when multiplied by the cost of mailing thousands of account statements to your members every month, it adds up in a hurry. |
Quick! What's the best way to communicate with your members? Face to face? By phone? Using snail mail? Via email? If your answer is "it depends on the member," you're probably right. Some members will always prefer to put a face to a voice (or a computer screen). Even in today's high-tech society, not everyone has found a comfort zone with digital communications. But for growing numbers of credit union members everywhere, communication by email is quickly becoming the method of choice. |
In recent years, e-statements have attracted the attention of credit unions, largely due to the cost and time savings they provide. And It's true "e-statements offer significant savings in postage and delivery costs compared with mailing paper statements, which can cost anywhere from 75 cents to more than a dollar each to print and mail. For many credit unions, these benefits alone make e-statements a highly attractive option, favorably affecting the bottom line. Smart move. |
For years the tendency has been to try to push members in the technology channel where we want them. As adoption rates start to plateau and we try to think of ways to get more members using online technology, why not lead them?
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The temptation is tough to resist. Some credit union marketers have begun treating their Members' email addresses as a giant candy jar. You know the feeling: Maybe you don't really like jellybeans, but They're so easy to grab for a quick snack - and just a few won't hurt, right?
One of the greatest boons to credit union marketing in the past few years has been the ability to collect and use email addresses to promote a new product, cross-sell services, or alert members to a car loan sale. |
