Jen Shefner, Strategic Business Analyst
If you’re considering or are about to enter a digital transformation, its no news to you there are many pieces to the puzzle to consider. In this article, we’ll review how your credit union can come to a common understanding of what a digital transformation is, why now is the time to act, and the 6 digital transformation trends CU Engage is seeing across clients and projects.
The Digital Conundrum
The word “digital” can mean so many different things these days. When asked, financial leaders define “digital” in a variety of ways.
Digital is not:
On the flip side:
Your online/mobile banking platform and vendor can become a launching pad or frustrating barrier for how you conduct a digital business. It’s truly, just one piece of the overall puzzle, but it is an important one. It’s the most common touch point you have with your member. But that’s not all. It’s a member-facing portal that integrates with many of your other systems – including cards, mortgages, account opening, loan origination, etc. The flexibility, integrations and user experience created by your digital banking platform affect the member experiences your users have with those services as well.
Before selecting a new digital banking vendor, we recommend that credit unions set a corporate digital vision and be ready to answer tough questions about your commitment to achieving that vision. Without doing so, the voice of the current culture can limit your transformation.
Why NOW is a strategic time to act
According to the Digital Banking Report, when financial leaders were asked about their top three priorities for 2018, 72% selected: “redesign or enhance the digital experience for consumers.” The next priority at 51% was the “use of big data, artificial intelligence (AI), advanced analytics and cognitive computing.”
It’s probably not a surprise to you that these were the top priorities reported last year as well. Financial institutions have spent the last few years talking about digital transformation – painting a picture of where we need to go to meet consumer expectations. We want to:
Mobile banking usage is at a volume where leaders must act. Raddon predicts that mobile usage will surpass 60% of consumer households in 2018, and 85% of millennials already use mobile banking monthly.
But that doesn’t necessarily mean you’re meeting users’ expectations. In fact, an online poll of 1,600 users conducted by Harris Poll and D3 Banking Technologies found a majority of users were frustrated with digital banking during the past year: 68% of Americans overall and 73% of Millennials felt this way. Furthermore, 32% of Americans are willing to leave their current banking relationship for a better digital experience.
79% of banking operation leaders say their org existence could be threatened if they don’t update technology according to a 2018 Accenture report.
6 Digital Transformation Trends CU Engage is seeing across clients and projects
As we look at the digital banking space, we’re seeing some common trends...
1. Consolidating platforms:
We still have many clients that have been using separate online and mobile vendors or platforms. Consolidation can create better experiences for their members across channels and can lead to potential operational efficiencies.
2. Migrating off legacy UX:
Credit unions on legacy systems can see their user adoption and engagement is lacking and are demanding improved user experiences to meet member expectations. In the past, decisions might have been driven more by vendor price, but credit unions are willing to pay more now because of the indirect value of a better experience.
3. Demanding flexibility:
When we start an evaluation project, we spend a day with executives and operational teams to understand their requirement and goals. Often clients are looking for the presence of a Software Development Kit (SDK), an Application Programming Interface (API) and a partner culture that allows for customization, but many clients today aren’t equipped today with the development staff to immediately act on these requirements.
4. Deeper Integrations:
Integration is one of the key factors that credit unions consider when evaluating vendors. Again, digital banking is a portal that touches many other systems, and the depth and type of integration strongly impacts member experience. More and more credit unions are demanding API integrations over Single-Sign-On integrations.
With this type of integration the user interface is typically created by your digital banking provider or, in some cases, by the credit union themselves. Many credit unions are moving their full-service credit card integrations from Single-Sign-On to API integration.
5. Dreaming of Big Data:
As we saw earlier, the use of big data and analytics is the #2 priority of financial leaders in 2018. As CU Engage works with clients on vendor evaluations, we hear it’s a priority too, but most tend to say they don’t have a data warehouse or data lake yet, but that’s it’s a strategic initiative on their roadmap for 2018 or 2019. Vendors have noticed this as well. In some cases, they have built their own data engines that help bridge the gap.
6. Card Management:
As mentioned earlier, integrations with card processors are a top priority for many credit union’s today. Not only are credit union’s looking to integrate card balances, history, and payments into the mobile experience, but card controls, alerts and reward balances. Travel notices and dispute claims that route automatically to card processors are also an attractive API feature in demand. Card processes often offer these features within their own sites or standalone apps, but we see credit unions wanting to provide members with a single unified experience.
If you haven’t already, it’s time to update your digital banking technology to be more flexible and capable of supporting innovation. Perhaps this is already what’s keeps you up at night, and you can relate to one or more of the above 6 Digital Transformation Trends. Here are some final thoughts to consider when going through a digital evaluation:
Originally posted on CUES Inside Marketing February 2018.
Make it easy for reporters to connect with your organization.
I’ve visited hundreds of credit union websites over the years, conducting research for various projects and reviews. Many of them are excellent. In the last few years, the quality has gone through the roof in a good way with compelling graphics, helpful text and vastly improved layouts and navigation.
But there’s one section that seems to be lacking on most of these websites: a media or press section for reporters and editors.
Why? Well, here you can get a quick history of recent company activity, milestones, new customers/clients, issues and trends or events. It’s a one-stop location for a quick glance at everything your credit union in this case is doing. Editors love this stuff, and I would think your members would, too.
The media section is a smorgasbord of content for anybody looking into your organization. It’s all right there. A good media section will include:
So why don’t more credit unions have a media section? Not sure. But I do know it would be wise for more to create these pages and make it easier for reporters to research the latest activities occurring at your shop. This section increases the possibility of your credit union being included as a resource for a story in the local newspaper, an appearance on the evening news, a news spot on the radio or a resource for a well-known financial blog.
