Using Technology to create better member experiences

Posted on Aug 25, 15 in Financial

TechnologyRe-blogged from

The Loan Generator™

The bar keeps getting set higher. The expectations for superior service continue to grow. An investment in the right technology will help you meet and exceed consumer expectations.

Consumers are more informed and more connected than ever. With the blinding speed of banking technology advancement and new online offerings, keeping consumers happy and engaged means you’ll need to find new ways to surprise and delight them. And leveraging technology to improve your relationship is vital in the online age.

Here are a few ways we can make their lives better:

Polish your social skills.

Social networking has introduced us to the recommendation era. Consumers are online giving and receiving advice about everything from cars to ballpoint pens. Everyone has an opinion, and every opinion can be broadcast. This fact presents an unprecedented opportunity to join and shape the conversation. And that word “conversation” is key. Social networking is an amazing medium for two-way communication. We get to listen as much as talk, and we get to guide the conversation. So make your posts about “something that starts something.” Because once the conversation begins, the relationship deepens. It’s all part of a well planned social engagement strategy.

Branch out.

Today’s member needs to be connected to their money 24/7/365. Their laptop and their smartphone are their new branch. This fact doesn’t mean that the personal service and relationships are less important. The brick and mortar branch is still a vital part of your relationship. But it’s now simply one channel of a multipart network.

The complete relationship has extended to other options. It’s why mobile banking and mobile check deposits need to be more than technology. ..they need to be personalized. Make those features a positive experience by making your banking technology as easy and friendly as dealing with one of your very own representatives.

Crunch the numbers

The hyper-informed member can now easily shop around for the best rate on loans, deposit accounts, and credit cards. With smartphones, they can find a better offer while standing in your branch. In addition to price, the breadth of offerings and perceived stability are additional considerations for your member. Translation? The battle for their business is fierce. The personal relationship you have with your account holders will often give you the one competitive advantage that might make the difference in maintaining the account. Keep your rates competitive and easy to find to improve your chances of client retention.

Make a dynamic statement

The monthly banking statement is a tried and true facet of your relationship with your members. A jaw-dropping 95% of transactional statements are opened and read. Compare that to the open rate of promotional materials and you can see why this particular opportunity to deepen your relationship with your accounts holds some real promise.

Enter the Dynamic Statement.

Imagine the deepened appreciation that will come with an interactive, intuitive and inviting statement. Suddenly your account holders will become an engaged participant in their finances and you’ll get all the credit for helping them! The enhanced functionality allow users to be just a few clicks away from information that’s relevant to them. With access from any laptop, tablet or smartphone — they can personalize and customize their accounts.

Imagine users starting with the expected overview of financial data. With a simple click, they could analyze different charts and graphs and see more detailed information displayed in full-color down to the transaction in a particular month, week or even day. They could then sort their expenses by date, category or even amount spent.

As the definition of convenience shifts from the amount of traditional branches and ATMs to staying connected digitally to your money 24/7, the dynamic statement could change the way your accounts see their finances and their financial institution. It very well could redefine online banking.

Cultivate a deeper relationship

From digital banking to social networking to dynamic statements, every new advancement in technology is an opportunity to become a vital advocate in the lives of consumers. By being high tech and high touch, we can win loyalty and deepen trust. Technology is power. Harness it and you will have the competitive advantage needed to succeed in this new era.

Sources:

http://www.cutimes.com/2014/10/06/6-tips-to-manage-the-member-experience

https://www.cuinsight.com/an-enhanced-member-experience-can-start-with-the-statement.html



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