How Do Your Members View You? Blue Ribbon or Blockbuster?

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In the event that you haven’t turned on your computer in the last eighteen to twenty-four months, items in boxes that are shipped to your house have become a cultural phenomenon.  Each morning during my daily social media check-ups for our credit union partners, I review their social feeds. During that time it is not uncommon for me to see beautifully crafted gourmet meals that less than twenty-four hours ago were nothing but a menagerie of ingredients tossed into a cardboard box and shipped to some random doorstep.

It’s not just human food though. Love your dog?  There’s a box for that (the aptly named Bark Box, of course.)  Maybe you hate clothes shopping (dad?).  Not to worry, just visit Trunk Club or Stich Fix.  Want a better shave?  Well, by now you get the point.

So, if we live in a world where people have the perception that they are so busy that even three of our most basic needs: food, water and clothing; are now being shipped to our doors because time is not a resource we believe we have, then when will credit unions understand? When will credit unions become aware that financial services need to be packaged in such a way that a complete novice can work with your credit union? A complete novice will end their interaction with an ornate healthy meal, trendy new outfit or in our case, an experience that exceeded the member’s needs and benefitted the credit union and its membership as a whole.

Thinking inside the box.

What would be in your credit union’s “box”?  If you’re asking yourself the same thing, here are a couple of things to consider.

  1. The digital experience – The digital experience is often thought of as how well your website looks and functions when your members interact with it. I can promise you that it is so much more than this.  Is your website generating leads?  Are your other marketing channels acting as the top of the funnel and driving traffic to your landing pages?  Are your Google Ad Words performing?  Social promotions or boosts working?  What about your mobile app?
  2. The mobile experience – By now your website is responsive (right?), but that’s not going to be enough. Do you have a stand-alone mobile app or a “wrapper” app?  Does your mobile app allow users to use a single sign-in to access their accounts, transfer money, deposit checks remotely, apply for a loan or interact with your credit union on social? If you answered no to any of the above, you may want to look closer at your mobile app as it is a very important ingredient of any credit union’s “box”.
  3. Social – Sure you have a Facebook Page, Twitter handle and Instagram account, but are you “packaging” your social efforts so they can/should be in your credit union’s “box”? Are you making it easy for members to find you on social?  Are you answering their questions?  Are you handling complaints?  Are you creating solutions that drive member loyalty or new business leads?

When you think about your credit union’s “box” think about the booming business that has made this industry common place in American homes.  This industry, like most, is completely based on an individual’s personal preference.  When you have information about personal preference you can then act in a meaningful way and create value on an individual level and the first step to gaining insight is to gather the data.  If you set your credit union’s box up right, you too will see people using the products and services you offer more frequently, with less friction and you will create loyal members.

Now, if you will excuse me I must leave to give my dog his Bark Box, prepare a Blue Apron meal and try on my newly acquired leggings (just kidding about the leggings).

 

-Bryce

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