Editors and reporters don’t have a lot of time when producing stories. Deadlines always loom and anything you can do to make their jobs easier and more efficient is a huge win. Believe me, they will remember. It will prompt them to come back to you again and again—especially if you provide them with great, helpful content that benefits their audience. This, in turn, benefits your credit union with increased, educational exposure.
One of the most common themes I hear at credit union conferences nationwide is “we need to be relevant,” “we need to tell our story,” or “we need to share what we do in the community.” And the media is an excellent place to express these messages, which can be received by the masses easily. That’s what you want, right? Media exposure saves a boatload on advertising dollars and gives you additional material to share on social media and create a new conversation.
There are numerous benefits to working with local, regional and national media. I’ve written about this subject many times in the past : Doing so essentially propels you to a trusted leadership position in your area of expertise. So, again, why aren’t credit unions making it easier to connect with reporters?
One editor friend (CUES’ Lisa Hochgraf) told me: “If you’re not in your local media, you’re not in your community.” So true.
If you want to become a trusted and consistent news resource, create an informative and easy-to-use media section with pertinent contact information on your website. And be proactive in letting your local media know about this section so they know where to go when a finance-related story arises and they want a go-to person to get the information they need.
Sounds like a winning scenario to me. What’s stopping you from creating a media section on your website today?
Darren O'Reilly, Chief Marketing Officer
Member First Credit Union, Dublin, Ireland
Originally posted on CUES Inside Marketing, October 2017.
Picture this: You pull in for your morning coffee fix only to find the friendly barista has been replaced by a robot! Think Rosie from the Jetsons. The robot doesn’t care that you’re a loyal customer of five years, that you are lactose intolerant and that you take an extra shot for medicinal purposes, especially on Mondays! Nope. Rosie does two things and that’s it: makes coffee and takes money.
Where is the morning smile, where is the morning chat and where is that little bit of human interaction that along with a kick of caffeine sets you up for the day? It’s not nice. Right? Yet more and more companies are evolving this way and no more so than the financial services industry.
Due to advances in technology, marketing and businesses are becoming mere representations of data and revenue—the numbers. These numbers are important. However, the credit union industry has always recognized that our members are not numbers. And they certainly are not robots! Credit unions and their members should hold dearly their human relationship. In marketing, we have B2B and B2C; for credit union marketing, let’s coin a new term: H2H—human to human.
A Gartner study predicted that this year will be the first time ever that marketers overtake their IT peers in technology spending as they embrace technology and automation in their business. This does raise some questions; for example, is technology resulting in marketers harvesting personal data too fast and rather loosely? (If you’re a fellow European credit union I have four letters for you: GDPR—and that’s certainly a topic for another day.) A related concern for credit unions is if we become laser-focused on the latest tech gadgets, will all these advances be good—both for the science and craft of marketing and for our members?
This might seem like a naïve question for the techies among us; of course it’s a good thing. To that I say: Back up the truck, for a moment. Your focus should not be on the shiny new toy, but rather on members and how best to reach them. And if there’s a new technology that can help my credit union connect better with our members, I will probably explore it. But the priority is not deploying the latest gizmos—they’re just a vehicle to help put our members first.
A recent Oracle EMEA poll found that 48 percent of surveyed brands have implemented automation technologies in sales, marketing and customer service, with another 40 percent planning to do so by 2020. It also revealed that over the next four years, 78 percent of brands expect to provide customer service through virtual reality and 80 percent will use chatbots.
While all these advances are useful, no marketing solution will ever escape the judgment of member satisfaction and word of mouth. We cannot innovate away from the power of influence and social recommendations that encourage us to research and ponder before making a decision. Technology can only enhance rather than substitute our human understanding.
Every day, I see my colleagues, friends, and perfect strangers glued to their phones, laptops and tablets. We are in a constant state of technological control. What did we used to do with the time that we now use to binge watch Netflix or mindlessly scroll through Facebook? We went out, had actual conversations, played sports and generally had a much more fulfilling social life based on human interaction.
This fixation on technology and yearning for real interaction, both within the credit union industry and society at large, is why we need to reevaluate our marketing from a human perspective. Credit unions need to find ways to use these platforms to better connect with our members on a human level. There is no better industry positioned to do this. But we need to create marketing that sparks an emotional connection: We need to be personal, we need to start a conversation, we need be empathic (Rosie certainly can’t do this), we need to be humorous and we need to tell our story.
As my mother always said, “Everything in moderation,” and with that in mind, I believe credit unions should be taking a balanced approach to marketing technology. Understanding data and analytics is not the same as understanding human emotion. View these technology solutions as the campfire around which we share our story and nurture our member relationships.
So by all means, embrace technology, but don’t forget your members are humans. Tell your story and serve your members, and let’s leave Rosie serving the Jetsons for just a little bit longer!
Darren O'Reilly is CMO at Member First Credit Union, Dublin, Ireland.
Originally posted on CUES Inside Marketing, August 2017.
When most people initially think of video production, they think of it as the pinnacle of content generation. You have to have a camera, microphone, lights, etc. It can sometimes be complicated and costly for sure. And though it doesn’t have to be, that's the reason most think of doing video last when generating content. It usually starts with, “Let's write something.” Kind of like what we're doing here.
Don't get me wrong. There is certainly nothing wrong with writing. It's my first love and always will be—and is still very effective. But today, you have to think of how content is consumed. Writing first is the old way of thinking.
With 75 percent of all internet content generated in 2017 being video, it's time to rethink the “writing first” mantra. Video first is quickly becoming the new order.
