SHOREVIEW, Minn.-Many credit unions entered 2012 with a wealth of new members as a result of Bank Transfer Day. But one person is advising CUs not to just lump those new members in with the rest after the first 90 days.
"That's not the way to retain clients," said Susan Eick, VP of program innovation at Deluxe. "Clients are expecting to hear from their financial institution on a regular basis, with meaningful messages from them. Not just credit card promotions, but with helpful tips that are relevant to their lifestyle today. That's important to them."
Credit unions that have made the investment in CRM systems and data warehouse systems are among the best positioned to reach out to those new members in meaningful ways, said Eick.
"There is so much rich data available-if they have the right system set up and the right way to retrieve data on their customers-to be able to specifically target messaging to clients based on their life space, life situation and banking behavior."
Eick pointed out that consumers who made the switch to credit unions did so in part because of increased sensitivity toward customer service and fees, "but now it's really about retaining those customers and keeping them profitable and happy."
While it's crucial during the first 90 days to make sure they've disengaged completely from their old FI, said Eick, it's important to continue to provide the personal touch to those members.
"Clients have forgotten what that feels like," she said.
But, she added, those who were formerly big bank customers will be expecting the same level of technology they experienced before switching to CUs. "They'll put up with some things in exchange for others, but especially with technology and ease of business, that's one thing they cite as a reason to switch back."
