Credit Union Geek

Marketing, Strategy, and The Force by Joe Winn

Tag: big data (page 1 of 2)

The Best, Most Innovative Blog Post Ever Shared

Be honest. We all exaggerate. In our personal lives and in business. Just look at an online dating site. Yeah, you’re making $250,000+ and spend most of your time traveling to exotic destinations, supporting charitable causes in each place. Oh, and you happen to look like (insert your ideal here). Weird, all your photos look professionally done.

Or, on your resume. I’m sure you did great work at that last credit union, but did you really “implement a company-wide program which resulted in a 78% improvement of job satisfaction, while increasing member engagement by 47%”?

If you’re the person to whom these are both true, we should meet. And I’m not saying exceptional people or businesses don’t exist. But that’s the thing, they’re exceptional, which tends to mean, “uncommon”. If you have to ask if you or your credit union fits the definition, it doesn’t. Sorry.

So why do we position ourselves as “the best”, “the most innovative”, or “the only”? I’ve been guilty of it, too. It’s something I try to recognize, as it immediately detracts from the message I wish to convey. We all can have great ideas, but none of us always have the best ideas. Yet doing it makes us believe we are now in a position to offer valuable insights. “Sure, you can listen to them, but since I’m the best, you might want to heed my advice…just saying.”

It doesn’t work that way. Thought-leaders become such by being thought-leaders, not by saying they are.

Where am I going with this post? Great question. If you’re reading this, you’re probably affiliated with the credit union industry. Or you’re my mom. Assuming the former, you are familiar with the exceptionalism claimed by credit unions. I get it. You know you are the better option for much of your community. I know you are, too. But the way to attract them is not by saying how great you are. Think about it this way: How many ads do you see/hear each day? How many of them implore that their service/product is the greatest ever and you need to buy it now? Exactly. As a result, you’ve grown numb to the message. “Introducing the best…”, “We’re the greatest…”, “Try the life-changing…”, blah, blah, blah.

I visit a lot of credit union websites, and interact with even more though social channels. One thing I consistently see is this exceptionalism. I know you live it and truly believe, but saying you are the “only” financial institution to “go out of its way every day to value you as a person, to make you feel delight, and to improve your life” comes across a bit unbelievable. There are around 6,000 credit unions in the US alone. Do you really think none of the others seek to do the same? I’m unfairly picking on this credit union, since they are just the most recent I’ve seen making such statements.

What can you do instead? A local CU near me (not a member, but my closest branch, so I use them for certain activities), Tropical Financial, connects with each visitor. Their home page begins, “We’re banking on South Florida to help you feel good about banking. The same way a warm cup of coffee makes you feel.” (Sidenote: A future. AI. improvement. would note that I don’t drink coffee, but rather tea, and change the text for me) The call to action is, “Help me feel good about banking.” It’s great in every way. It is unique. It appeals to emotions in a way nearly everyone can relate. Without saying, “we are the best at banking in South Florida”. They’re assuming visitors have felt that banking isn’t always pleasant, and who doesn’t want to feel like they do after a warm cup of coffee? (Point to show even good efforts aren’t perfect: Their site title says, “Tropical Financial is Miami Florida’s Best Credit Union”…though that might be for SEO – UPDATE: Tropical FCU responded that is exactly the reason!)

Saying you’re the best, hardest-working, and most caring and honest institution around feels like marketing. Asking someone if they want to feel great doesn’t. Much how you shouldn’t promote your auto lending by saying, “we have the greatest rates EVER!”, the credit union itself deserves a more thoughtful public image. It’s people you want to attract, not loans or share accounts or credit cards. People, who then will use those services you provide.

Take a look at your public (and internal) messaging. Does any of it sound like something every other credit union has said? Evolve. Be exceptional. It will be noticed.

Gaming & Your Credit Union

Originally published on CUInsight.com

“Savings aren’t a game!” In many ways, you’re right. Given the abysmal level of deposits for most Americans, comparing it to Mario Cart (N64 version, obviously the best) doesn’t seem proper. But what if you did treat it like a game?

It’s not a new concept. Known as “gamification”, the idea is that by making it more akin to a game rather than a chore, users are more likely to participate. Think of going for a run. Many people don’t enjoy putting feet to pavement and will make any excuse to avoid it. But what if you were part of an adventure and needed to outrun a hoard of zombies? Their rotted fingers are nearly scraping your back…pick up the pace!

Come to think of it, I’ve written about this before. Here. And here. That app, by the way, exists. It’s called Running with Zombies. I don’t use it, because everyone knows the best way to deal with them is a shotgun, shovel, and old records. Bonus points if you got that reference (no, I’m not a Walking Dead fan).

So instead, as the previous post discussed, of puzzling your members through a convoluted rewards program or other service, get them in the game! Just by reframing their credit union relationship as levels in a game, you’ve upped the excitement and understanding levels. They’re no longer a Double Platinum Diamond Preferred member, they’re a Castle Defender! Defenders serve the crown, so they pay no ATM fees and reap the highest interest rates available. Of course, the proces of getting there has to be evolved as well.

For this, I’d suggest a brain storm session with your team. And a copy of Legend of Zelda: Ocarina of Time. Why this game? Because it’s the best puzzle adventure/level growth game ever made. Also, your staff will have fun. And the N64 will probably remain in your branch. Tell me that won’t encourage people to stick around.

How do you create a gamified credit union without it being tacky or feeling like an afterthought? That brings us to (cue deep announcer voice): Big Data! Yep, that essential concept emerges again. This time, it’s going to help empower your members with useful analysis of their own data. Combine the appeal of sports stats (as in, their own financial relationship’s metrics) with playing a video game (as in, progressing through towards goals). Interestingly, it has to be their own data, and not estimated metrics. A recent study found that some Fitbit users actually gained weight while using the activity trackers. It is believed that participants believed the averaged metrics so strongly that they didn’t just listen to their bodies. If you provide useful data, useful suggestions can follow, ending with beneficial results.

Look at that. Once again, we come around to the inescapable conclusion: When you frame your services around the specific needs of your members, engagement, excitement, and loyalty will increase.

Image credit: http://www.digitallydownloaded.net/2012/05/review-mario-kart-64-wii-virtual.html

Insights In 160 Characters…Or Less

Full posts are overrated. Ok, that’s not true. They are essential to delve into an issue beyond surface discussions. However, there’s also a time for brevity. Short and sweet, as you could say. I’ve found that much of my best wisdom has originated, spur of the moment, in a Twitter post or reply. If only I were as witty and intelligent in the rest of my life!

There has been a trend lately in terms of topics discussed, both for myself and the industry as a whole. Social Media and Big Data. I’ve written a lot of articles about both, but, let’s be honest. You wouldn’t read them even if they were linked here. However, I might get you to read a series of tweets which spur some new ways of thinking. Ready? Too bad…we’re off!

Social Media

On replying to online criticism/comments:

On producing content your members want to see:

On the difference between good and unique:

On catching attention, in almost any way you can:

On what (actually) makes credit unions different:

On reminding us all that failing is ok, too:

Finally, on being *that guy* in the conversation:

Big Data

On using for “any and all purposes”:

On understanding what you’re looking at:

On realizing nothing really has changed:

On having my A/C replaced:

Did any of those short statements/replies educate, inspire, or convince you of their importance? There’s always more where they came from. Simply follow me on Twitter @JoeCUGeek or comment on the post to start a new conversation!  I tried to share tweets which did not link to long reads, but some do slip through (most of mine go to something to dive deeper).  Also, I realized that searching through 4,000+ tweets is a pain for me, but a victory for you!

Bonus for reading to the end (or just scrolling to the bottom):

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