How much attention do you pay to your credit union statement? Be honest here as you don’t have to impress anyone with your answer! Too many people simply toss them out with merely a glance. Others hold onto them and place them in a file, but they may still be in the envelope they were mailed in! It is important to evaluate your credit unions statement though. Otherwise how do you know if the information on it is correct?
There is plenty of information to be found on your credit union statement. Learning how to read it is a very important task. Most of the time the process will be self explanatory but if it isn’t ask someone that works there to go over it with you. Being able to see what money you put in as well as what you take out is important.
At the same time you should be able to see if you are making any interest on the account. If so what is the current rate? Is that rate a good one compared to what other credit unions have to offer? If you aren’t sure then it is time for you to spend a bit of time conducting research. Making as much money as you can from that balance is a key aspect of being money wise.
Of course you also need to explore your credit union statement for fees. They can eat way at the amount of money you have in that account if you aren’t careful. What are those fees for? If they don’t show itemized elements to them then you definitely need to ask. You should also consider asking your credit union to waive such fees. They won’t do it automatically but if they feel you may take your business elsewhere it is likely something they can do to maintain your business.
Get into the habit of evaluating your credit union statement in the days after you receive it. Otherwise the risk of unauthorized transactions or mistakes can be there and you will never know about it. When you do find such mistakes it can be too late to have them corrected. Your money is very important so pay attention to what is going on with it. Never just assume your credit union has it all under control on your behalf.
You can count on that traditional paper statement to come your way if you would like. If not, there are some other choices when it comes to looking over your credit union statement. Most of these entities offer you a chance to view it online. The benefit is that you can do so anytime you want – even between statement dates. You can also buy software that allows you to customize your credit union statement information.
It is easier than you may have thought to keep track of all your information. You can also feel good knowing that you are staying on top of all of it. The process doesn’t have to make your head hurt though or consume large amounts of time. It is part of being responsible with your income though so find a method you are happy with and stick to it.
Today you will find many different types of credit union correspondence offered. In the past, all you got from them was monthly statements and perhaps payment reminders. Today you can get alerts about your accounts so that you always know what is going on with them. You can also go online and review all of your transactions for your account. This is a terrific way to be able to keep up on what it going on with it between your statements.
Of course all of this doesn’t mean that old fashioned means of correspondence are no longer considered. You can always walk into your credit union and discuss your account with them. Pick up the phone and give them a call to ask questions and to stay well informed about certain things. Keep in mind that over the phone you may need to provide some type of verification about your identity. This is for security purposes so that your account information isn’t given out due to false pretenses.
You can also conduct credit union correspondence though the mail if you like. There may be written documentation you need to obtain for your records or some form of verifications. Such letters should specific what you need, where to send it, and the accounts you need information about. That will assist them in getting it all right to you in a short period of time.
In some instances it is possible to do the correspondence through email on their website. This can be a feature that works well for those that can’t contact the credit union during normal business hours. For essential credit union correspondence not everyone has a job where they can just pick up the phone and discuss an account for a few minutes.
Most of the time the email response will be received within 24 hours. At the very least an automated message will be offered that lets the customer know that their inquiry has been received. If there is a ticketing system then a reference number of that email can be provided as well.
Of course most people want to have access to credit union correspondence when it fits into their schedule. This is why the online access is so successful. People can log into their account any time of the day or the night. They can also do so when the credit union is closed on the weekends. It may be possible to make payments online as well which is definitely a benefit for customers. The more features that the credit union can offer the easier it will be to offer something every customer can benefit from.
With the technology we have today, credit union correspondence is able to better help customers stay on track with their accounts. What each entity will offer though can vary so make sure you look into this. Some of them charge monthly fees for these services but most of them do it for free. It is a way to give something of value back to their much appreciated customers.
Today banks are doing everything they can to get and retain customers. One of the offers they present are bank alerts. You can easily sign up for them so that you get notifications for a variety of things. Many of these services are free of charge and you get to customize what you wish to be notified about. You can also select how you wish to be notified.
Today just about everyone has a computer at home. Bank alerts via email is a very simple and effective method used. Everything is set up electronically based on the filters that have been applied to your account. It is simple enough for banks to offer such services without it being time consuming or expensive on their end.
Today most everyone also has a mobile phone in their possession. You can also sign up for bank alerts to go directly to your phone. This can be very convenient too for times when you are away from a computer. If you get unlimited texting on your mobile phone then you may as well take advantage of such benefits that are extended to you.
Some of these bank alerts can be offered to remind you of payments that are due on loans. Such reminders can prevent you from paying them late due to being unorganized. When you make late payments there are often additional fees assessed. At the same time it can hurt your chances of getting additional funding you may need in the future.
