Channels Create Connections

Take a multichannel approach to building relationships.

February 12, 2013

In today’s market, offering multichannel solutions is a must. But remember that each channel should focus on what it does best.

Your branch is the hub for acquiring and deepening member relationships. There, you can offer one-on-one consultation, customer service and problem resolution for richer member experiences.

Call centers bridge the gap between face-to-face and self-service, satisfying information needs and resolving problems. The anytime convenience of mobile, online, and ATM channels makes them best-suited for routine self-service transactions.

However, as important extensions of your brand, they need to offer comprehensive and convenient services that satisfy member demands.

Relationship-building at the branch

Consumers continue to value personal interaction at the branch—and not just for transactions:
• 83% are interested in branches that offer more financial and advisory services;
• 26% would leave their current institution if advisors were removed from branches;
• 80% prefer opening a deposit account at a branch;
• 75% prefer applying for a loan at a branch; and
• 56% believe branch location is important when selecting an institution.

Be mobile

Mobile services are must-have offerings to appease technology-hungry consumers—especially Millennials who will account for 40% of total transactions by 2017.

Millennials are 33% more likely than Boomers to use mobile banking functionalities such as mobile remote deposit capture, person-to-person payments, debit card-locking security features, and cardless transactions.

Don’t get left behind

To meet member expectations, credit unions need to keep pace with technology. And that pace is rapidly accelerating.

The Apple iPad, for instance, took a mere 18 months to go mainstream, compared to 50 years for the telephone, 25 years for television, and 13 years for mobile phones and personal computers.

Source: "Leveraging Technology to Humanize Service," a report from Diebold.