Think about it. If you produce a video interview, like a member success story for instance, you have all the information you need in the video to write your story: quotes, background info, stats, sources. You can also extract the audio from the video to create a podcast. You have all the content necessary for a multi-channel delivery of your story: video, audio and text.
Look at most of today's top news sites like CNN, ESPN, ABC, CBS or NBC. For each posted story, those sites have a video, a downloadable audio file, a written story below the video, and sometimes a transcript for people who want to read the dialog. (Transcripts are a huge help with SEO, too.)
People consume content in numerous ways today, and you have to deliver it accordingly. There are more and more people who enjoy watching video—especially watching them on the go. There also more and more people downloading podcasts and listening to them while they work out, on the way to work, traveling or just lounging around. And then there are those of us who still enjoy sitting down and reading a good story.
So the next time you're planning to generate some new content, you might want to think “video first,” and then let that information trickle down to include other channels so it hits everybody's tastes.
For those of you who think that you have to hire an expensive film crew to make a video, nothing could be further from the truth. If you have the time and budget for a big production, then by all means go for it. For the rest of us, however, something more accessible and affordable is the right approach.
Today’s smartphones and tablets work wonderfully. Nearly everybody has one today, and we’re all using them to take selfies or make funny videos of family and friends anyway. So why not use it to make your video content? The lens is good, the mic is not bad, and it comes with editing software and plenty of memory nowadays.
Nearly every millennial and Gen Zer are creating fantastic videos from their smartphone or tablet. And they can create them in minutes. Why can’t you? It’s point, shoot, edit and post—and then promote like crazy on your social media channels.
What are you waiting for? Start creating video today and the produce the audio and text from it to meet all your members’ delivery points. Seems very upside down, but it’s an effective way to cover all your bases when generating content that sticks.
As seen on CUES
December 2016 – Vol: 39 No. 12
by Stephanie Schwenn Sebring
10 tips to help you gain the most from your social strategy.
Whether it’s sharing money ideas, a member moment or showcasing your credit union’s role in the community, the innovators are getting it right when it comes to social media.
Their mindset? Not that social is a “valid” communications tool; most everyone’s on board with that. But rather, that social media is a valuable, versatile and personal way to reach members—not used to outwardly sell, but as a way of intimately connecting with the people you serve and community at large.
Here are 10 ways to use social media most effectively.
1. Experiment and Research
“Test what works best for your members,” recommends Mike Lawson, host of CUbroadcast. “I understand many credit unions don’t have the resources to experiment with various social media networks, but this is what the experts do.”
See what works, then try it again a different day, time or in a different format, adds Marne Franklin, digital project manager for CUES Supplier member Your Marketing Company, Greenville, S.C. She reiterates that this type of exploration is consequential for credit unions: “Social lends itself perfectly to try new things, a different approach or pretest bigger campaigns.”
Learn from the experts, and let them do the groundwork for you. “Let them fail, make the mistakes and find the solutions,” continues Lawson. “Research is a huge time saver for CUs with limited resources. A little prep work can go a long way in combatting limited resources. Also, learn about the strategic risks, and use these to experiment, discover and ultimately better connect with your members.”
Strategic risks can include managing possible negative comments; the time producing and responding to social media efforts (being consistent and timely); and defining the right permissions, approvals, access, data classifications and collaboration processes.
2. Use the Right Tools
Popular platforms can help you to better manage your social channels, including Everypost, Buffer, Socialoomph, Hootsuite and Sprout Social. “If you’re an ardent Twitter user and manage multiple accounts, Hootsuite is tops,” adds Lawson. “And since CUs are often short-handed, Buffer is another tool that can save time and increase your productivity, and is especially helpful if you’re on multiple networks.”
Tools can also be used to measure success and member engagement, including clicks, views and shares, offers Franklin. “Hootsuite is one of the best products on the market; personally, I use Sendible. But whatever tools a CU decides upon, the decision should be case-by-case, based on needs, dependent on your budget and number of channels in the mix. Don’t overspend if you don’t need to.”
3. Strive for Consistency
Randy Smith, CUDE, co-founder and publisher of CUES Supplier member CUInsight.com, is adamant about the role consistency plays in a CU’s social strategy. “It’s imperative to success that there be a consistent flow of information. It enables your members to find and learn about you and the people inside your CU,” he explains. “You must know where your members are, and be where your members are.”
Brand voice should also remain constant. “It should match the tone of your website and all other marketing channels,” adds Franklin. “This preserves your brand identity, and creating a planned strategy will help keep your brand consistent on all of your channels.” She also advises against giving account admin rights randomly to individuals within the CU who may or may not understand your strategy, voice or direction.
However, if time is an issue, Smith suggests finding a talented employee who is active on a particular channel to champion it—as long as they understand your strategy and can inject your brand voice. “Strategy still falls on the marketers, but seek help from those who know how to use the channel in their personal lives,” says Smith. “Find employees who are active on social media; they can contribute to the flow of information.”
While not as prevalent as in the past, Smith urges CUs not to restrict employees from having access to social channels while at work. “Everyone should have the ability to communicate with members via social like any other communications channel, such as phone or email.”
4. Go for Engagement
It’s why any savvy business is on social media. “Use it as another layer of vibrant, personal and approachable communication with members,” offers Franklin. “Leverage your personality and involvement in the community. Let engagement be a catalyst for organic growth with post clicks and shares. Increase engagement levels by tagging members in posts, which boosts shares and accelerates your post ranking in members’ news feeds. Encourage staff to share posts as well.”
Ask employees to share the post on Facebook or retweet on Twitter, not just copy it into their status. Sharing helps to build engagement and increases the placement of the post in a user’s newsfeed, and, it enables others to share the post in its original format. It also ensures attribution to you, the CU. Those who share the post can add their own comments or endorsement.
