A lot of times, people don’t know what they want until you show it to them.
Website personalization allows visitors to witness tailored experiences, which are explicitly designed to meet their needs and desires. In the offline interaction spaces with customers, personalization is easier to be created, seen and felt unlike on online channels like website where personalization is needed for interaction itself.
Credit unions need to have a customer-centered web experience because of the specific customer need-based services that they offer. Personalization of the credit union website would require the credit union to possess data of each visitor’s behaviors and preferences so that the website can influence their decisions. Personalized web content drives brand loyalty by understanding these unique consumer needs. Banks and credit unions are increasingly turning towards web personalization technologies to create a relevant experience and adopt a user-centric approach for both visitors and members.
According to the 2016 Credit Union Consumer Survey Report -
- Credit union members rank personalized services as their top priority, whereas bank customers rank it as their second.
- 68% of the members wish to interact with credit unions through online channels.
- Millennials provide credit unions with a huge opportunity to grow. 43 % of millennials value personalized services of credit unions more than the personalized services of banks.
As evident from the data presented above, credit unions should be able to leverage the most out of website personalization technologies to be able to cope up with the growing need for personalized content and services.
Given below are some reasons as to why credit unions should invest in these technologies.
1. Drive Brand Loyalty
When visitors provide data on the website, they expect the institution to understand their needs and preferences especially since these institutions have access to the data. Consumers rely on brands which can create genuine connections with them and offer services which gel with their behavior. Web personalization technologies, through their advanced data analytics features, can ensure that the institution possesses this relevant data and is empowered to create experiences based on the same.
2. Discover audience profiles
With the help of data personalization technologies, it is possible to understand and track the actions that visitors have taken on your website, their past behaviors, the preferences they have stated, and so on. The data is available in real time, and it is possible to gain access to it without any restriction of time. This makes it possible for the credit unions to discover and analyze the dynamic audience and customer profiles.
3. Engage and Nurture your visitors
Through targeted personalized content like offers, brochures, exclusive deals, and experiences, it is possible to engage and nurture the website visitors into customers, which is the ultimate result of investment on website personalization technologies. The content should be targeted in a way that it is relevant to the visitor and in this manner, the website becomes an essential marketing tool. It enables you to take the appropriate call to actions.
4. Present visitors with a choice.
Credit unions should be able to deliver customized content. But at the same time, they should also be able to ensure that the visitors are presented with appropriate choices, which makes them confident about the service. These choices can be moderated and the consumer is able to narrow down his options easily by convenient detailing and comparison. Visitors to the website will react positively if they can understand that a particular piece of information is meant for them. Through website personalization technologies, it is possible to create such options and flow them down to targeted profiles.
5. Drive Navigation
In the face of relevant content, visitors are tempted to look for more information. This drives them to navigate further into the website and exploring the content, which is often a positive indication of a potential customer. Navigation will fail if the visitor is not able to locate the information he is looking for. For example- If you want a visitor to become a member of your credit union, the content placed on the website should be able to guide him and should be set in a manner which is convenient to be understood.
6. Launch Loyalty Programs
According to the Loyalty Bond Report 2016, 75% of customers mention that a loyalty program is an essential aspect of their internal relationship with the brand. Through data personalization technologies, it is possible to gain access to different visitor and member profiles. These profiles can be used to create loyalty programs to appreciate members who have been engaged with the credit union for the amount of time as desired.
7. Machine Learning
Data personalization technologies provide with machine learning technology which is used specifically to automate the responses to a particular behavior. If some portion of the visitors are behaving in a particular manner, through machine learning they can be assigned to a particular persona. There is a persona for each category. Services, products, and programmes are designed exclusively for specific personas. These appropriate recommendations can lead to an increase in sales.
8. Perform Attribution analysis
Most attribution analysis solutions are not transparent. Website personalization has built-in attribution analysis testing capabilities to make sure that it is the experience provided by the website which is bringing the results. For any personalization campaign, attribution, analysis, and testing are the three essential components, all of which can be found in a personalization technology. The report so provided is usually robust, accurate and real-time, with the ability to compare the data across channels, and results for every personalization campaign.
9. Decrease Dependency on IT
Website personalization technologies ensure that your team can measure and manage personalization campaigns effectively and quickly on your own, with minimum intervention from the IT department, which might be having its priorities. Most technologies are comprehensive and easy to use, with an understanding of the cross-channel needs. They also provide automated services which ensure that there is a low number of employees dedicated to technical functions.
10 Leverage Cross-channel Strategies
With website personalization technologies, it is possible to gain access to real-time data and make use of this data across multiple channels and engage in different communications. Some of these examples include - communication-based on segments, product/content recommendations, push notifications, emails and account specific experiences. Unlike point solution vendors, most website personalization technologies offer one single platform for personalization across multiple channels.
Best breed web personalization technologies ensure that you can provide tailored experiences at every customer touchpoint. For credit unions, personalized experiences play an influencing role. From tracking behaviors to identify interests to engaging visitors with personalized content, these technologies ultimately lead to an uplift in the number of members of your credit union, while also ensuring that the existing members stay engaged and connected.
According to data provided by Mckinsey and Co. - “Personalization can reduce acquisition costs up to 50%, increase revenue by 5-15% and increase the efficiency of investment spent on marketing by 50%.”