If the past few decades have taught us anything, it’s that nothing is immune to technological change – not even venerable industries like retail banking, including 85-year-old brands like Seattle Credit Union. But change isn’t a bad thing if your business can adapt and if you’re willing to explore new approaches.
Seattle Credit Union proved it was nimble enough to adapt and it did so using common-sense approaches available to all financial institutions: listening to their customers, thinking about their brand experience in a holistic way, and engaging with their community enthusiastically and authentically.
The financial services industry has undergone a radical evolution in recent years, driven by consumers’ changing needs and preferences. DIY banking is the norm, as online banking and mobile apps have become the primary way more than two-thirds of American consumers interact with their financial institution,
However, when customers do enter a bank or credit union branch location, they’re often looking for something beyond a simple transaction. They expect an intimate, efficient experience that complements their banking life stage, and helps resolve their issues by answering difficult questions.
This is the environment Seattle Credit Union found itself in: a well-known brand with established operations, facing the changing behavior of its members and potential customers, and beset by new competitors with radically different approaches. It realized it needed to adapt.
A partner in progress
This is where we came in. At Twenty Four 7, we're a creative agency that spends our days obsessing about what matters to people and creating experiences that fuel those passions. We partnered with Seattle Credit Union to do just that.
The transformation involved reimagining the legacy brand in a way that acknowledged the changing landscape of today’s Seattle. The credit union’s in-branch experience needed to complement its digital and mobile presence, while the brand needed to unify behind serving its savvy, globally minded members and potential members.
In addition to the physical locations, a similar refresh was done to its digital properties, and the organization was officially
Through this partnership, Seattle Credit Union was able to create a holistic brand experience across the organization that delivered real value to its members. But this process holds lessons for all financial institutions facing similar challenges:
- Change is constant, and consumers expect the brands they care about to meet their current and future needs. Even if a credit union is in a stable marketplace or has a well-established brand, they need to continue to analyze and audit their brand experiences to ensure they are in alignment with the expectations of their consumers. If a credit union isn’t listening to what its members are saying – both verbally and through their behavior – they’re likely to lose those members to the Allys and Simples of the world, especially as millennials gain more financial power.
- An integrated experience across all member touchpoints is critical to the overall success of credit unions. No longer can organizations have the separate viewpoints and philosophies between brick and mortar, online, mobile and customer service. The physical and the digital need to go hand-in-hand. Consumers expect consistency from the brands they’ve entrusted with their personal information.
- To capture the attention of consumers and engage the community, new and innovative approaches need to be used. For Seattle Credit Union, this meant conducting a community outreach campaign that spoke not just to existing members, but to the Seattle community as a whole. It will mean something else for another financial institution — and that’s okay.
What Seattle Credit Union accomplished was a new, exciting and engaging brand that delivered an improved and appropriate customer experience to its members — both existing and newly acquired. The approach Seattle Credit Union took was customized based on its business, members, goals and community. Their approach may not work for every credit union. However, there is a “right” approach for all. It just takes the right collaborative partner to help you uncover that approach and help you navigate the process of change.
