The Fintech Solutions Xplained blog series features live interviews with fintech leaders on the credit union talk show, CUbroadcast, during the 2019 Celero DigitalX Conference.
It is no secret that the evolution of technology has greatly changed the way we communicate with each other on a personal basis, but it has also largely impacted how we communicate with organizations, and within an organization. Sean Kennelly, Vice President of Sales with Doxim, joined Mike Lawson from CUbroadcast to discuss how consumer engagement is changing and what solutions Doxim is providing to help credit unions more effectively reach their members.
What’s the latest in member engagement for credit unions?
“One of the biggest changes that we have seen when it comes to consumer engagement, is the large number of different channels in which you can communicate with your members. While older forms of communication, such as physical documents and calling are still relevant or preferred by some members, there are many other options now available, and are worth exploring,” Sean says.
He says it’s important for credit unions to understand that members are communicating across a variety of channels. Credit unions who understand which set of channels are best for them and their members can help to create a seamless experience for everyone involved.
Selecting the right channel for you and your customers
“It’s always about the right channel for the kind of conversation,” says Sean, sharing the example that some of his customers have found that text is a more effective communications channel for conversations about collections and delinquency with members, because it’s lower friction.
“The channel is often indicative of the subject of conversation,” says Sean.
“The question often becomes; how do you get the best ROI out of the communication channels you have selected? Continuing to analyze the data you are receiving from customers on their experience and preferences can help lead you in the right path,” he adds.
How can Doxim benefit credit unions?
It can be difficult for credit unions to find the proper tools to analyze this data on their own. Doxim provides credit unions with these tools so they understand how members are interacting with their credit union, what channels different demographics prefer, and the suitability of the location of their branches for members who prefer to come in.
Doxim also provides the ability to manage conversations and communications across various channels. This allows for credit unions to track what channels members want to be communicated through, what offers would they like to hear about and communication consent. The ability to track communication consent ensures credit unions are properly adhering to both regulations and the preferences of the member.
“[We’re] using technology to tie preferences, messaging and regulations together,” says Sean.
Learn more about how you can improve your member engagement and channel strategy, contact your Celero Account Executive for more information.
Looking for more fintech solutions for your credit union? Check out other posts from our Fintech Solutions Xplained series:
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