How often should you post?
Resources permitting, Franklin suggests posting five to 10 times a week on Facebook. For Twitter, tweet at least five times a week, but Franklin adds the top guns are tweeting up to four times an hour. “Forty percent of all Twitter accounts are dormant,” she continues. “Don’t start a Twitter account and let it die after just one tweet. That’s worse than not being on (the channel) at all.”
Like all best practices, it’s striking a balance with limited resources. “But don’t worry that your followers will get inundated with your posts or tweets,” says Franklin. “They won’t see them all.”
To stay on track, take 30 minutes each week to schedule posts. “Viewing the entire week will enable you to space and schedule your posts appropriately,” says Franklin. “For promotional messages, sit down and craft your message, so they have the same tone, but not the exact text. Then have matching messages on Facebook, Twitter and possibly Instagram. For posts that perform well with your members, consider putting a few paid advertising dollars behind the post to boost engagement.”
This is a way for your content to reach non-members and members who haven’t yet liked your page, explains Franklin. Because the post doesn’t exist solely on your CU’s wall, it becomes integrated into the newsfeed of the audience you choose to target.
“Even a $50 monthly budget can gain some ground on Facebook,” she continues. “You can target the dollars based on geographic area, interests and life events. And remember, one out of every five page views (20 percent) in the U.S. happen on Facebook. Worldwide, there are over a billion daily users.”
Franklin offers this success story: “When the Wells Fargo scandal broke, one of our CU clients turned to Facebook with the message, ‘Is your money safe? Bank local. Bank with our credit union.’ The original organic post reached 1,200 people. By boosting the post for only $10, the CU was able to reach an additional audience of over 1,550 potential members. That small budget more than doubled the number of people who saw the message.”
5. Identify the Must-Have Channels
Lawson believes Facebook, Twitter and YouTube are still the mainstays right now. But Instagram is closing in fast, and Pinterest may be a contender. Smith says that if you can only pick two, try Facebook and Instagram.
Smith, in particular, loves what CUs are doing with Instagram: When you compare what CUs are doing on Facebook and Twitter to their growth and activity on Instagram, CUs are ahead of the curve there, he says.
“Instagram also fits perfectly with a CU’s community message and member connection. It can present the CU philosophy quickly with photos or graphics in a more candid, expressive or descriptive way.” In 2015, Smith says, only about 10 CUs were active on Instagram. Now, at the close of 2016, almost 600 CUs are actively using the channel as part of their social strategy. As CUs continue to gain momentum, Smith envisions a similar progression with Snapchat.
Why Snapchat? Some CUs are using Snapchat to illustrate their personalities through quick hits of information.
“They’re showcasing community involvement and the CU difference,” explains Smith. He especially likes what CUES Suppler member CUNA Mutual Group and Experian have done with Snapchat, as well as Travis Credit Union, Maps Credit Union and Wings Financial Credit Union.
“With Snapchat, you can’t just ‘search and follow.’ Users connect directly with other users, making it much more about communicating back and forth.”
Snapchat is also attracting the under-35 crowd in droves right now. Bloomberg Technology reports 150 million Snapchat users daily (surpassing Twitter, which has about 140 million). And growth doesn’t seem to be slowing.
Lawson concurs that Snapchat is “very social” and popular with the younger audiences. “However, it’s not a place where educational content resides with great anticipation. For example, my 15-year-old daughter is on Snapchat, and so are all of her friends, and it is the last place she expects financial information to be. But that’s what we used to say about Facebook, and look at credit unions there now—Navy Federal Credit Union made over $200 million in loans from its Facebook page a couple of years ago. That’s what’s fascinating; social media changes, morphs and evolves by the day, it seems. So who knows with Snapchat?”
Snapchat can also be advantageous for certain live marketing scenarios. “Experiment with Snapchat at kids or collegiate-type events or even member appreciation days,” advises Franklin. Use it to broadcast snippets of live happenings, such as a member workshop or behind-the-scenes look at a community or charity event.
Still, if a CU is just starting out on social, Snapchat is probably not the first choice. “As millennials and Snapchat mature, the network could very well become an equally viable place for CUs to go,” says Lawson. The channel right now is in an experimental time for CUs and not an “all-in” place just yet.
6. Don’t Spread Efforts Too Thin
With limited resources, find a network or two and stick with them, says Lawson. Take baby steps. And keep it simple. Schedule posts ahead of time so you’re not on social media all day. Check and post in the morning, at lunch, in the afternoon and maybe once in the evening.
Using the right management tools, like the ones mentioned earlier, can also make multiple networks easier to manage. And whatever channels you choose, Franklin stresses the importance of fully engaging on those channels so that engagement will become a means of organic growth. “For instance, let your social channels be a resource for potential members considering a switch.” She adds that social can’t be considered a “trend” anymore, and if your CU is still viewing it in that manner, it’s a mistake. Consumers are now looking at business Facebook pages as part of their normal buying process.
7. Keep it Real
Authenticity is at the heart of social media. “It’s not overly produced; it’s candid and sincere,” submits Smith. “You don’t overthink or stage things. Social media lets people know who you are and what you’re all about.”
Lawson adds that while content on social channels should be informative and relevant, keeping the personal connection is vital. “Don’t be salesy; be human. Humans connect with other humans, not logos or buildings or ‘buy now’ messages. Social media and sales are like oil and water, not peanut butter and jelly. Have a personality; be genuine. That’s what connects, and that’s your goal.” He also reminds that while CUs “rock with rates,” don’t talk about it. “Social media is the place to tell your story that will connect with members. Not sell.”
