The banking industry is in the midst of a member engagement revolution, according to the 2019 Digital Banking Report. Tech giants are utilizing data and advanced analytics to improve engagement, which ultimately increases consumer expectations. The survival of every financial institution is dependent on its ability to engage customers at every point of interaction.
As the industry focuses more intently on technology that supports and drives outstanding engagement, the way a credit union engages with its members ultimately determines its success in attracting and retaining consumers.
How can credit unions do this?
When engaging with members, credit unions should focus on discovering the needs of individual members, educating them and then providing recommendations that best fit those needs. To begin this process, credit unions need to allow the member to lead the way, rather than pushing unnecessary products and services on them.
By investing in solutions that propel a technological transformation, credit unions can deliver an elevated member experience – setting the stage for success.
Implement a CEM platform
Customer relationship management (CRM) systems are a great tool for storing member data, increasing efficiencies and profitability. However, to compete in today’s industry, credit unions must take it one step further.
Implementing a customer engagement management (CEM) platform enables credit unions to go beyond simply tracking member details – it helps connect those details with algorithm-based artificial intelligence (AI) to improve engagement.
By leveraging AI and analytics, credit unions can build dynamic dialogues unique to each member. Members receive real-time insights and recommendations that match them with the correct product or service to exceed all their financial needs. Using a CEM platform to enhance conversations between a credit union and its members ultimately improves member retention and acquisition.
Provide a Seamless Experience Online and Offline
Implementing a CEM platform with dynamic, AI-based capabilities ensures seamless member engagement whether a member walks into a branch or uses a mobile device. In the branch, CEM platforms assist a credit union’s member-facing employees by tailoring conversations to fit the member’s individual needs. Recommendations made by the employee are exactly the same recommendations that would be made had the member completed the dialogue online.
This technology creates consistency, whether in the branch or online, and streamlines member engagement. As a result, credit unions can deliver a better member experience and increase their bottom line.
By digitizing the conversation flow and processes using an AI-based CEM platform, credit unions can ensure effective member engagement through all channels and have confidence that all product recommendations are 100 percent accurate while increasing member satisfaction and loyalty.
To learn more about how Ignite Sales is helping credit unions improve member engagement with its innovative solution Neuro 2.0, tune into the CreditUnions.com 2020 Innovation Series webinar on February 20th at 3:00EST.
