Every interaction you have with a member creates a wealth of data that you can use to learn not only how to serve them better, but how to create experiences that they might not even know they need. Two such opportunities have to do with your ACH files and member information files--and if you're not already actively tapping into them, now would be an excellent time to start.
An ACH file is a standardized electronic file format used for processing financial transactions. It typically contains information related to electronic fund transfers, such as direct deposits, bill payments, and other types of electronic payments. The specific information you can glean from an ACH file depends on the type of transaction it represents.
If you know where someone is sending money and how much those transfers are for, you actually know a lot more than you might realize.
You can see transaction patterns, for example--something that can help you better understand a member's spending habits. You can also see what types of recurring bills they're paying and to what companies. You'd be able to see when someone got a mortgage, for instance.
Their income sources, their transfer patterns--you name it, you can see it and better understand it. That way, you can target them with promotional offers, cross-selling, and up-selling opportunities when important life events occur or even in advance of them.
A member information file is a similar source that stores someone's personal and account-related data. This way, your credit union can view a member's account based on relationship, not just based on the type of account in question.
Again, this is an invaluable way to get to know your membership like never before. Using the data contained in the member information file, you can build out more unique member journeys for people. This helps tremendously in terms of timing in regard to cross-selling and up-selling. You don't have to worry about offering something to someone before they're ready. When you target your offer, they'll be able to recognize its maximum value and act accordingly.
The member information file is a great way to help you and your credit union team leaders think about the problems your members might be having so that you can offer solutions to solve them. It can also be a guide to use as you educate both your team and your members about what you offer and, more importantly, why.
Overall, ACH and member information files are great tools that credit unions can use to increase revenue on a regular basis. The key is to use these tools strategically and in tandem with one another. From a financial perspective, building the strongest organization you can is less the product of any one giant step and is more about a series of smaller ones. Taken together, they add up to something far too powerful to be ignored.
If you're interested in finding out even more about how to cross-sell using ACH and member information files, click the button below. If you're looking to speak to someone about your own organization in a bit more detail, please don't delay--contact FLEX today.