8. Use #Hashtags
Relevant hashtags will boost engagement levels. “They’re a way for you to let members find topics important to them or for you to tie in with national initiatives or local events,” says Franklin. “For example, at Your Marketing Company, we use the hashtag “#yeahthatgreenville” (created by VisitGreenvilleSC) to tie in with local events we’re participating in.”
Hashtags have been a mainstay for Twitter but are gaining momentum on Facebook. “Used correctly, they’re a helpful sorting tool,” offers Franklin. “But don’t use hashtags randomly; they should make sense and correlate with your post.” (To see what hashtags are trending in the U.S., try tools like hashtagify.me.)
9. Measure Impact, Not Just Numbers
Social media already has the numbers, says Lawson. Instead, try tracking success on a more personal level: “Look for what people are actually saying in their posts on various networks. Lots of retweets, likes and shares are great, and that increased activity certainly helps in validating your social proof. But going to a deeper level with what people are saying about you gets to the core—positive or negative. It’s a conversation opportunity that everybody sees and many will react to either online or off. That’s where loyalty blooms, trust blossoms and business happens.”
Your content should also position your CU as a trusted teacher, there to help members improve their lives financially. “If you can do that, the business will follow,” continues Lawson. “It’s called ‘reciprocation.’ You do something nice for somebody; that person will do something nice back, especially if what you offer benefits their lives.” It’s about connecting with, helping and influencing followers.
10. Give it Time
Impatience can be any business’s downfall when it comes to developing a robust, committed social strategy. “Many CUs start but don’t continue because of a lackluster response from members,” concludes Lawson. “It can take a bit of time to get going. But be patient. When it does take hold, social media is incredibly beneficial and powerful and enriching for your members.”
Stephanie Schwenn Sebring established and managed the marketing departments for three CUs and served in mentorship roles before launching her business. As owner of Fab Prose & Professional Writing, she assists CUs, industry suppliers, and any company wanting great content and a clear brand voice. Follow her on Twitter @fabprose.
Originally posted on CUES Inside Marketing, January 2017.
Watching, trying and wiping out are all keys to innovation.
The first of the year is always a time of reassessment. What did we do right last year and what did we do wrong—and how can we fix those wrongs this year? It’s also a time for opportunity. That means looking to the horizon at what will make us better, more efficient, productive and, hopefully, profitable so we can keep doing this again next year and the year after.
Conducting this annual assessment, one word keeps permeating the whole process: learning. No matter who you are—a rookie, mid-level manager, or a seasoned C-suite exec—learning should never cease.
Living in San Diego, I’ve been surfing for more than 25 years and I consider myself fairly decent in most conditions the ocean offers up. Although, you probably won’t see me surfing 30-foot waves at Pe’ahi off the coast of Maui—ever. (Pe’ahi has been nicknamed “Jaws” for good reason.)
Each time I surf, I try to paddle out with somebody who is better than me. This tactic allows me to do two things: push myself to match their level and pick their brains to learn more from them. Or, if I venture out by myself, I look for the best surfer in the water and study what they do and try to pick up a new move or two.
And, of course, the internet offers thousands and thousands of hours of footage of professional surfers doing their thing. Many of them even provide tutorials of how they have developed and perfected their moves, breaking them down in a step-by-step process. Thank you, YouTube.
In essence, I’m taking lessons to get better.
The same goes for my professional life. I enjoy writing, working with video and interviewing people. I am always researching new ways to better accomplish these tasks, reading related books to increase my knowledge and talking to experts who are way better than me on how they have perfected their craft. I do this to provide a better product to my audience, clients, sponsors, etc. They deserve it, which means they will keep returning.
For example, learning the technology and process of producing online video interviews for CUbroadcast took literally hundreds of hours of trial and error, testing different apps, cameras, lighting (still trying to get this one right), framing, graphics, intros/outros, music, etc. It’s still a process I practice today. When I started experimenting seven or eight years ago, much of what I’m using today wasn’t around—not to mention online bandwidth was, for the most part, dismal.
But I kept learning, kept researching, kept trying new things, kept “taking lessons.” There’s a saying in surfing that if you’re not falling, you’re not trying hard enough. I keep thinking about this little mantra when I’m surfing, but also when I’m doing new things in my professional life, pushing the product to be better.
From my perspective, companies like Blockbuster, Tower Records and even Sears stopped trying hard enough. It seemed like they stopped pushing their product to be better, instead being complacent with their “too-big-to-fail” business models, while others (Netflix, iTunes, Kindle, Uber, Tesla, etc.) tried, tested, perfected and leapfrogged the staid establishment.
So is your credit union trying hard enough? Are you consistently looking for ways to build a better mousetrap? Are you consistently looking to enhance your branch, online and mobile experience? Are consistently looking to tap experts’ knowledge on anything from technology to marketing to business operations? Are you consistently looking for classes and courses, webinars and seminars to simply learn more and contribute new ideas?
I just had lunch with a friend of mine who works at a local credit union. He was picking my brain on video, marketing, media, etc. for some lofty plans he has in 2017. He’s a credit union lifer, but he wants to break out of this-is-only-what-credit-unions-do silo and start doing some different revenue-generating and message-delivery projects that, to the best of my knowledge, haven’t been done before in our industry.
My friend is definitely stepping up and trying more than hard enough—and he may fall a couple of times. But he’s trying; he’s not satisfied. This is the type of thinking that creates change.
So where is your credit union? Are you satisfied with where it is today? We had a pretty good year in 2016, no doubt. Does that mean you can take it easy in 2017? No way. Keep that foot on the accelerator.
Keep taking lessons. Every little bit you absorb counts.
