Have you heard of Minecraft? It began as a PC game where the player(s) dig (mine) and build (craft) different kinds of 3D blocks within a large world of varying terrains and habitats to explore. The graphics look straight out of the 90s where premium is placed on game simplicity and ease. By not taxing the console processor the game provides limitless boundaries allowing players to go wherever they choose. The makers of this game (Mojang) were purchased by Microsoft in 2014 for $2.5 billion, bad graphics and all.
Minecraft is what’s called a sandbox game, where the player creates the game themselves by manipulating the world within it (like kids playing in the sand). There are no specific steps or goals, so everyone playing the game is having a different experience. This is not so different from mining data within a given core system. Each credit union runs in a core 'sandbox' environment, especially when it concerns member information, which is the secret to increasing member sales. The trick? Mining and crafting (minecrafting) the data within your credit union core processing system.
A data-driven marketing strategy from the information you have about your credit union members will ensure you're focusing your marketing efforts, and dollars, efficiently. For instance, what is the point of marketing campaigns, whether email or in print, about student loan refinancing options to a 70 year-old member who has no children? Or a new car loan advertisement to a couple that just bought a new car two weeks earlier by opening a loan account at your credit union? What about the refinancing options sent to an 18 year-old member heading off to college?
Why not begin using the data your core technology provides to know who NOT to target, but also to get the message to the people who need it most and at the right time?
Whether it stems from your marketing department through carefully crafted email or print campaigns, or simply a suggestion by a teller who notices a member hasn't taken advantage of one of your services, having the ability to quickly obtain and view member data is key to increasing sales, not to mention member loyalty.
For branch managers, having all member relationships viewable from a single screen, with no need to drill down or layer windows, can make the cross-selling process that much easier and seamless. Being able to quickly see all loans, cards, IRAs and HSAs, as well as transaction history, can help your employees tailor their conversation with the member to focus on areas where there could be sales opportunities.
How easily does your core system deliver the information you need to get the member data that can lead to increased sales? The member services you provide should not only assist with current products your members use, but should include recommendations to members on products they need, when they need them, based on real data from within your core. Happy 'blocking'...
