member-onboarding - CULytics Community2024-03-29T12:49:50Zhttps://culytics.com/blogs/feed/tag/member-onboardingOnboarding Strategy- To Deliver Successhttps://culytics.com/blogs/onboarding-strategy-to-deliver-success2022-06-22T14:50:00.000Z2022-06-22T14:50:00.000ZMedhavi Singlahttps://culytics.com/members/MedhaviSingla<div><p><a href="{{#staticFileLink}}8889005271,RESIZE_930x{{/staticFileLink}}"><img class="align-center" src="{{#staticFileLink}}8889005271,RESIZE_710x{{/staticFileLink}}" alt="8889005271?profile=RESIZE_710x" width="710" /></a></p>
<p class="root-block-node">Whenever we start something new, norms are prepared and followed to make the most out of the investment. And, when a new member or partner joins the organization, a series of formalities are performed to help them acquire the required knowledge and skills. So, this first impression of the newly joined member has a big impact on how relationships are shaped. So, member onboarding provides a clear path to engage with the financial institution. It will not only increase retention and loyalty, but also decrease attrition and drive revenue.</p>
<p>The onboarding Strategy was discussed at the <strong><a href="https://culytics.com/member-on-boarding-strategy" target="_blank">workshop conducted by CULytics</a></strong>. It was hosted by Naveen Jain (Founder & President, CULytics) and Bob Little (Advisor at CULytics).</p>
<p>Here are the key points from the session:</p>
<h2><strong><u>What is member onboarding?</u></strong></h2>
<p class="root-block-node">From the member’s perspective, onboarding is the process of helping the new member acquire the knowledge they'll need to make the most out of their membership.</p>
<p class="root-block-node">From the credit union’s perspective, onboarding is the process of gathering needed information, driving activation, increasing utilization, cross-selling, and ultimately reducing attrition and improving revenue. </p>
<h2><strong><u>Onboarding Obstacles</u></strong></h2>
<p><strong>-Member Friction</strong></p>
<p class="root-block-node">People will give up on the process if it is too time-consuming or asks for too much information. Minimizing these aspects is the key to keeping things simple. Features that eliminate manual entry could be helpful. <span class="blue-complex-underline">For example, enabling autofill fields and pulling any information that has already been captured are ways to reduce the time the member spends entering data.</span></p>
<p><strong>-Security & Compliance</strong></p>
<p>While digital onboarding emphasizes convenience and customer experience, safety and security cannot lose priority. The solution lies in ensuring that the platform has high-end encryption and compliance with regulatory requirements.</p>
<p><strong>-Personality</strong></p>
<p>Without the personal touch of interacting with someone, digital onboarding can run the risk of seeming detached. So, try to make the process feel less robotic. For example, instead of a generic message like “Processing payment,” consider one with a little more personality, such as, “We’re working on your payment now.” </p>
<p><strong>–Stagnation</strong></p>
<p>Technology moves fast. One can’t launch an onboarding program and expect it to work, untouched, for years. So, it is needed to keep up with trends and understand what features can help both organizations and clients. Also, try to explore how members feel about onboarding and identify areas where there is friction. </p>
<p>-<strong>Data Management</strong></p>
<p>It is necessary to walk a fine line between collecting so much data that the member gets annoyed and not collecting enough to serve them or stay compliant. Be upfront with the members about the kind of data that is being collected and why it is being done so. This kind of warning may help them be more patient with inputting data.</p>
<p><strong>–Alignment</strong></p>
<p>In many credit unions, onboarding happens across various product groups. As a result, this creates redundant and sometimes conflicting processes. So, try to centralize strategy and management that is responsible for setting onboarding goals, working with onboarding teams, and defining metrics.</p>
<h2><strong><u>Member Journey: Organization’s Perspective</u></strong></h2>
<p><strong>–Attracting</strong></p>
<p>This is the role of marketing and sales within the credit union to help prospective members know about the brands, offers, etc.</p>
<p>Awareness –Spread the good word about the credit union’s brand and service</p>
<p>Referral –Capitalize on the goodwill from existing members</p>
<p>Acquisition –Convert prospects into new members</p>
<p><strong>–Onboarding</strong></p>
<p>Activation –Ensure new members take the steps needed to begin using credit union services</p>
<p>Utilization –Remind users of the services available to them and encourage ongoing use</p>
<p>Cross-sell and Upsell –Identify new services that the member might be interested in </p>
<p><strong>–Loyal</strong></p>
<p>Grow –Continue to encourage member use of services and look to strengthen the relationship</p>
