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Who doesn’t want to improve their member’s engagement with your credit union?

No one?  I didn’t think so.

What’s the best way to engage our current members? How will we measure what works? These are common questions our credit union clients ask as member engagement is a vital metric to calculate.

Understanding and engaging with your members does require a robust data management, data integration and data visualization environment. Through compelling, personalized member engagement, credit unions will have the opportunity to attract new members, boost current member loyalty, and expand the spectrum of products and services in an existing portfolio.

There are patterns and business insights within the vast quantities of data credit unions collect on each member. Data analytics can help the credit union identify and respond to what members need today and can help forecast what they will need in the future. Here are a few examples of how data analytics can provide knowledge and better insights into preferences and desires that ultimately boost member engagement and member satisfaction.

Know Member Preferences:

What members prefer a digital experience over visiting a branch? Knowing member preferences, expectations, likes, dislikes, motivations and inclinations will boost engagement. Using data analytics, you can determine how your members prefer to engage with the credit union—leading to happier, more satisfied members. Additionally, by analyzing information about how your members access and consume content and applications, you can build marketing strategies around the devices, locations and preferences they already prefer. For example, your data will reveal that millennials have very different preferences than a retired baby boomer member. Using these preferences, the credit union can create experiences that are most beneficial to each user, leading to new opportunities to further engage with members and target new ones within these segment preferences.

Know Impending Life Events:

Data analytics can provide powerful insights and help uncover customer behavior patterns that reveal life events such as, retirement, new home purchase, or a baby on the way.  By tracking and measuring important indicators in a member’s life – age, gender, marital status, income, a move, and more – you can segment members into easily targeted groups. From there, you can develop targeted marketing campaigns that create relevant, personalized experiences that improve engagement. Additionally, it will create the opportunity to cross sell and upsell the right services or products that are needed during specific life events.

Know Member Sentiment:

From Facebook to Instagram, these social networks can offer a wealth of information about what your members are saying and feeling about your brand. Your credit union can use data from social media to gain insights that would normally require surveys and questionnaires. Through data analytics you can better engage with members and react quickly to address and identify issues, complaints, and product or services flaws. Social media sentiment analysis and another tools can be used to determine member sentiment about the credit union through an analysis of their posts and social interactions.

Know Your Audience:

Not every member is going to be profitable, but through segmentation, there are opportunities to maximize the number of profitable members. By using data to identify unprofitable members, the credit union can target marketing campaigns to further boost engagement and entice them with more products and services the credit union offers.  By knowing your audience better, you can create personalized, compelling marketing messages that are relevant and will promote engagement and lead to business outcomes.

Beyond the knowledge gained in each of these areas, it’s what you do with this knowledge and the data that will lead to big wins.  Not sure how to transform member data into deeper engagement?  Consider partnering your credit union with the data experts at The Knowlton Group that can help create a roadmap to leverage all the advantages of data analytics for more effective and personalized member engagement.

Our personalized approach to each engagement ensures that the specific needs and goals of your financial institution are captured for maximum results. Want to know how you can further improve your customers’ experiences? Let’s talk.  Contact me today at brewster@knowlton-group.com or call 860-593-7842.

If your credit union is seeking new ways to deliver exceptional member experiences that drive revenue and build loyalty, it’s time to put your member data to work. By 2020, Gartner predicts that more than 40 percent of all data analytics projects will relate to an aspect of the customer experience. (1)

Given how critical member satisfaction has become to credit union success, it’s important to understand just how deeply analytics can impact the member experience while boosting engagement. Making it a priority to improve member service now means using advanced analytics and insights to further add value and offer uncompromising service. Here are some insights into how your credit union can use member data to build long-term relationships, reduce attrition, and remain competitive.

Insight #1: Personalize for Maximum Engagement

Understanding the products and services that are right for your members is crucial during their life-cycle or journey. Without the proper data mining protocols in place, it’s impossible to provide a custom-tailored experience and accurately understand the services your members need.

Data allows your credit union to create the ultimate personalized experience, which is a key component to build loyalty. By leveraging a strong data and analytics competency, organizations can deliver the right product or service to the right member through the right channel(s) at the right time. This includes knowing: what channels your members prefer, how to best engage with them, what products do they need, and when do they need these products or services. Tapping into various data points allows you to find out these critical personal touch points that will appeal to your members while driving a higher ROI. As the credit union drills deeper using data discovery tools and analytic models to better understand the member’s purchasing habits, these insights provide the foundation from which further personalized member experiences can be made.

Insight #2: Gain a Single Member View

Data analytics allows credit unions to gain a holistic, 360-degree view of their members and gain a tremendous competitive advantage in earning loyalty. It allows the FI to offer products and services that members really want, instead of what we think they want. The key is having a centralized platform for all users that integrates everything from core, LOS, CRM, mobile activity, branch visits, social media engagement, and more. When your credit union has a single view of the member, you can dive deep into knowing member interests, purchasing trends, and communication preferences. All areas within the FI should have access to that same single-view so the member is engaged in a consistent manner. This single view of each member will help your FI answer a critical question: “Who are our most valuable and profitable members?”

Insight #3: Anticipate Their Next Move

Leveraging data analytics can help you seize opportunities today, but you also need to predict what your members need and want tomorrow (before the competition does!). Understanding your members and their expectations is crucial for delivering the best personalized experiences. Every experiential decision should be backed by data helping to refine messaging and increase conversions. Staying on top of member trends and at the forefront of members’ minds starts with understanding the audience inside and out. This means collecting incoming data across all campaigns, platforms, channels, and devices.

Final Thoughts

From identifying ways to improve member engagement to discovering member pain points to enhancing cross-sell opportunities, the possibilities for improving member service are endless when data analytics strategies and programs are deployed. Leveraging data can make all the difference in achieving the relationships credit unions are seeking to create with their members.

Are you capitalizing on these opportunities to improve member service and loyalty? At The Knowlton Group, we believe that every organization – no matter their size – can become data-driven. The best data and analytics program starts with a great strategy and clearly defined roadmap and implementation plan. Our personalized approach to each engagement ensures that the specific needs and goals of your credit union are captured for maximum results. Want to know how you can further improve your members’ experiences? Let’s talk. Contact me today at brewster@knowlton-group.com or call 860-593-7842.

Sources:
1. Gartner Group: The Member Experience in 2020