For decades, credit unions have offered incredible rates, low fees and face-to-face interactions — an exceptional CX many traditional, major banks are unable to offer. And it’s obvious this customer-first approach works. An impressive 90% of surveyed members believe credit unions are a great place to find both financial advice and guidance.
But credit unions may be losing their edge in the finserv space. Fintech and mobile banking solutions now offer personalised experiences, too. Better still, they’re completely online. According to a recent report, 47% of consumers were likely to open an account at a neobank within the next 12 months, compared to 44% considering a credit union.
Consumers want the personal relationship that comes with joining a credit union, but on their phones, tablets and computers. For credit unions to keep up with fintechs and mobile banks, then, they must move their strategy to the online world without losing their human touch.
Digital banking solutions have already harnessed the power of data in creating 1:1 connections with their customers. Credit unions can do this, too — but there’s a way to take it a step even further. Tailor your message to every member and then deliver it in a video that’s easy to follow. It can drive deeper connections and more meaningful engagement at virtually any touchpoint.
Read on to learn how Personalised Videos can help credit unions meet the demands of customers who want a digital, yet personal, relationship with their bank.
Why Members Are Demanding More of Credit Unions
Consumers today can access everything they need online, from the purchases they make to the movies they watch. Making payments, closing mortgages and other financial processes are no different. COVID-19, in fact, has sped this up. The use of mobile wallets doubled in 2021, a year after the onset of the pandemic.
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Personalisation has also become increasingly popular. Think about the digital experiences offered by today’s biggest brands. Amazon gives personalised recommendations for every shopper. Spotify curates custom playlists for its listeners.
Consumers, especially younger generations, now expect the same personal attention from those they bank with. The demand has become so widespread that it even has its own term: the Netflix Effect, where consumers expect banks to offer the same level of personalisation as Netflix.
This has left credit unions with a pressing issue. How can they give members the individual attention they need on the digital platforms they use?
The Value of Personalised Videos
Credit unions already offer the personalisation consumers increasingly want from brands. The problem is moving these experiences online — without losing their personal touch.
But communicating through screens can be difficult. How do you add a human touch to avoid sounding robotic? Can you capture the friendly faces members see when they walk into their local community bank? It’s possible with video, which can incorporate the many nuances that make up in-person interactions.
From body language to the way we speak, videos offer a multi-sensory experience unlike images or text. And by personalising each video to the customer watching, you can provide a 1:1 connection from wherever they are and whenever they need.
They can be used throughout the member journey, but the touchpoints below are especially impactful with the help of Personalised Videos.
Cross-sell and Upsell With a Personal Touch
Credit unions face a unique issue when it comes to cross-selling and upselling. While banks transfer their profits to shareholders, credit unions are not-for-profit organisations. Offering additional services or other add-ons must especially be of value for the member — not just another sales grab.
How do you show your offer will actually be of value? By delivering it in a video made just for them, like Navy Federal Credit Union did below.
This video was sent out to their mortgage loan holders to show them why they should use their equity products. Each member was greeted with a personal touch — a reminder of how long they’ve specifically been a member — to start the message on the right note.
The video then goes on to give each viewer an explanation of their unique equity, including the reasons behind its current value and how they can make the most of it. With this new insight into their equity standing, members can clearly see how the offered equity products would be of value to them.
Answer Questions in Advance
Call centres can be a major point of friction for credit unions. Members who have a problem with their finances want a quick and easy solution. Being placed on hold or receiving a generic, automated answer is likely to leave members frustrated.
You can proactively resolve your members’ issues with a video that leverages customer data, determining what questions they might have and answering them before they become actual problems.
This data-driven explainer video from United Wholesale Mortgage provides a comprehensive overview of the viewer’s online statement. Typically, trying to communicate this complex information via email or text would overwhelm the customer.
A video, on the other hand, shows the viewer information relevant to their unique circumstances with easy-to-follow graphics. It helps to break down confusing information and gives the viewer a clear understanding of how to navigate their account, make payments and the independent mortgage broker they can reach out to.
A video like this allows customers to self-serve, reducing the volume of calls made to customer service. We’ve seen clients who use Personalised Videos achieve a 73% call deflection rate.
You can increase digital engagement with self-serve tools even further by making your video interactive. This video was created to proactively answer customers’ questions about the end of their forbearance period.
With interactive chapter markers, customers can skip to the scenes that will be of most use to them. And when they’re done watching, they can save their video for future reference, re-watching it whenever they need for a quick refresher.
Reaching Credit Union Members on a Personal Level
The financial industry is rapidly changing. New fintech startups, our rapid transition to an online world and an increasing demand for personalisation are forcing companies to come up with new ways to engage and connect with customers.
Credit unions must acclimate, too — or risk losing their members. We’ve already helped some of the biggest financial companies adjust, including those in banking, insurance, mortgages and more. Schedule a quick 15-minute intro call, and we’ll show you how Personalised Videos can work for you.