<p>Referral –Leverage member loyalty and incentivize members to help you grow</p>
<p><strong>–Lost</strong></p>
<p>Low Activity –Act on triggers that indicate waning member engagement</p>
<p>Attrition –Connect with members who are leaving the credit union to understand what is driving that decision </p>
<p>Win Back –Take steps to recover high-value members who have decided to leave the credit union</p>
<h2><strong><u>Member Journey: Member’s Perspective</u></strong></h2>
<p>Members expect the credit union to be:</p>
<p><strong>-Welcoming</strong></p>
<p><em>Member’s anticipations: Members expect answers to what happens after they join. </em>They want to know more about the credit union. And, they need directions on how to get started or where to go to learn.</p>
<p><em>Meeting member needs: </em>The organization can provide a welcome letter with a brief overview and links to the new member portal and contact info. FAQs, videos, and surveys should be there to serve the best. The institution can manage phone calls to learn more about the new member and provide help. Follow up emails as needed.</p>
<p><strong>-Connecting</strong></p>
<p><em>Member’s anticipations:</em> Members want answers to their questions promptly. Updates on upcoming things that they should know about are highly expected. And, of course, check in with them to see how they are doing.</p>
<p><em>Meeting member needs: </em>Organizations can do an email engagement guide with a short survey to identify engagement opportunities and arrange a phone call to check-in and answer questions. And, follow up on interests or needs.</p>
<p><strong>-Engaging</strong></p>
<p><em>Member’s anticipations: </em>They think early connections are developing into trusted relationships. And, they feel like they belong to this community, know what’s going on and how they get value</p>
<p><em>Meeting member needs: </em>The institution can send surveys or polls to get feedback on issues, programs, and needs. Staff can send personalized emails with targeted opportunities and reminders on different ways to engage and benefit.</p>
<p><strong>-Succeeding</strong></p>
<p><em>Member’s anticipations: </em>The initial year was just as it was imagined or even better. They have enjoyed interactions with the credit union team and have benefited from them. The credit union staff recognizes members and their membership is appreciated</p>
<p><em>Meeting member needs: </em>The institution can send a customized year-end summary of their activities and achievements. Also, it can ask members to recommend the credit union to their friends and family.</p>
<h2><strong><u>Today’s Member Onboarding</u></strong></h2>
<p>When a new member joins, the onboarding is done with minimal member input. Real-time information is shared with instant notifications. Omnichannel interaction is available to help members choose the mode of interaction as per their choice. A member’s feedback is gathered and analyzed to turn the member into a loyal one. The modern methods provide online service with chatbots, an online portal, and mobile support. Besides this, call center, relationship manager, and grievance redressal support are provided as per the requirement.</p>
<p><strong><u>The Impact Traditional Vs Digital</u></strong></p>
<p class="root-block-node">Prior to that, members had to visit the branch, meet the representative, and wait to receive the decision. Again, travel to a branch to receive funds.</p>
<p class="root-block-node">Now, one can apply via a mobile device and get funds with instant approval.</p>
<h2><strong><u>An Advice</u></strong></h2>
<ol>
<li><strong>What Onboarding Must Not Be</strong></li>
</ol>
<p>Every member has a different requirement, and he/ she expects that only the needed information is provided to help them ease the process. If a member is coming to open a simple account and the staff starts explaining other things in addition, then this will force the member to rethink the decision of joining the CU. So, do not</p>
<ul>
<li>Overwhelm your members with the information they have no interest in receiving</li>
<li>Send the same messages to everyone without understanding your members’ individual needs</li>
<li>Send "one-size-fits-all” messages that are not personalized, timely, or relevant</li>
<li>Sell before you’ve earned the right to do so</li>
</ul>
<ol>
<li><strong>Identify and Eliminate Business Bottlenecks</strong></li>
</ol>
<ul>
<li>People –Get the team to agree on the specific changes that need to be made to correct the problem.</li>
<li>Process --Review the entire process, starting and ending with the member's experience. </li>
<li>Systems --Implement a platform that supports more than just onboarding. This helps the systems stay in sync.</li>
<li>Data --Usually caused by legacy silos. Create a single place to store data and everyone knows this is the single, reliable source.</li>
</ul>
<p>Being an organization, it is imperative to be member aware. The information should be provided with the utmost consistency. And make sure that this information is easy to use. It is the responsibility of the credit union to ensure clarity from both sides. Keep things personal and do things with efficiency to earn the trust and loyalty of the members. </p>
