The Federal Credit Union March-April 2014 - (Page 46)

INSIDE NAFCU SERVICES 'Flirting' With Your Members in the E-branch Leverage Member Loyalty to Create Online Income Opportunities By Jeffrey Chesky A ccording to the American Customer Satisfaction Index1, credit unions enjoy the highest level of satisfaction among 45 business-to-consumer sectors and industries. This extraordinary level of satisfaction means your members trust you with more than just their personal financial data. By transforming your website from brochureware to e-commerce, you can leverage this trust to better serve your members and generate new income streams. Consider the shopping experience on The site remembers who you are each time you visit and frequently offers new recommendations based upon what you are viewing, recently purchased or searched for. This personalized shopping experience fosters trust (you know me!) and, consequently, more sales. Now consider how often ads on your website are refreshed and whether those ads are targeted and relevant to the individual member. The good news is that you don't need complex programming or resources to mimic the experience. Even more good news: Your online banking platform already provides a steadily increasing stream of visitors to your website. Your Web traffic reporting tool shows when they visit, which pages they visit and how long they stay. Along with simple tools and regular testing, you Along with simple tools and regular testing, you can convert this mountain of data into income opportunities. can convert this mountain of data into income opportunities. From booking new loans to selling insurance, you can sell more services with a dynamic website optimized for e-commerce rather than a static site that looks more like a brochure in your branch. Here's where the "flirting" comes in: Like any successful retail store, you must constantly update the online equivalent of a store's floor displays. Macy's or Best Buy would not sell as many items if their floor displays never changed. Change your ads on a daily basis - the product, the placement and the visual. Test and retest to understand what attracts your members. This constant flirting with your members' eyeballs is what eventually drives them to purchase online. Remember, they already deeply trust you, so they are amenable to this flirting. Flirting in the e-branch isn't as difficult as it sounds, nor do you need to turn your site over to a third-party vendor site where you lose income and control over the member experience. There are tools in the marketplace that help you automatically swap ads and track performance. Your content management system may already do this. When developing your flirting plan, resist the urge to make it complicated. Focus on the visuals, calls to action and products that dazzle or protect members, then use constant refresh rates. Your members know and trust you. Let them know you have more than ever before to offer them and that it's all available online. If you make it available, your members will shop, compare and buy services on your site. Jeffrey Chesky is president and CEO of Insuritas. Chesky is presenting a workshop at the NAFCU Strategic Growth Conference, March 4-6, on "Re-engineering Your Website From an Online Brochure Into an E-commerce Powerhouse." 1. As of January 15, 2014, credit unions were tied with televisions and video players for first place with a score of 85. 46 THE FEDERAL CREDIT UNION MARCH-APRIL 2014

Table of Contents for the Digital Edition of The Federal Credit Union March-April 2014

Voices & Opinions
From the Chair
Inside NAFCU
Succession Success
100 Ways to Grow
Marketing Winners
Getting to Know...
Managment Insight
Compliance Central
Inside NAFCU Services
From the President's Desk

The Federal Credit Union March-April 2014