Bank alerts when your checking account drops to a certain amount of money is important too. Then you will never have to worry about annoying overdraft costs again. You may have payments set up to come out of your account directly on scheduled dates. This information can also help you to remember to write them down as you will get an alert when they are taken out.
How often do you check your bank statement? It may not be often enough when you consider fraud that can occur. These bank alerts can prevent you from financial disaster when used properly. If there are transactions associated with your account that you normally wouldn’t see then you they will send an alert to you. Double check to make sure you are indeed the one that has made those transactions.
The specifics of what is offered with bank alerts can vary by institution. If you are interested then take some time to find out what is offered. You can talk to someone at the bank for more information. Most of them also have all of that information on their website. You may be able to sign up there at your convenience. With bank alerts you can always stay on top of your account activities.
As you discover the different ways you can benefit from bank alerts, you will become more interested in them. If your bank doesn’t currently offer such services you should ask about them. If they find there is enough consumer demand they will likely implement such a program in the near future.
When it comes to credit unions they want to be well known as taking care of customer needs. They have the banks to compete with which is why credit union alerts have become very common. They also don’t charge for these additional benefits so that their customers will feel that their needs are taken care of. These entities don’t want to lose business by not providing these types of features that customers are looking for.
There are a variety of different types of credit union alerts. You may have a savings account there and get alerts about your balance. You can get reminders about payments you have coming do as well. Credit unions are often lenders so that is a great way to stay on top of your account. How many times have you forgotten to make your payment until they send you a late notice?
Most of the time credit union alerts are going to be sent to you through your email account. This is a cost effective methods for them to use so that they don’t incur additional costs to bring you those types of services. In some instances you may be able to get those alerts sent to your cell phone. You will need to ask them what they offer and then decide which method best covers your needs.
It can become extremely easy to keep track of your check account balance with credit union alerts. How many times have you forgotten to write down a transaction and then it hurt your balance? If you have two people on a given account then that can also occur more often. One person forgets to tell the other they made a transaction so there is less money in the account than they thought.
Credit union alerts can help them to get their money that is due on time as well. This cuts down on their collection efforts so it can be a winning situation for them as well. They can also use these alerts to tell customers of additional savings such as when interest rates drop. This type of marketing is highly effective and it is also extremely affordable for the credit union to engage in.
Today more credit unions offer this type of service than ever before. Chances are you may have gotten some information on this from your own credit union. If not, ask them what they offer as it may be in the works or something new. If you really do want to be able to rely upon credit union alerts though you may have to change entities you work with.
However, if you let the one you are with know that you may be switching if they can’t offer such alerts it can motivate them to do so. They will realize that you aren’t the only customer that feels that way. The last thing they want is to lose business because they weren’t able to keep up with the changing needs of their customers.
When it comes to aggregated bank statements, one of the benefits is that they certainly are convenient. It is common for people to have accounts with many different entities. Your bank account may be at one place and then you may have a few credit cards from other locations. Sure, you can go online and check all of these accounts separately. However, that is time consuming and you have to memorize lots of different log in information.
With aggregated bank statements though you only have to log into one location. Once you are there you have the chance to check out all of the different accounts you have. It is all in one place so you can easily view it and move on to the next thing on your to do list. The format is also one that you can easily learn. When your accounts are separate each one may have a different method of navigation.
If you are interested in aggregated bank statements, talk to your bank. Most of them offer this type of service for the convenience of their customers. If they don’t, you will find some online resources you can turn to. They can help you to gather these accounts in one place. Then you don’t have to try to keep track of all the URL’s and log in information for each of them separately. The more accounts you have the more you will appreciate such a service.
As a word of caution though make sure you fully evaluate the reputation of such an entity before you put your personal information into their database. Most of the time such services are offered free of charge. Even if you sign up through your bank it is wise to take the time to review the policies for security. Make sure all of your personal information is well protected. You also want to verify they won’t be sharing your information with anyone else.
There are many reasons why aggregated bank statements are a good idea. Identity theft is a huge problem in our society. The cloak of the internet makes it more enticing too as these criminals are less likely to get caught. When you check your statements frequently online you can notify those in charge immediately if you see strange activities on your account.
The amount damage that can occur in the month between statements is unbelievable. Through the use of aggregated bank statements you are being proactive when it comes to protecting your personal information. You simply can’t be too careful in this day and age when it comes to such concerns.
If one of your goals for the new year is to get organized and to take better care of your finances, aggregated bank statements can help you to fulfill that commitment. With this type of service you can stay on top of your checking account balance and pay your credit cards on time. Those late payment fees and overdraft fees are ridiculous and you need to make sure they don’t occur.