<p>Try to know what the members want. Make strategies that distinguish your organization from your competition to meet your set organizational goals. Do not forget that we are here because of our members. So, their satisfaction and support are all that is required to survive in the industry.</p>
<p>Check out this complete workshop on<strong> "<a href="https://culytics.com/member-on-boarding-strategy" target="_blank">Creating an Onboarding Strategy that delivers success</a>" </strong>and learn more about member onboarding<strong>.</strong></p></div>Insights Driven Messaging: Member and Product Onboardinghttps://culytics.com/blogs/insights-driven-messaging-member-and-product-onboarding2021-08-02T15:55:16.000Z2021-08-02T15:55:16.000ZMedhavi Singlahttps://culytics.com/members/MedhaviSingla<div><p><a href="{{#staticFileLink}}9347095475,RESIZE_930x{{/staticFileLink}}"><img class="align-center" src="{{#staticFileLink}}9347095475,RESIZE_710x{{/staticFileLink}}" width="710" alt="9347095475?profile=RESIZE_710x" /></a></p>
<p>With the constantly increasing competition, it is important to not just gain but also retain members. If a new member does not engage in the initial days, it probably never will. So, to maintain a healthy member base, it is important to motivate members to use services like online and mobile banking, automatic payments, direct deposits, and more. It is the need of the hour to become their primary financial institution.</p>
<p>And, at the CULytics’ annual summit, Royce Ngiam (VP Marketing & Business Development) and Shira Spector (SVP/ Chief Data & Analytics Officer) shared their journey on Insights driven messaging for members and product onboarding.</p>
<p>The journey started last year by leveraging the data and tools to know the members, types of relationships and depth of relationship. The target was to understand how far and through what avenues strong relationships can be built. In continuation with efforts made last year, the focus is on how to communicate and serve the members.</p>
<p><strong><u>Approach: Right Message, Right Time, and Right Place</u></strong></p>
<p>Efforts have been made to evolve how members are approached, communicated, and served.</p>
<ul>
<li><strong><em>People & Partnerships:</em></strong> Target is to make tight collaboration with member service organizations to align the touchpoints with members in ways that are rooted in data and insights. The data team is in tight alignment with member services in the marketing organization to reinforce the importance of the relationship in the journey. Time has been invested to learn the processes and how to deploy insights in their transformation.</li>
<li><strong><em>Tools: </em></strong>Braze: A new member Engagement Platform. It is in combination with internal CRM. It helped a lot in engaging and communicating with members across all channels. Also, the focus is on how to optimize these channels to serve the best to the members. Marketing automation through Braze has accelerated the journey to “right message, right time, right place” through the delivery of insights-driven messaging to new members and new product onboarding.</li>
</ul>
<p><strong><u>New Member Onboarding Automation</u></strong></p>
<p>Automation has been done and the onboarding process is completed in support of welcome messages that are sent to members through emails. These emails are informative about the activation of mobile banking and other things. Such interactive emails are shared at regular intervals of time. Moreover, the focus is on making an engaging member onboarding.</p>
<p>Inputs have been made to make available <em>Multi-Channels </em>for the ease of members. <em>Balances</em> with members matter a lot as communicating the right information at the right time is quite important. As a result, it was clear that the previous Deposit Balance of $2487 increased to $4150 showing an increase of 66.85 %. And the average loan balance grew to $11242from $9981 with a 12.63% increase.</p>
<p><strong><u>Credit Card Onboarding Automation</u></strong></p>
<ul>
<li><strong><em>Key Message Beats: </em></strong>It is about making members aware of activating/ using, mobile wallet/ existing payments.</li>
<li><strong><em>Very Early Results: </em></strong>Accounts that were opened for a credit card in 2019 had average monthly transactions of 3.60. While those opened in 2020 had 3.26 and post that average monthly transactions were 10.66 (After 4 weeks live).</li>
</ul>
<p>Measure your goals and work consistently towards them. It is not necessary to be complex and accurate but the final result matters. So, when customers and members turn to you for additional services, just be happy as they are more profitable and likely to stick around. Just work on deepening the relationships. Try different things and access the best practice campaign templates and deliver tailored services and targeted offers that convert.</p></div>