Sidebar alert: Much of the information I have gained over the years of research to hone my business and help others have materialized in little nuggets that amounted to big change. It seemed so minor at the time. But when you look back at all the little morsels gained over the years collectively, it’s significant. And when you see that significance, it fosters more motivation to amp up the learning.
No matter how big or small the gains, no matter your skill level, no matter your job; learning, testing, perfecting and executing can only help you and, ultimately, your organization exceed this year.
Internet Marketing Assistant
A lot of confusion surrounds the idea of what a credit union is, and what it can do for its members. With the copious amounts of high-fee, high-tech financial institutions competing for attention from customers, it’s not hard to mistake credit unions as “old-fashioned banks”.
ASI Federal Credit Union and other institutions alike have been around for quite some time, but they are far from obsolete. As a matter of fact, some people refer to credit unions as a better bank.
The goal of banks as for-profit institutions is to make money for the company’s stockholders. Making a profit is a harmless act. However, to them, you are only another customer whose worth is determined by how much money is stacked up in your safe.
At ASI and other credit unions, customers are looked at as members. We at ASI are non-profit and pass our profits on to our members in the form of low fees, low-rate auto loans and home loans, as well as benefits like dividends. Unlike a bank, credit unions use their profits to produce services and products that are more affordable to their community members.
Due to their small size, services and products like loans typically have lower interest rates and members relish over lower monthly loan payments than those that banks provide.
While certain credit unions exist as part of entities that service certain groups of people within a particular region, companies, church congregations, or civic organizations, ASI membership is open to all! ASI Federal Credit Union serves its highly valued members within these areas:
• Bridge City
• South Kenner
• St. Tammany Parish
• Lafourche Parish
• Orleans Parish
If you work, worship, attend school, or live in the above areas, you are eligible to join!
Although credit unions are definitely smaller than major national banks, most of the misunderstanding lies within the idea that credit unions offer less services than their larger counterparts and aren’t centrally located. Contrarily, members of credit unions do not have to worry about locating an ATM to serve them. ASI is able to give services and products that best meet individual needs over a Co-Op branching network through focusing on fewer brick-and-mortar locations and more on our valued members.
ASI provides you with flexibility and options when it comes to using ATMs as a part of this network. Relying on a member’s location, shared co-op branches and thousands of ATMs are at their disposal, so funds are always readily available. With a free ATM card, members of ASIFCU can relish in greater financial independence without ridiculous fees.
Credit unions are financial institutions that are federally regulated. However, this does not mean that their financial services are fewer, but rather provide service to a smaller customer population. Due to the fact that they are regulated by both state and federal levels, member investments are just as protected as they would be at a larger financial institution with a bank account.
When viewing the technological advancements made by credit unions, nothing outweighs the benefit of having member service and account access in the palm of your hands. ASI provides numerous 24/7 accessible e-services that include mobile banking, simple online loan applications with instant approvals, online banking, account transfers, email access to our member service representatives, and bill pay.
Theoretically, is a credit union really old-fashioned? With the expanding need for institutions to provide amazing member/customer service while simultaneously keeping up with technology, ASI is absolutely not your parents’ bank. We are a financial institution that works for our members’ well-being while safeguarding their investments, making financial services and products more affordable, and treating them respectfully.
Contact ASI Federal Credit Union today to learn how you can join our ASI family.
As seen on CUES Inside Marketing September 2016.
Do your credit union videos follow these three rules?
With video encroaching more and more in our professional lives and helping to market our businesses, one of the most powerful formats of this medium is the video interview. Whether you're interviewing success stories from members (credit unions) or clients (industry vendors), these objective testimonies are powerful pieces of communication.
To see the emotion and transformation from the interviewee causes an immediate connection with the audience. That's the beauty of video. It captures facial expressions, voice inflection, body movement and so much more that enhances the message’s delivery and connection. It’s challenging to create that with text or audio.
So if you are going to venture down the video interview road, here is the successful video interview trifecta that will sure to connect and possibly convert your audience.
1. Be Succinct
As with most successful online videos, brevity is key for high viewership. There's a reason why so many people watch video, they’re short and to the point -- at least the good ones are.
So a timing rule of thumb is keeping your productions around two or three minutes. People are in a hurry these days. If you can get your point across in that amount of time — or less, the more views you will receive.
And for the interview format, unless it’s incredibly compelling, you want these to be short, as well. The last thing you want is to have your subject going on and on about something or veering off on an unrelated tangent. Boring your audience is not the end goal. It’s all about audience engagement. If this scenario occurs, editing for brevity is a must.
Keeping your video interviews brief also keeps your audience engaged. Even if the video goes long for some reason and you can’t edit it down, break it up into multiple parts or a series. Then tease the next part coming up like a cliffhanger for your viewers to keep them coming back for the next episode.
Another bit of advice for brevity, coach your interview subject beforehand, telling them to keep their responses short by getting to the point quickly. You might have to shoot a few takes, but it will be worth it in the performance of your video interview. Study after study has shown short videos receive high viewership
2. Be Informative
Like being succinct, you have to be quick presenting your information. Studies have also shown that viewers check out of a video within seven seconds if it’s not interesting. So whatever golden nugget of information you or your interviewee has, present it within seven to 10 seconds to keep your audience engaged.
Here’s an idea: Place a compelling teaser quote or soundbite from the interview at the beginning of the video to hook your audience immediately. That soundbite from your subject may naturally occur later in the video, but it’s so compelling you have to tease or lead with it at the top of the video to hook your viewers. The viewer will see it later in the video and connect the dots. It’s a very effective technique that most TV newscasts have perfected over the years. So why not your online video interview?
Another tactic is to use a list: “5 Ways to Save for a Rich Retirement,” “4 Steps to a Robust Savings,” “3 Effective Strategies to Improve Your Mortgage Lending Performance” are a few examples.