Is your organization doing enough to differentiate itself from the bank down the street??? I look at organizations all the time who claim to have significant differentiation in place for products and services but, when looked at closely, there is nothing significant except the same old differences in rates and fees. To better address this, ask yourself today what would be the number one pain point for your customers today if they left? If you are having trouble answering that question, it is time for you to get busy!
The timing of this post is directly related to a customer that I am working with who really understands how to differentiate themselves from their competition. They are working on utilizing their enterprise customer communications management software to make charge-back notices with item images available real-time. This is great differentiation as it provides significant value to their commercial customers and none of their competitors can come close to offering similar functionality. Their customers will need to give up significant value to move their relationship.
Most organizations have a tremendous amount of data available that could be used to differentiate from the bank down the street. Enterprise Communications Management will empower your organization to deliver true differentiation by providing this to your customer in a timely and relevant way!
Chances are, if a bank customer or credit union member has a desire to see their statement (and notices if available) electronically, they already are. That leaves the paper chasers that are content receiving an envelope in the mail every month.
Face it; eStatements are commonplace these days. The paper chasing stalwarts that have not opted for electronic delivery by now will need some coaxing. A compelling reason is needed and it will take a benefit of some kind to make them move.
Of course, my first recommendation is to deliver electronic documents that have value add in the documents that you are presenting electronically. However, if your organization is not using Optria iStatements you need another approach.
In my Favorites folder, I have amassed a large number of links to articles that describe various incentives banks are using to convert the paper chasers to eStatements. Below is one of the most recent articles added to my Favorites:
This article, like most of the others, suggests financial incentives. Common financial incentives include cash bonuses, sweepstakes entries, higher interest rates, lower fees and even toasters (actually, no bread warming devices were used in any of these articles).
Many of the articles reference the importance of presenting the appropriate message, location of your message, and consistency in how you present it. Remember, awareness, awareness, and awareness!
Paper Chaser in "Rap Speak" is a person that chases money. If it takes $20 or $30 for each account to get your paper statement chasing customers to convert to electronic statements and notices, so be it. The long-term return will be worth it.
"Badge Value" (or brand value) is a primary focus of all good Marketers. It is the combination of real and perceived value that often increases our adrenaline when examining a product or service.
Badge value is difficult and expensive to create through advertising alone. Generally, your existing customers are your best path to achieve badge value. If you have an offering that meets their needs, deliver it with an exceptional and consistent level of service, and ensure that your image resonates with every interaction, you will generate Badge Value.
Laura Pasternak writes, in her article Brand Beyond Marketing;
"Despite what many believe, brand isn't about your logo, tagline and glossy brochure. Instead, a strong brand integrates multiple components, all of them necessary, including customer interactions, employee communications, corporate philosophy and advertising/marketing efforts." Customer interactions with financial institutions are achieved through many touch points: face-to-face conversations in the branch, phone calls in and out of the call center, at the ATM, over your website, your Internet Banking solution, and through periodic correspondence.
There are a variety of approaches and tools that can assist in enhancing the face-to-face and phone call customer interactions. Some ATM solutions allow for enhanced customer interaction, although this is often limited unless the ATM processing is being serviced in an in-house environment.
Your periodic correspondence is one of the most frequent ways you communicate with your customer. It is important to present the same level of of interaction through this channel as you do through the others. With a well presented brand image, targeted value add marketing promotions, community activities and involvement, and customer and employee recognitions, your badge value will grow through your customers.
If your organization is providing a high level of service and a consistent message through every customer interaction, you will achieve a strong Badge Value.
As the article states; top tier banks have done a good job, for the most part, of pushing out effective marketing information to their customers via electronic channels.
The article also talks to the fact that banks have become adept at using "traditional" marketing channels. What I am seeing is more of an acceptance of the status quo than an adept use of traditional marketing.
Earlier this year I asked a bank SVP how effective their statement insert marketing was proving to be. With no metrics in hand, he said it is costly and I do not really know if it works or not. When I asked about some more progressive options, he stated that management is comfortable with this large annual expenditure on inserts as it was something the bank had been doing for years.
I understand that pulling funded items out of the budget and trying to replace them with new items is risky in many organizations, but to do something just because you have always done it is not the right approach.
Many small and mid-tier banks are progressive, utilizing the online channel and many other non-traditional marketing methods. I applaud them and those willing to break from the status quo. 0 Comments »
There is an interesting article at the link below stating that 71% of the large US banks have adopted some level of multi-language capability to their web presence. Chase and Wachovia were sited specifically for their Spanish language online statements.
While the article does not reference community and mid-tier banks and credit unions. Regional needs will surely overshadow adoption nationally. That said, our clients and prospects have brought it to our attention that language options are beneficial in surprising locations.
There are large numbers of Spanish speaking US residents in places you might not expect. While California and Florida are expected to have high percentages, consider that 10% of Rhode Island residents are Spanish speaking, according to Wikipedia. We were also questioned recently by a bank in St Louis as to the ability to offer their statements in Bosnian.
