FEATURED CUInsight: 3 Tips to Avoid Being 'Rocket Mortgaged'

by Tom Kennedy

Years ago, when you wanted to enjoy a movie in the comfort of your own home, you made a trip to your local Blockbuster. Today, you can stream a movie on just about any device, anytime and anywhere. Similarly, there was once a time when all banking was done in person at a physical branch. As companies like Rocket Mortgage take customers out of your branches and into the digital space, are Credit Unions – like Blockbuster – becoming irrelevant?

Spoiler alert: the answer is NO! At least not if you’re innovating and evolving. Here are a few tips to stay relevant with and keep your current members engaged and prospective clients choosing a relationship with you over a well-branded smartphone app:

  1. Think beyond the teller. Branch visits are changing. Overall, credit unions are seeing a drop in in-branch transactional volume but are seeing an increase in overall consumer traffic. What people use branches for is evolving. Branches are more consultative in nature, with transactions happening online or in-app. If your space isn’t inviting the community in for conversations, you’re missing a major opportunity to maintain the human side of the relationship.
  2. Less guessing, more knowing. Simply ‘going with your gut’ is no longer enough. You could guess what you think will resonate with customers and members, but wouldn’t you rather know? It is absolutely critical to use demographic and behavioral insights about your community, your target audiences and your current customers or members to design a unique user financial experience centered around your brand. Armed with that knowledge, you can elevate your brand and business above your competition. The result will generate a significant return on investment (ROI) and provide a substantial competitive advantage.
  3. Embrace today’s technology. It’s not tomorrow’s tech and it’s not just Millennials, it’s here now and everyone is drinking the Kool-Aid. This groundswell has raised consumer expectations, rendering traditional customer service obsolete. The financial industry is now on the cusp of a major transformation and it’s all about personalization. Imagine having the flexibility to adjust your messaging to meet the unique needs of a member who just walked into the door. Imagine being able to gauge that person’s reaction and make on-the-spot adjustments to create an impactful, customized experience. This customized approach is the next big thing in the financial services industry, and it will be within reach for even the smallest of organizations.

The financial industry is seeing disruption unlike ever before. If you don’t want to be the next Blockbuster, you’ve got to make the right changes. I guarantee you’ll be pleased with the return on your investment.

See the article here in CUInsight