If viewers see a list like these in the title, they are more likely to watch because they know they can get through the points quite quickly. But the caveat here is not to make the explanation of each step, strategy, method, etc. long. Keep them brief, as well, so you can move on to the next one.
3. Be Entertaining
You don’t have to be a clown, magician or stand up comedian for these productions, but having a bit of energy and personality sure helps. Remember the high school teacher in the movie “Ferris Bueller’s Day Off” (dating myself, I know)? He would take roll in class in a very monotone, boring voice: “Bueller … Bueller … Bueller …”
It was funny in the movie because most of us can relate to going back to our high school days. But it won’t transfer very well in an online video interview. Your audience will click over to a cute kitten dancing to the Grease soundtrack video in a millisecond if you or your guest sound like that. It won’t matter how good your content is, having a vanilla mannequin as a guest and/or host spells disaster for any production.
So, again, make sure you and your guest have energy. It shows passion, interest and enthusiasm — and viewers are attracted to this positive vibe. Having this vitality and optimism may take some guest recruiting. But once you find a few, it’s gold.
Surprisingly, finding folks like this is getting easier and easier today, as many of us — along with the younger generations — are getting used to video because of smartphone technology. It’s not such a big deal anymore stepping in front of the camera because it’s happening everyday for a lot of people. We are becoming more and more acclimated to being on camera than ever before.
So the camera is not just for actors and newscasters anymore. With the advent of the smartphone camera, it’s for all of us. And this mobile tech means finding upbeat guests for your video interviews won’t be as challenging as in the past. They just might need a bit of coaching on how to be brief and get to the point quickly.
Again, video interviews are very powerful pieces of communication. They catch every nuance of a person’s personality and how deeply they were affected by your credit union’s help. Viewers can see it immediately. And that’s good TV.
How are interviews working for your credit union or company?
As seen on CUES Inside Marketing July 2016.
As you know by now, I am quite biased when it comes to video marketing. Over the past couple years, I have written extensively about this continually growing trend. Video is here to stay. If you’re not using it now, it better be in your plans for 2017 because most marketing efforts are including productions to better connect with targeted audiences.
Let’s look at 17 ways to use video to promote your credit union by enhancing ties with members and prompting them to act—by signing up for a new service, applying for a loan, enrolling in a seminar/webinar, or simply sharing the video with a friend (a.k.a., a prospective member).
Many of these ideas may seem obvious, while others will make you think of new ways to deliver content. My primary aim is to get you to use this medium. It’s been proven time and time again that video sticks and gets results.
1. Sales Video. Introduce a new product or service that addresses members’ pain points—problems, struggles, frustrations—and converts the relationship from a single savings accountholder to an active borrower, investor or student of financial literacy, for example.
2. Cross-Sell/Upsell Video. Just as many core processing and other technology systems have built-in cross-sell applications for credit union staff to alert members, videos can serve the same function by accompanying credit card, loan and CD promotions.
3. Thank You Video. Send members a message of appreciation for signing up for a new product or service, applying for a loan, or attending a seminar/webinar. Offer next best steps—perhaps with a segue to a cross-sell/upsell video.
4. YouTube Video. YouTube is the second largest search engine on the planet. To gain exposure across an expanding FOM, post your videos on YouTube—or better yet, create your own channel. This mega-platform offers all sorts of benefits to attract new eyes and keep established ones coming back for your sharable, free content, offers and promotions.
5. Call to Action Video. Create a simple production that prompts members to take action and inspires them to take the next step, such as registering for a webinar, opening a CD, taking advantage of a super-low loan rate or downloading a free education guide.
6. About Me Video. Leverage the power of storytelling by creating a fun, creative and motivating showcase of your credit union and its message and mission. This is one of my favorite video strategies for credit unions.
7. Webinar Thank You Video. Webinars, if done right, are powerful and effective vehicles to deliver your message, educate, and promote products and service. But they do require members to take time from their day to attend. Once they have registered, thank them and give them instructions or pre-webinar details before you get started. They will greatly appreciate it.
8. Inspirational Video. Look for ways to inspire, entertain and share your message with members. This video can consist of member success stories, motivational talks from your president/CEO, educational content from subject matter experts, community outreach efforts, and much more. Again, these can be creative and fun to produce.
9. Product Review Video. With technology moving at the speed of light these days, members may be hazy on how a new digital service works (Apple Pay comes to mind). Feature one of your IT experts reviewing and explaining this service to build trust with members and position your credit union as a teacher and technology leader.
10. New Member Welcome Video. Many credit unions have produced these videos, and you should, too. What an ideal opportunity to create and build a connection from the beginning. Business at its core is all about relationships, and nothing breaks the ice like a personal welcome. This video can double as a subtle upsell/cross-sell.
11. Course Videos. If your credit union is offering an online course on investing, retirement planning, or debt management, to name just a few popular topics, then you’re a step ahead of the competition. A multi-week course keeps members coming back week after week, day after day for more information. This video production makes your credit union a trusted resource. At CUbroadcast, we are producing a number of online courses to educate our audience in 2017. We can help you with the process.
12. Video Advertisement. We’re not talking about a traditional TV commercial that might get watched or passed over via DVR. Today’s advertising has become a pay-to-play game, and social media advertising is a fantastic way to find and attract members and prospective members that would benefit from your credit union’s products and services. Facebook advertising, if properly performed, can be an incredible investment delivering amazing results.
13. Launch Videos. When you’re ready to promote your product or service (Can you say mobile?), you’ll need to record this series of videos to alert members about the impending launch and build anticipation for its delivery.
