TOLLAND, Conn. — More than nine-in-10 members who visit their credit union's website immediately go to online banking or bill pay.
While that's convenient, the problem is there is very little member engagement and marketing, noted Brian Claggett, chief marketing offi cer for Geezeo. "Credit unions need to embrace this challenge as a remarkable opportunity to differentiate and build a stronger position of advocacy, while actively engaging members across all delivery channels," Claggett advised.
Clagett believes the solution lies in Personal Financial Management (PFM) products, ideally residing within the online banking and bill pay environment.
"This not only can help a credit union demonstrate advocacy by helping members spend and save wisely, they can actually empower members," he said. "Empowerment is a critical component to eff ective branding, and in these difficult economic times members are looking for support and guidance. It is doubtful they getting this support and guidance from the latest app."
Credit union marketers can learn much from their PFM users, Clagett continued, including users' goals, spending habits and other intelligence are readily available and can easily be leveraged to build more relevant online and offline member interactions and messaging tactics.
"These interactions and engagements off er vast opportunities to improve share-of-wallet and member satisfaction, as well as off er a better use of precious marketing dollars," he said. "A white label PFM solution that ergonomically supports the online banking experience directly supports the bottom line, and it supports a credit union's ever-important mission of people helping people."
