Credit Unions continue to be one of the most trusted brands in Ireland. According to the RepTrak® 2020 study, Credit Unions topped the financial services category with a score of 83.7, far ahead of the average score in the sector.
However, the rising expectations of digital-savvy Members and growing competition have forced Credit Unions to explore new and innovative ways to attract new Members, while maintaining engagement across their current Member base.
Why Credit Unions Are Going Paperless
Although trust amongst Members is very strong, not adapting to the changing needs of Members will result in Credit Unions missing an opportunity to improve Member experience while reducing the ‘cost to serve’ and meet new regulations.
A key area in which Credit Unions can implement a ‘paperless’ approach and help digitally transform the organisation is the AGM. Our digital communication platform, Which50, has helped Credit Unions achieve this by leveraging Member data to create personalised digital journeys across emails, SMS and web pages.
From working with our clients, we have highlighted three common reasons why Credit Unions are going paperless and digitally transforming how they send out their AGM notices and E-Statements.
1 Reduce time and money spent on printing and posting AGM packs.
Printing and posting AGM packs cost a substantial amount of resources as well as not being eco-friendly. Save money, time and the environment by going digital. By applying a digital-approach now, each year Credit Unions will increase their Member email count and costs associated with sending AGM invites will reduce.
2. Collecting Member consent is a top priority for Credit Unions.
The longer Credit Unions delay on collecting Member consent to send electronic communications, the longer they have to wait to go paperless. Credit Unions do not want to be left behind. Additionally, creating GDPR compliant marketing campaigns and offering control over communication preferences can help build trust with your Members and drive better engagement. Understanding your Members communication preferences allows Credit Unions to focus on their target audiences and tailor their messaging to deliver more relevant marketing campaigns to Members.
3. Deliver a digital experience that Members expect.
With the recent growth of fin-tech providers such as Revolut, providing a personalised and seamless digital experience is a must-have for Credit Unions to remain competitive going forward. Providing a digital alternative to receiving a large AGM pack in the post is a significant improvement in Member experience.
If you would like to find out more how about the work we do with Credit Unions, please visit our Credit Union section.
Furthermore, if your Credit Union would like to begin its digital journey and start sending out AGM Invites and e-statements electronically, get in contact with CustomerMinds by calling us at (01) 513 2620 or send an email to email@example.com.