Community Chair

Untangling Member Journey

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Digitalization is now the new normal.  As Credit Unions adapt and transform to digital, we have discussed the reasons of why it has become a necessity. What needs to be changed?  How can this change be brought about?

In this article, we share insights from a case study presentation on Untangling Member Journey by Joe Agostinelli, VP Analytics and Insights, Vibrant Credit Union at the 5th Annual CULytics Summit

The Goal to have with Digital –

 Create exceptional relationships by humanizing the experience, leveraged through technology. Look out for a more personalized approach for every function.

An important question you need to ask - How are the changes going to impact your Organization?

Understanding and acting on how channel transformation is going to impact your organization is a crucial factor in order to move progressively. The journey from having a small branch footprint to being digitally strong cannot be undertaken in a short duration, but the understanding of where you are currently on the graph and where you want to go helps you move forward efficiently.

For example - Digital transformation often involves lesser personalization. If you do not with this change, you need to ask the right questions and find ways to inculcate personalized services within your channel strategy.

What are some major driving factors of digitalization?

  • Consolidation continues to occur at a rapid pace. Also, factors like COVID-19 drive the changes faster.
  • Preferences for acting on a mobile device. It is often followed by a continued shift in behavior change and keeps on driving the transformation.
  • Branch transactions continue to decrease.

What needs to change?

When it comes to a digital strategy, some important aspects to be considered are – Mobile/Online Banking, Online Account and Loan Origination, Efficient Branch Network, Strong Product Offerings, Aligning Employees with Tech, and Impact on Member Journey.

Getting Members to an Entry Point

 How to direct members and non-members to the best/their preferred channel? How do you give them options while still minimizing on your costs and driving as much volume as you can through self-service channels?

For a Credit Union, Some common entry channels include-

  • Websites
  • Ad click
  • Branch Visit
  • Mobile App
  • Email/Leads from Core
  • Call Center

You should be able to choose the channel, best for your members and you,  based on the messaging you want to deliver,  or the amount of interaction you need. For example - If members click on add, where do you want the advertisement to take your members?

  CONCLUSION

Some future considerations that you could inculcate in your digital transformation strategies include -Interactive Voice Response ( IVR), Integration of cards in mobile wallet, Member Referral Program,  Marketing Automation,  Mergers, Branch Network,  Offers directly through App and  Texting / Chatbot Appointments.

It is important to be purposeful in your approach to digital. In the absence of a specific path or purpose, it is easy to go astray and be varied by organizations who are doing it with purpose.

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