Community Chair

“Omnichannel is viewing the experience through the eyes of your customer, orchestrating the experience across all channels so that it is seamless, integrated, and consistent.”

John Bowden

When it comes to credit unions, membership experience is a lot about creating the sparks with content and commerce - and this is how they have stood out from other financial institutions for some time now.  Due to the rapid adoption of e-commerce and the adaptation of customers and members towards it, there has been a movement in the banking industry and credit unions towards omnichannel management technologies, and it is a shift of enormous proportions. What customers need from financial institutions today are quick, efficient services, personal contact, and a comfortable experience. The competition is increasing; for members, it is no longer as painful a deal to shift accounts from one institution to another as it used to be in the past. Hence there is a need to provide customers with more and better engagement capabilities across every channel that they use to interact with your institution. The purpose of omnichannel technology in itself is to provide a smooth connection between channels and operations.

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Today’s credit union members are more informed and more connected owing to technology and the channels that are used by credit unions. In order to build member loyalty and deliver superior service, here are the Top Mistakes that you should be avoiding when implementing omnichannel member management technologies.

1. Not utilizing technology for Experience

As members evolve, so should the credit unions. Omnichannel member management ensures that you are connected to your members across every platform they use and communicate in a language and manner that they understand. As efficient it is to use technology for building processes and systems, do not forget the main purpose of it all driving a seamless experience. It is a steering force for strong communications and contextual interactions. An omnichannel approach is helping you to reach members on multiple devices, so do ensure how your systems and processes are built in a way that drives customer-centric innovation.

2. Not managing and using Member Data

Managing and using member data is important for a well-built approach to customer-centricity. Credit unions are run by the people and for the people with a desire to serve members as the foremost motive. With the data that you obtain through omnichannel management, you can - capture it, evaluate the health of present product portfolios, diversify your product line, segment and resegment your members, develop retention strategies, build effective balance transfer campaigns, and so on. This can help you in customizing your services and implementing strategies that give you effective results.

3. Starting with no end result in mind.

It is easy to be distracted by technology.  Presence in omnichannel mediums does not ensure positive results unless you have a desired end outcome from the inputs. Starting with a fixed key performance indicator to monitor, helps to track and stay close to the desired direction and results, Often, with the use of technology it is possible to be directionless or get stuck in the middle, and hence without a target, it is impossible to know and compute the data and insights, and analyze them accordingly.

4. Deviating from relevancy.

Your members are seeking relevant knowledge from the content and effective engagement through the channels. As a credit union or any other financial institution, posting insignificant content and creating unnecessary conversations will not go a long way in determining or influencing a member’s experience. Unerring and relevant content will help you to extract data from responses, keep the audience engaged, informed, and on the lookout for the next update on your channels.

5. Inconsistency with member touchpoints

The majority of the members are connected with the union through more than one channel, and sometimes it is difficult for them to switch from one channel to another rapidly. When the digital experiences are siloed, the experience of the member gets restricted to one channel and the experience it is providing. To drive connectivity and communications with members, consistency in delivering content and information should be maintained. It is not only essential to engage consistently through the channels, but at the same time, knit the channels together so that they are creating one experience in entirety.

6. No segmentation of audience

Any content that you post on the channels or the technology and tools that you use, will not have an effect on the audience if it has not been segmented into meaningful and manageable groups, according to a particular category, and a common connecting factor within each category. This saves you from having multiple audiences with different expectations, with no answer as to how to connect them to the content. It is easy to post relevant content and use the right omnichannel when you know what your targeted audience prefers. If the members are from the millennial category, it will not be fruitful to manage them with the middle-aged members since the preferences are completely different.

7. No cross-channel management strategy

Being present on multiple channels comes with the responsibility of being cautious with content. Members desire a similar experience from every channel they use and tend to be dissatisfied when the opposite occurs. This is where cross-channel management strategy plays a crucial role- it talks about integrating all the channels together so that the channels are contributing to one measurable common goal altogether. The needs of members should be understood to align them with your management strategies, designing cross-channel campaigns, a routine to track them, and drawing an inference from the data retrieved.

8. Not mapping  the member’s journey

 Members today are expecting a digital experience, and as credit unions, there is no bigger task in this matter than to adopt this digital transformation. But at the same time, technology cannot be effective on its own, in the absence of foundational elements which enable this technology to perform. One such element is the benchmarked member experience, which is important to map and shape the most important experiences for your members. If the current journey of members is not adding up to the experience that they desire, you should consider adding or subtracting a few substantive measures to the experience you are currently providing. For a credit union, building loyalty in members is perhaps the most crucial factor to be able to prevent the existing members from switching to other institutions, and designing and mapping your member's experience can help you do that. With the right channels, you can comply with the map conveniently.

9. Implementing Complex processes.

Working with outdated technology or inefficient skills can lead to constructing complex processes which lead to an increase in resources spent even in performing the simplest of tasks, and delay in the completion of member services. They also influence how members are interacting with your channels and whether they are comfortable in using them or in complying with your processes. If not, you need to simplify your processes and make them concise, so that they lead to efficiency, both for the credit union and for its members. Complexity keeps quality and consistency out of the way, and hence there might be a need to adopt a more solution-oriented approach while creating processes.

10. Using technology in silos

The key to omnichannel member management technology goes beyond delivering the right content. In order to enable credit unions to provide a seamless experience to members, IT, marketing, and other portfolios should be working together to design member-centric experiences. Similarly, marketing and operations need to align in order to execute operations and evolve member touchpoints. As mentioned earlier, technology cannot function on its own. Members might need support from various functions, for which the team should be connected to the online experience and be available to answer them. A channel can function on its own, but it can break down easily unless the channels are integrated, connected, and created for a seamless member experience.

CONCLUSION

Omnichannel member management technologies play a crucial role in the effective management, mapping, and designing of members' experiences in sync. When synchronized in a systemized manner, it will enhance the operations of a credit union in every field, inclusive of marketing, service, and management. In order to leverage technology, member experience requirements should be used as a steering gear for effective omnichannel member management.

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