Community and mid-tier institutions will be wise to follow the larger banks in focusing on the needs of this growing segment of their market.
Going Green for a bank or credit union can mean many things. Green construction, green funding, and green processes are just a few of these.
With only occasional references to green construction by banks and credit unions in the daily and weekly financial trades, the number of articles referencing eco-friendly building practices has increased over time. With a goal towards environmental consciousness and a long term energy cost savings, green construction is an investment in future savings.
Green funding and green investment, like many affinity based marketing programs, provide growth opportunities by attracting additional account relationships as well as imparting environmental responsibility.
For most institutions, green processes are where the initial emphasis is and has been. Whether this is in the establishment of internal recycle programs, creation of intranet based reporting and forms, promotion and resulting adoption of multi-channel product offerings, or simply implementing a lights-out policies for rooms that are not in use. Of all these, the biggest financial return is from multi-channel products; Internet and mobile banking, eBilling and ePayments, electronic statements, etc.
All of the green opportunities referenced here have the potential for financial reward, but in every case should be approached with open eyes. The cost of implementing green initiatives can be costly. As with any initiative, it is important to understand the ROI. Be sure that your investment does not exceed planned savings. With many green related services, costs can be underestimated, whether it is from incremental costs, on-going management of the solutions or services, or increased operational cost. These costs can weaken or eliminate any potential return on investment. Determine your adoption and growth potential, factor in all ancillary costs, and proceed with eyes wide open before implementing your green initiatives
Green practices are important for all of our futures. Do everything you can, but do it wisely.
Many financial institutions are looking to achieve significant cost savings with the rollout of eStatement and iStatement solutions. However, many organizations are not achieving the desired enrollment rates. We have worked with many organizations to successfully increase their adoption rates and have the following observations...
ROLLOUT Technology is only half the equation. Organizations need to develop detailed rollout strategies to ensure they achieve their desired adoption rates.
UNDERSTANDING YOUR CUSTOMER BASE Take a look at the demographics of your customer base; what percentage are over 50? What percentage of your customers uses online banking and how does this compare to industry averages? Understanding your base is critical to developing effective rollout campaigns.
ONLINE: TARGET EARLY ADOPTERS Where is your biggest bang for the buck??? Existing online banking customers are the easiest target market. Go after them with a vengeance again and again! Don't stop with the first campaign; you will be surprised at how this will impact your overall adoption rate.
Have a low online banking adoption rate??? Offer electronic statements with effective campaigns and get double the return!
EXISTING PRINT The most effective way to target people getting is to imbed graphical marketing within your statements.This is very cost effective and has great results.
BRANCH An employee/customer rewards program for signing up for electronic bank statements is a great way to get results.A few banners, posters, and employee buttons are all it takes to make this a great success.
PRODUCTS The most simple of them all; all free accounts require iStatements!!!
METRICS The most boring component but absolutely essential to success.Institutions must periodically monitor the results from the various campaigns.Do not overcomplicate this but make sure you do it.Over a period of six months, it will become apparent what campaigns are working and which ones aren’t.
I am pleased to see the title Chief Brand Officer (CBO) appear with increasing frequency. In many cases I am sure there is little distinction in the role this person is playing from that of a Chief Marketing Officer. That said, I still like the trend.
While, at most financial institutions, product promotions will occur at some frequency through some select channels, brand is "hopefully" always present. In many cases, however, brand is not being managed consistently across all channels. The branch and brochure-ware may have received an appropriate level of attention in many cases, but websites, ATMs, and customer correspondence can fall very short. It may be time to leapfrog to the next level in branding.
Affinity branding, loosely referred to as personal branding, is becoming much more popular of recent. We're seeing more banks that specialize in affinity groups, such as attorneys, doctors, and other professionals to target an audience. Credit Unions by their nature start out as an affinity brand; educators, military, corporate, etc. These affinity brands are siloed and, while creating a strong bond with a particular segment, they do not allow for broad growth.
When you fully apply brand at a personal level you eliminate silos. The ability to apply customer specific or customer selected options to their brand recognition of your institution you are creating the strongest affinity possible.
Regardless if you are a CBO, CMO, Marketing Manager, head of Retail, or a Marketing Assistant, always maintain a focus on your brand, not just your marketing promotions. You will be rewarded with more and stronger customer relationships.
Hello Everyone! My name is Pete Stoughton and I am the CTO and co-founder of Optria. This blog will cover many areas but the primary focus will be on what organizations can do to achieve GREAT customer communications.
We have recently signed another customer in Califronia for our iStatements product!!! Check our news section for details, http://www.optria.com/news/index.html.
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