RANCHO, CUCAMONGA, Calif.—When it comes to marketing to members in 2016, credit unions need to pay attention to two important trends, insists CO-OP Financial Services.
“First, credit unions need to leverage digital banking, as digital is—and will increasingly be—the primary way that consumers interact with their financial institutions,” said Samantha Paxson, chief marketing officer at CO-OP Financial Services. “Second, they need to deepen their involvement in their communities, as evidencing positive social values—the values consumers themselves hold—is increasingly a determiner of buying decisions for the modern consumer.”
Paxson explained that consumers’ shopping and buying experiences often revolve around “screens,” and that they expect “flawless utility” from every digital platform they encounter.
“On average, smartphone users check their phones 180 times a day, filling their lives with mobile moments,” she said.
Demographics No Longer Enough
Demographics are no longer a good predictor of behavior, cautioned Paxson.
“Consumers of all ages, backgrounds, geographies and income brackets demand a flawless, expedient, value-packed digital experience that is highly cohesive between online and mobile channels,” she said. “Consider that more than 50% of consumers abandon a slow-loading app or video after just two seconds. And 46% of consumers won’t return to a mobile site if it doesn’t work properly on the first visit.”
That means credit unions need to raise the bar across their entire slate of digital products in order to attract and excite members, asserted Paxson, who said they need to create a “personalized, human-centered experience” for members that is intelligently integrated and delivers the speed consumers today expect.
Samantha Paxson
“This experience should be driven by best-in-class digital banking solutions that are highly usable, secure, visually engaging and branded for the credit union,” Paxson said. “All front-end touchpoints in this solution should project a technologically progressive enterprise to members. And these solutions should be flexible and scalable to evolve as the needs of members change.”
Reminding that a credit union’s business model is mission-driven and based on the “people helping people” philosophy, Paxson said members are likely drawn to the CU because the organization reflects their social values.
Mission Mirrors Members
“Credit unions need to be involved in their communities integrally and long-term,” insisted Paxson. “Look for opportunities to reach beyond your member base to establish a presence in your local community. Find a way to give back and become an active local citizen.”
Paxson said that the credit union’s mission should mirror its members’ aspirations for purpose, connection and convenience.
“And your interactions with members should artfully blend the human touch with the seamless efficiency of digital,” she said. “Staying on course in these ways will help you stay connected with members and provide them with a richer, more engaging credit union experience.”