14. Promo Video. Create these videos to educate members about a product or service that needs to be promoted over time. A tip that many marketers forget is to make these videos highly sharable to spread the word organically.
15. Free Content Video. Any time you can provide members with free educational content, do it. They will love you for it—and come back again and again as their primary financial and trusted resource. Many of us, me included, need all the help we can get when it comes to our finances.
16. Interview Videos. Q&A videos can be incredibly engaging. Interview an expert on a high-interest topic, such as mortgages or investments, and post the conversation in episodes. Keep them short—under four or five minutes is best.
17. How-To Videos. One of the most sought-after forms of video on YouTube is the how-to. If you have a product or service that might be confusing, that’s an opportunity to create one of these videos. Providing educational, helpful material builds affinity and trust.
What successes have you had in using video? Let us know so we can share your ideas.
As seen on CUES Inside Marketing May 2016.
We are living in financial technology times that are like no other. It’s exciting, suspenseful and, at times, stressful. How do we keep up with what’s next? We have to ask ourselves: Is it compliant? Is this something we really need — if so, why? It’s head-spinning stuff that makes our lives anything but dull.
As most of us may remember, financial services were pretty mundane back in the day. It was something we had to do — writing checks, making deposits to savings, paying off loans, transferring between accounts, and opening CDs. But today there are so many headline-grabbing stories of payments technology advancements, biometrics security solutions, and mobile everything, which all directly impact our industry.
Navy Fed logo
It wasn’t until I saw the logo of $73 billion Navy Federal Credit Union, Vienna, Va., logo onscreen behind Apple CEO Tim Cook when he announced the first few financial institutions that would be using Apple Pay that the “cool factor” really kicked in for me. I got started in the financial services industry just as Internet home banking was on the proverbial launch pad. But that seemed more like science fiction at the time — with a ton of questions: What, I’m going to manage my money on a website? Are you sure that’s gonna fly?” The Navy FCU logo onstage at Apple’s event, however, was so legit, so cool.
I just went to the pet store to buy some dog food for our two furry family members and there on the payment terminal was “Apple Pay Accepted Here” message. So I used my Apple Pay-enabled credit union card via my iPhone to make the purchase. That’s cool — the fact that my credit union (San Diego County Credit Union shout out!) offers Apple Pay makes me love it that much more.
I’m sure there are many other industry milestones that have similar meaning to you at whatever stage of your career you were/are at. But the point is, can you remember any time in history where financial services has been so mainstream, so popular, so interesting, because of all the major players involved and their mind-blowing innovations? And to have your credit union affiliated with those organizations enhances its attractiveness in a big way. That’s good for marketing — and eventually business (as long as it all works well.)
Everybody smiles when they see something cool
So what’s your credit union’s cool factor worth? Probably more than you think. Everybody smiles when they see something cool — whether it’s a movie, song, sports, and, yes, even technology.
So, subtly, when you implement a new mobile service, a new biometrics security measure, or even a teller-free branch loaded with iPad kiosks, aren’t you instilling a cool factor — along with the efficient new services? The answer is a resounding yes. And your members, most likely, are going to love it because it’s cool to use. And, even better, they’re going to talk about it.
Tell me, Navy FCU members, that you weren’t over the moon when you saw your credit union’s logo at that Apple event as one of the first FIs to implement Apple Pay? The whole credit union industry was buzzing. Tell me, First Tech Credit Union members, that you aren’t stoked to use MasterCard’s “Selfie Pay.” Tell me, Mountain America Credit Union members, that you aren’t amazed to use its EyeVerify biometrics account opening app that essentially requires you to blink your eyes to gain access to your account.
Good grief, I was so excited when my San Diego-based credit union (which has $7 billion in assets) implemented remote deposit capture a few moons ago and I used it for the first time. I couldn’t wait to tell every living soul about it. “That’s so cool,” was what I heard from just about everybody — while probably piquing their interest in a credit union for the first time.
One of credit unions’ biggest concerns today is staying relevant. Trying new things like proven biometrics, convenient mobile payments, voice-command banking (Amazon Echo or Apple’s Siri), integrated finance within the growing area of “Internet of Things,” and much more, all greatly enhances that relevancy. There’s an old marketing strategy of smaller, lesser-known companies associating themselves with larger, high-profile companies that propel them to a higher level. This association results in more credibility, increases leadership position, and, yes, enhances their cool factor.
I’m not saying to do these things just because they are cool. Do these things because they work and future members (hello, again, millennials) will need them. So skate to where the puck is going to be (thank you, Mr. Gretzky). This affiliation enhances the visibility of your credit union exponentially being “aligned” with such high profile and, hopefully, reputable names as Apple, Amazon, Google, Facebook and Samsung.
Giving back is cool
Let’s jump off the technology hoverboard for second and think about another good thing your credit union can do to enhance its cool factor: giving. Philanthropy, as we all know, rocks. And probably most, if not all, of you do this, anyway. But you can never rest on your laurels when it comes to giving back. Doing so is cool and enhances your credit union’s value in your members’ eyes. And chances are these efforts pass on to consumers to consider you as their new primary financial institution.
To sum it up, a cool factor definitely matters to be relevant. As superficial as it sounds, it’s true. But you have to back it up. You have to work to get there. You can have the cool technology, but make sure it works well and your members really need it. Ask your “why” here, and make your move. Also do the cool things that matter to your community; the message that sends about your values will resonate throughout your membership.
Work hard to do what’s best for your credit union, your members, and your community — and your cool factor will thrive. What’s that worth?
Author: Mike Lawson
Married to a most gorgeous and wonderful wife, raising 5 kiddos (including twins!), enjoy helping others tell their stories, and love surfing SoCal waves. Keep it simple.