Take the 5-day challenge to improve your “digital appeal”
The Credit Union Times and Forbes recently reported on the Shastic index which gave perfect or near-perfect scores to Educational Employees Credit Union (EECU), Navy Federal Credit Union and Eastman Credit Union.
What does this mean? According to its website, “using mobile and Facebook metrics, Shastic calculates an overall "Innovation Score" for each financial institution. This score indicates where an FI ranks in end-user satisfaction and performance across mobile banking and social media channels, compared to its peers in the industry.”
The notable correlation here is that those that the index scores highest are growing assets and loans three times as fast as the index’s median performers.
Especially in appealing to millennials, (or let’s face it, everyone on the go today) successful commerce requires transparency and immediacy. More specifically, credit unions that want to grow loans and assets faster than they have before must appeal to consumer needs for convenient access to two-way communication, information, products and services, where they are, when they want access to it.
Take it from Jim Lowe, director of marketing at EECU, who said at his credit union, “mobile banking and social media have become strategic channels that impact not only customer satisfaction but also the ability to attract key growth segments.”
How is your credit union’s digital literacy?
Cornell University defines digital literacy as “the ability to find, evaluate, utilize, share, and create content using information technologies and the Internet.”
It’s easy to see there is a large digitally literate audience out there – the numbers speak for themselves. More than half of American adults use mobile banking, and globally, well over half a billion people do. There are 2 billion people in the world actively engaged on social media channels today.
If your credit union is ready to simplify, satisfy, thrill and wow the everyday for its members, take this 5-day challenge to kick start your efforts and maximize your digital literacy. Doing these simple things could put you on par with the financial industry’s fastest growers in assets and loans.
Day 1: Read this blog post. That’s it! Read this post and consider the reality of the financial services industry today. What got us all to this point isn’t necessarily going to be what will get us to where we will need to be by 2025. Take it all in and open your mind to doing things different, better, digitally, transparently and more conveniently for your members. Make a commitment to try something on this list.
Day 2: Experience your member’s journey. As we continue to think about how we are going to satisfy our members’ needs in the digital places, walk through your access points as if you were a member. How hard is it to obtain a new membership, a new account, a new loan, or resolve an issue with your credit union? Think about what could be possible for your credit union through Filene’s Member Journey Program which evaluates and improves the member journey and focuses on ease of use.
Day 3: Learn from the success of others. Once you’ve looked at your member’s journey, you likely have some great ideas to make improvements. Filene’s innovation programs help credit unions execute on innovation, ideas, and cultural change. On this day, read a case study from a credit union that used the Filene Method—an innovation curriculum developed from a decade of experience in creating, testing, and implementing ideas—to open up the floodgates of creativity, passion and excellence among its staff.
Day 4: Shine the light on you. Once you’ve opened up to the possibilities, thought about your member’s journey and learned about the path toward success others have taken, it’s time to look inward at your credit union. Namely, your website. How’s that experience? Because 50% of consumers report searching exclusively online for financial services products. Filene’s Digital Strategies Program is designed to help your credit union adapt to consumers’ changing shopping behaviors. You don’t have to go it alone, and in some cases, you can’t. Through our Live Observational Research, you’ll see through members’ and potential members’ eyes how they navigate your website and access what they’re looking for.
Day 5: Clear your voice and speak with members loud and clear! So you’ve thought about solutions to improve your website experience, but that’s one dimensional without integrating two-way communication channels like social media. Full digital integration is the path to the top of the index and toward seeing growth. Did you know 30% of the U.S. adult population uses Facebook as a main source of news and information? And 70% of social media users admit peer recommendations have directly led to purchasing decisions. What happens if you’re not effectively and strategically present on social media? People will get their financial information from other sources and recommendations about your competition. Make this a priority and consider how Filene’s Social Media Programs can help you find your voice, speak to your members and get the conversation flowing far and wide about your credit union on social media.