Hi, my name is Preston. I am addicted to omni-consumerism. You may not understand that term, but my family does because they understand me. You see, my brothers (both of them) never use the Internet much, they just call me. The conversation always begins in the typical manner “how are you?”, how are the kids?”, but it quickly moves to the real reason for the call – “what phone did you just upgrade to and why?” or “what tablet are you using?” Most recently it was “what tires did you put on your truck?”. I had never caught on, until a recent conversation with my mother. She told me, “you know the reason your brothers call you, don’t you?” Ummm… because they like me? “No, well yes, but no. They call because you always research everything you buy, they don’t want to spend the time, especially knowing you have already done the heavy lifting for them.”
Everyone knows someone like me. I’ve always just considered being an omni-consumer economically smart. The truth is I am part of a growing consumer movement, which is generally classified by those who are 35 and under. How do you capture the omni-consumer’s attention?
“Omni-consumerism concentrates on the seamless approach to the consumer experience, through all available channels/touch points in the purchasing journey,” according to Navigate. Navigate continued: “The omni-channel customer has 360 degrees of discovery and uses all possible channels simultaneously, prior to purchasing a product. This means customers are entering stores already well informed about product features and price."
I discussed parts of this three weeks ago in a post on mobile lending . Your members know well in advance of walking onto a car dealer lot or refinancing their home of which loan products they will use. Do you have a strategy to get that information into their hands, literally, as they make that decision?
The Secret to Courting Millennials
The opportunity for credit unions in nabbing the 35 & under’s is not just having a social media strategy, as some believe. It requires connecting with them through omni-integration. Omni-integration requires providing a 360 degree view of all your products and services through all possible channels – which include exploring your credit union brand through mobile, desktop, social and in branch. This creates a member-centric experience that is not channel specific: Your brand becomes the sum of its parts.
What are the benefits of moving your credit union to omni-integrated products?
- Increased member interaction: This helps your members to develop a better understanding of the unique attributes a credit union offers: Member owned, not-for-profit, better rates and most importantly a personalized banking experience. Increasing member interaction requires operational changes, sometimes including investments in technology. Offering a “mobile enhanced” version of online banking is not the same as offering a mobile app... your members will discover this and will generally lower their rating of your product offerings.
- Increased member participation: Studies have revealed that omni-channel consumers spend on average 15 – 20% more than existing customers and exhibit much stronger brand loyalty. In order to see these kinds of results, you need to be committed to each channel and have the ability to manage them along your members’ journey to selecting your products and services. Setting up a Twitter, Facebook,orLinkedIn account for your credit union is not the end. You MUST dedicate resources to social media in credit unions, and manage and respond to member queries and concerns that are sourced through these channels. If you have a mobile app, dedicate time to reviewing and responding to member ratings and comments in the app stores.
- Flexibility: Your members will interact with your credit union brand in a way that works for them, not the other way around. Omin-consumerism puts the member in control, so embrace it. Remain flexible to the needs of your members and offer products which reflect those needs. Consider Marisol Federal Credit Union’s use of their “Quick Loan Program”, this is a great example of providing a product that is targeted at member needs and building the credit union’s brand simultaneously. Ongoing engagement with your members will ultimately decide their future purchasing behavior.
Integrated Apps & In-House Solutions
FLEX streamlines integrated and cloud supported technologies into a single login solution. See how one such application, In-House Credit Cards, provide an opportunity for nabbing the 35 & under's with innovative lending and card solutions. Download our Product Spec Sheet and Press Release on In-House Credit Cards.
