BOSTON—One person believes credit unions need a new strategy for their websites—one that will actually help generate income.
Jeff Chesky, CEO of Insuritas, who spoke here as part of NAFCU’s Annual Conference, said that too many CUs’ websites look like digital brochures rather than the Amazon-esque sites consumers have grown accustomed to from other providers, where they can make purchases.
Unlike Amazon, he said, credit unions don’t have to work to create love or trust—but most haven’t yet created an online experience as easy as Amazon’s. Moreover, he said, local webmasters and marketing directors generally aren’t equipped to do so. “Your marketing director in your credit union will never have the bandwidth or the capacity to convert your credit union’s webpage into an e-commerce site,” he said.
Chesky suggested that even in instances where CUs sell ancillary products such as auto insurance, many don’t offer it online, so the CU isn’t doing all it can to bring in vital non-interest income. Many CU websites tell members to call or come in the branch for more information on those services. Chesky reminded that Amazon doesn’t make customers place a phone call—the entire process takes place online.
Outsourcing Leads
Additionally, CUs that do offer some those products online often end up directing members away from their site rather than keeping the entire process in-house. “Imagine if Amazon sent you to the Panasonic site when you wanted to look at flat-screen TVs,” said Chesky. “You end up with your business sourcing out leads for third-party partners, and you don’t even get paid for it.”
Chesky conceded that CUs do a great job connecting and engaging with their members—but that’s largely at the branch level.
“More and more of your members are engaging with you digitally, and you’ve got to catch their attention.” He noted that many FIs put a lot of effort into advertising on their home page, but very few do a good job of engaging with the members where they actually do things online, such as immediately after online bill pay.
Embrace the e-Branch’
He pointed out that some credit unions have even shied away from advertising some of their partners who can help provide ancillary services, because it “doesn’t match the brand” online. But Chesky reminded that Amazon would never let anyone tinker with its online experience, so why should a CU be any different?
“Embrace the idea that you have the ability to think of your online service portal as an e-branch.”
