Credit Union Geek

Marketing, Strategy, and The Force by Joe Winn

Tag: cu broadcast

Deeper Connections – Part 3

Originally published on CUInsight.com

It’s now been two posts on the “Two Peoples” topic. What have we learned?

  1. There is a technology divide between those who are immersed and those who live more traditionally
  2. The way people interact with the world and each other is evolving
  3. Tech itself is changing beneath our feet (and around us in “the cloud”)

For nearly all of us, the idea of technology in our lives revolves around things mentioned in the first post. What phone you use, the devices you connect to it, even your “smart home” accessories. It’s primarily the hardware, and, as we learned in the second post, the services you use on them. So, that’s the future: Ever-improving devices with more interesting apps.

Not quite. There’s an area of growth which seems so far-fetched that we discount it as “distant future”. But it’s here today.

Artificial intelligence.

We aren’t talking the adorable bots from *batteries not included, nor are we concerned with T-1000 units “terminating” their target. AI (or more accurately, machine learning) today is in some ways like a traffic light. It does one thing. However, unlike a traffic light, it’s always improving how it does that one thing. And you use these 1st generation AI systems everyday.

Your Facebook feed is a form of machine learning. It tailors posts shown based on what it learns you enjoy. The more you use it, the better it gets. Your iPhone keyboard is the same way. It actually adjusts the size and location of each key by tiny amounts as it learns where your fingers press most often. It even figures out how you talk to better predict the next word you’re going to write (and it knows whether you’re typing in a social or professional manner).

Search Google for the image of a cat. You just asked their machine learning system. Their latest endeavor is a platform called Deep Dream (caution: highly geek). Besides trippy imagery, it shows how a computer actually learns. Fascinating, as Data would say.

Interesting, but, once again…why? The first two parts related to what technology you use knowingly. Those spawn the interest in visible tech. Modern app platforms. Game-like member engagement. All great, and important. But it’s the machine learning which will offer the “just what I wanted” capability of future financial services.

Computers are smartest with tons of data. Big Data, you could say. With it, a learning system can figure out when a member is at risk of overdrawing their account or might be in the market for a car. How thrilled would they be if you could suggest adding overdraft protection an hour before they make a costly transaction? Or notify them of a great auto rate and car research system the day after their vehicle has engine troubles?

Unfortunately, I’m not smart enough to even offer the breadth of examples this future will offer. But I’ve read a lot from those who are. A recent CU Broadcast interview dove headfirst into the data side (without mentioning the AI part). Coastal CU does data analysis for member habits. Affinity CU just expressed interest in the concept after a short chat. And that’s just in the course of a few days. Much like winter, change is coming.

So how can you stay ahead of your competition while providing historically-great member service? Focus on what you do best, and find partners which excel in their complementary areas. By working together, perhaps we stand a chance against our computer overlords.

I mean, serve your members in new and exciting ways.

For far too much detail on Artificial Intelligence and just how close we are to unbelievable changes, read this amazing post by Wait But Why’s Tim Urban.

You Have A Story

Is your tale that of a gallant knight slaying a fearsome enemy? Or maybe it’s something a bit more tame: A family buried in debt, finding a way out through guidance from their friendly neighborhood Spiderm…I mean, credit union MSR?

No matter if it is one to be shouted from rooftops, proclaimed in a royal hall, or told amongst a group of close friends, you have a story to tell.

A recurring theme here is the challenge to spread a positive message to the wider not-yet-credit-union-membership. It’s not as if the message today is negative, rather, it just doesn’t exist. You’re the nice guy/gal at a party recognized by only a few. Humble, kind, and eager to please others, you’re a person the other attendees would enjoy having nearby, if only they knew.

What you need is a wingman (or wing-lady). Good thing the industry has one! I’ve mentioned them before, and will do so again: CU Social Good. CU Broadcast conducted an interview of their team and discussed how they have become “a formidable bastion of benevolence for credit unions.” A few months prior, I spoke with them as part of a larger story on co-ops working together and determining financial benefits of specific initiatives. If your credit union does not have an account with regular submissions, get on it today!

But sometimes, your wingman helps your friends, too. What’s the strategy then?

It’s great to show the giving of the industry, but I know what’s really driving your efforts: Profitable member growth. The challenge lies in translating good deeds performed nationwide into a reason why local citizens should join your credit union. I’ll credit a commenter on a CU Insight story with the inspiration for the idea. In a previous post, we looked at the benefits of being different, both in your marketing strategy and in how you performed community engagement. A growing number of credit unions are empowering their members to drive the giving, through their purchases or voting on charity efforts. There’s a separate investigation on getting members involved in annual meetings, but let’s leave that for a future discussion. What we want here is to, in essence, take a bigger picture and apply it to your own credit union. (It’s a little like a company selling a product based on a larger trend. Except here, you’re just as involved in the work.)

You can grab a piece of that big picture by exemplifying its efforts locally. Remember that group of credit unions in the Pacific Northwest doing bicycle loans? Refresh your memory here. Their strategy is working to grow engaged members. Plus, the side benefit is that these members see the credit union as a wholly separate type of entity than a large bank.

Going back to that crowded room, so many of its occupants have heard you’re cool, but none know enough to walk over. Break the ice by showing (it’s not bragging) what makes you special. I’ve got your back.

Image credit: http://www.teachthought.com

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