Need help engaging with younger depositors? Embrace modern messaging tools! With the rise of platforms like SMS, WhatsApp, and Snapchat, younger generations expect instant communication from businesses. Keep in mind, this generation has grown up with smartphones. They are more comfortable using messaging platforms compared to traditional communication methods such as phone calls, emails, or even face-to-face interactions. Credit unions that adopt these modern communication habits can enhance their strategies, deliver personalized messages, improve member service, and reduce expenses. Stay caught up in the digital age by making the switch from traditional communication habits to a more modern approach today!
Instant communication: With the ability to communicate in real-time, credit union representatives can quickly address urgent or time-sensitive matters. For example, if a member’s account is compromised, a credit union representative can promptly notify them through a messaging platform and provide guidance on the necessary remediation steps. According to Graham Anderson, Chief Marketing Officer for Kenect, “89 percent of consumers would rather interact via text messaging than with a phone call, for a variety of reasons: they don’t like to wait on hold and can become annoyed with a business after sitting on hold too long, they don’t like being called at an inconvenient time and it’s a hassle to play phone tag.”
Convenience: Younger depositors are accustomed to communication through messaging platforms, making it beneficial for credit unions to meet them where they are. By providing members with a convenient and familiar way to communicate, credit unions can make it easier for them to seek assistance when needed. A study by Business Insider revealed that “75% of millennials (and your kids) prefer texting to talking and would rather give up voice calls than the ability to text.” For younger depositors, convenience is key in deciding which credit union to join.
Personalization: An essential benefit of messaging tools that credit unions can leverage is the ability to deliver personalized and tailored messages to members based on their preferences and past behavior. For instance, if a member has recently applied for a loan, a credit union representative can follow up with an automated messaging tool in order to provide additional information or support. This personalized approach can enhance member engagement and satisfaction. Additionally, with the use of modern communication tools, a credit union is more likely to stand out to younger depositors. According to The Financial Brand, “Today, the best way to differentiate a brand is through hyper-personalized financial recommendations and marketing driven by data and advanced decision tools.”
Improved member service: Adopting modern means of communication will provide faster response times and more personalized support, allowing credit unions to address member inquiries promptly. This helps to build stronger relationships with members and increases overall member satisfaction. A survey conducted by Hubspot Research shows that “90% of consumers rate an immediate response as important or very important when they have a customer service question.”
Cost savings: If credit unions can reduce the workload on their call centers and other member support channels, they ultimately reduce expenses—a no brainer for any business that strives to optimize operations and streamline costs.
In short, credit unions can benefit from adopting modern messaging tools as part of their communication strategies. By meeting younger members where they spend most of their time, specifically on their mobile devices, credit unions can gain instant communication, convenience, personalization, improved member service, and cost savings. Embracing these modern messaging tools can help credit unions build strong relationships, improve member satisfaction, and drive growth in today’s digital era.