Curing Your AGM Headaches

As Annual General Meeting (AGM) season approaches for credit unions, the recurring challenges of cost, complexity and compliance are enough to give anyone a headache. In Ireland, a potential cure has emerged via the Credit Union (Amendment) Act, which was signed into law in December 2023, as it opened up the possibility of digital remedies for the pain, cost and environmental impact of AGM communication.

CustomerMinds is uniquely positioned to offer SMART Customer Journeys that can help credit unions to digitise, automate and personalise the process of member communication and engagement during this critical period, reducing both cost and complexity while addressing regulatory and ESG requirements.

Potential AGM Headaches

The intensity of the workload and the key challenges presented at AGM season are well understood:

  1. High Costs: Sending AGM notifications and packs to every member, particularly by post, can become costly. This is exacerbated by increasing postage costs which are making physical mail campaigns increasingly unsustainable for many credit unions.
  2. Complexity in Communications: Managing communications across a diverse member base is challenging, especially when preferences vary between digital and physical formats. This often results in operational bottlenecks and an inconsistent customer experience.
  3. Regulatory Challenges: Credit unions are obligated to follow stringent regulations, particularly with respect to the Credit Union Act, GDPR and data protection. Ensuring compliance while managing large volumes of communication is a time-consuming and potentially error-prone process.
  4. ESG Considerations: As financial institutions move towards greener operations, the environmental impact of traditional mail campaigns is under scrutiny. Credit unions need to find a balance between meeting customer preferences and minimising their carbon footprint.

CustomerMinds’ Instant Pain Relief

CustomerMinds, through its Which50 platform and digital-to-print hybrid solution have developed a targeted cure for the pain of AGM season. The Which50 platform integrates digital and print communications seamlessly, offering several key benefits to credit unions during AGM season:

  1. Cost Savings: By using digital-first communications, credit unions can drastically reduce their per-member communication costs. While physical post remains necessary for some members, the digital-to-print waterfall method minimises the number of physical AGM packs to be sent in the post. By way of example, Life Credit Union transitioned nearly 75% of their member communications to digital, saving significantly on print and postage costs.
  2. Inclusivity and Member Preferences: A key aspect of our solution is providing credit unions with the ability to cater to all members regardless of their communication preferences. Many credit unions have members who still prefer physical mail, particularly among older demographics. The hybrid approach ensures inclusivity by automatically sending physical mail to those who opt out of digital communications – all through a single, automated workflow.
  3. GDPR Compliance: With the increasing focus on data privacy, CustomerMinds provides a platform that ensures all communications comply with GDPR. The system tracks permissions, opt-outs, and the delivery of communications, providing transparency and traceability. This level of control is essential for credit unions, which must demonstrate compliance with data protection laws.
  4. ESG Commitment: Credit unions in Ireland champion Environmental, Social, and Governance (ESG) considerations. By transitioning to a digital-first approach, credit unions can significantly reduce their reliance on printed materials thereby aligning with their ESG goals.
  5. Operational Efficiency: CustomerMinds simplifies the communication process by automating workflows and minimising human intervention. By managing both digital and print communications on a single platform, credit unions can save time and resources while ensuring consistent messaging across all channels. This leads to a smoother and more efficient AGM communication process​.

The Digital-to-Print Hybrid Solution

The innovative Digital-to-Print hybrid solution is central to this approach. The platform first attempts to send AGM notices via email with optional reminders through SMS and WhatsApp. If members do not engage with these messages, or if emails bounce, the system automatically switches to physical mail delivery. This ensures that every member is reached without requiring additional manual input, keeping communication costs and efforts to a minimum. For Irish credit unions, AGM season no longer needs to be a painful period of high costs, complex workflows and regulatory headaches.

Conclusion

CustomerMinds offers a comprehensive solution that tackles the pain at source while delivering significant cost savings, operational efficiencies and ESG benefits. By leveraging their digital-to-print hybrid system, credit unions can ensure compliance, cater to all member preferences and drive down the overall cost to serve, thereby making the AGM communication process smooth, efficient and sustainable.

To find out more about the Digital AGM Solutions available from CustomerMinds, download our Digital Playbook which describes our “5-Step Process for Better AGMs”.

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