Data insights to delight your members
There are multiple definitions of digital transformation but all of them have one focus in common: digital effort should delight the member and encourage them to keep doing business with you.
Data delivered at the right time, in the right way and in the right medium is the only way to achieve this goal. It requires high-quality data pulled from members through multiple sources that is utilized to capture insights from advanced analytics and software tools. This is the only way to transform member engagement across digital touchpoints. Access to relevant data at the right time enables credit unions to achieve their member engagement goals: hyper-personalization, relevancy, real-time feedback and agility.
Many credit unions are facing challenges with digital transformation because they are held back by an immense volume of data and ineffective dissemination of through multiple databases, spreadsheets and individual computers.
Three strategies to integrate data insights into your digital transformation journey
Develop a single view of your customer
A “single view of the customer” has been the Holy Grail of data, systems and application integration initiatives for decades now. These efforts are augmented by the wealth of external data now available. Credit unions can start by inventorying and cataloging data and assessing its completeness, accuracy and trustworthiness. Consider where it might be enriched by external data sets. This requires synthesizing structured data (addresses, household composition, etc.) with unstructured data (like the free-form text of a Twitter feed). Doing this requires systems and processes that can handle both kinds of data, pulling together historical information along with the real-time data being generated by customers’ real-world activities.
Add precision and context through location data
In our mobile world, it’s not enough to know who your members are. You also need to know where they are in order to deliver contextually relevant messages and a responsive experience.
Customer location can be captured within two contexts: physical location and digital presence such as social media usage. Location helps to provide an important context by which to align data. For example, if a business experiences a sudden spike in service delivery failure, they may understand there is a problem but not what’s causing it. However, if they can see that the failures are predominantly confined to a geographical region, that may indicate a specific location-based problem — elements that may be affecting the service in a specific way.
Deliver relevant communications at the right time on the right channel
Since data reveals important details about members, it’s important to be able to engage them through multiple points of conversation. This requires heavy usage of data to inform personalized preferences around channel and device, to better understand response rates at different times or days of the week, and how to devise an optimal channel mix for your audience. It’s important to note that sending information via a new channel requires more than simply digitizing it. Think about how unwieldy it is to view a PDF copy of a phone bill on a mobile screen that requires pinching and zooming to navigate it. Digital transformation requires a rethinking of the process, in a way that best serves the customer in the channel they are using. In the PDF example, that might mean prioritizing the important information — how much is owed, what the usage and due dates are, perhaps— and making interaction, such as paying the bill, frictionless.
Join us July 18 for the latest live webinar in our Digital Transformation webinar series: Craft Your Own Digital Playbook.