The pandemic has made processes harder across all departments. Whether it be closing branches due to health concerns, or members suffering financial burdens due to a changing work world, Financial Institutions are focused on being able to serve their members while still maximizing their profits. But maximizing profits doesn’t equate to selling more products, or adding as many new members to your Financial Institution as possible. The smart approach is to start with better communication to your members through a scalable, enterprise class digital communications platform. Being able to create strong channels of communication between existing members and potential new members is a clear road to increasing and maximizing your Financial Institution’s income strategy for the post pandemic world in a couple of ways:
Improved Lending Processes
The implementation of a secure & compliant digital communications platform has had proven success in increasing lending processes overall, and is an essential area to look at when analyzing how to maximize income. For example, having automated texts sent throughout a loan milestone is a great way to increase time to funding. People are busy and don’t respond to phone calls or emails in a timely manner. But with text messaging, people are able to respond quicker. Say a member is trying to apply for a loan, but is rarely available with a busy work schedule. Sending them a quick text message along the stages of their loan application is a better way to get a hold of them, and have them reach back out to you on their time. Text is also a channel consumers prefer almost 2×1 to emailing, and will lead to the member filling out their part of the application faster. The faster a loan application is processed, and the less amount of paperwork that has to be mailed, the more money saved by your institution.
Saving Through Digital Onboarding
An effective onboarding sequence will guide your new members to be more curious about your products and services offering. Getting to your members early and effectively will lead to higher membership adoption rates. For example, when members sign up for a new checking account, they want to be able to use their new account right away. With digital communications, your Credit Union can utilize channels like Text and Video Chat to set up direct deposit, ID verification & send out a digital copy of their debit card to start using right away (with Apple Pay, Samsung Pay, etc). Members shouldn’t have to wait weeks waiting for paperwork to be sent and a new card to arrive in the mail. Having your members adopt those services quicker means they want to use more of your services, and with proper onboarding this can be done.
Reaching Members Wherever They Are
What makes credit unions special is the focus on their community and the members in general. While members will most likely live close to an in person branch, it’s possible that members will relocate to different parts of their respective state, or even to a different state in general. Members that move shouldn’t be cut off from your credit union, and have a digital communication platform in place to continue to offer your services. Members that don’t feel engaged or part of the credit union community will be less likely to utilize their accounts with you, leading to them taking their money elsewhere. Roadblocks like address verification or high risk transactions can be worked through in an instant with a quick text, plus a video chat. An omnichannel digital communication allows you to continue to service members, wherever they end up.
Maximizing your income in the post pandemic era means being smarter with your resources. The implementation of an enterprise class digital communication platform allows your entire credit union to reap the benefits in every department: from contact center, marketing, lending & more. To find out why 300+ credit unions have selected Eltropy as their digital communications partner, request a demo today.