Socially-Distanced Marketing, Strategy, and The Force

Tag: challenges (Page 1 of 2)

How Bath Mats Can Solve Your Credit Union Challenges

That’s it. All these articles, conferences (Ha! Remember those?), white papers, and trainings, and the solution was just getting bath mats.

How has no one told you this before?! The insight of a lifetime! If only it were that easy.

Where did this bath mat thing originate? Great question.

Insights From A Brewery

Our credit union chapter held an event at a local brewery. It was impressive how the community ideas mirrored between the CU folks and the beer team. You know credit unions focus on helping others. Interestingly enough, the brewery operated in the same way.

Brewer and Beer Vat

Most importantly, the brewery understood the value of addressing problems before they emerge. Which is where the bath mats come in.

Their bathrooms have blowers to reduce paper waste and keep it more tidy. Of course, what always happens under the blowers? All that water you just shook off your hands ends up on the floor. Which probably gets stepped in, spreading dirt and making the floor slippery.

That wasn’t acceptable to them. So, they preemptively solved the problem. By placing bath mats under the blowers. Go ahead, shake it off all you want. Water isn’t getting on the floor.

Back to our main premise: Bath mats were the solution. What about at your credit union?

Solving Problems Before They Happen

I shared that story to highlight an important idea: Issues don’t have to wait until someone complains to be addressed.

Look at your operation as a whole. There are a lot of moving parts. Plenty of places something can go wrong. What are you doing about it? Do you acknowledge these issues exist and fix as they show themselves? Or, do you think ahead and make quiet changes so they never happen again?

Preemptive solutions make for a smoother experience.

Look At Complaints…From Everyone

Problem and Solution Chalkboard

Members get priority. Obviously. When they have a problem, and it’s your fault, setting it right is your main concern. Once the member situation is resolved, you have completed phase 1: Solution. Now, you can move on to phase 2: Prevention.

What happened to cause that member complaint? Is there anything you can do right now so others won’t experience the same problem? Perhaps a description is worded in such a way that it can be misinterpreted. Or maybe training didn’t cover that specific scenario.

Address it now and spread that knowledge across your team. And then, progress to phase 3: Exploration.

This part is challenging but the rewards are massive: Higher member satisfaction and increased staff morale. Because solving problems your own credit union caused is less fun than helping members progress on their financial journey!

Steps to Complain, ahem, Improve

Issues Notebook
  1. Look at member complaints. Research support records (simpler if you have a unified ticket system, like Zendesk or similar). Find all the negative reviews on Facebook and Yelp. You’ve got them. The vast majority of businesses never answer. Be the exception. And then explain how you’re going to fix it.
  2. Use social media to discover members’ biggest CU frustrations. Seriously. Make it a fun contest if you want. Call it “CU Peeves” or something. Share things your own team can’t stand, then encourage members to rag on you. It’s like a roast, except you also benefit. Plus, you’ve just increased social media engagement.
    • At the end, let staff and members vote on the #1 frustration and then share how you’ve addressed it. I’m picturing banners in branches and on your website with member frustrations next to their picture (humanizing is important), alongside your solution.
    • Create a page showing how you’re making the CU better for everyone through these “small” improvements. It’s marketing, without feeling like marketing.
  3. Ask your staff. And listen. The “and” here is important. I’ve seen a lot of businesses solicit input from their employees on how to improve. It’s mostly quiet as they fear repercussions or ridicule. Or, they’re accepted, but no changes are actually made. Be open to criticism. Welcome it. Just how you did with members.
    • Your staff deals with your credit union every day. They literally know best its most annoying challenges.

Fix. Assess. Repeat.

You’ve done all these things. That’s awesome! I bet you discovered a whole lot of issues few in upper management ever realized existed. And now they’re solved for staff and members!

Blue Arrow Circle

You’re not done.

It. Never. Ends. This is a continuous process that must happen regularly. As staff, members, and technology changes, new challenges will emerge, too.

And maybe one of the things really is bath mats. See? I told you!

I. Am. Groot. (Again) [Video]

Two years ago, I wrote a post called I. Am. Groot. Ok, it had a few different intonations. The point still stands. It was about Groot. Or rather, it was about you.

Tough times and a T-shirt later, here we are again. The premise is the same. That you can change how your communication is received simply by changing how it’s spoken.

This idea is even more important now, when interactions occur less in-person. In fact, that trend will continue long after we return to outside life.

Oh, and if you’re feeling off right now…that’s totally fine. We all are.

Be well and be safe.

Apple Reinvents (Improves?) the Credit Card

Today, Apple held their seasonal keynote event, to highlight new services in a range of categories. You may get a kick out of their Apple TV+ lineup. Maybe you’re stoked about reading all your magazines on your iPhone with Apple News+.

But you’re here for Apple Pay improvements. We are talking about the banking world, right?

What is Apple Card?

In the most simple terms, Apple introduced a credit card. They’re calling it Apple Card. (PS – They partnered with Goldman Sachs. Remember talking about that?)

It’s a “mobile-first” card, in that you do most of your spending, tracking, and reward redemptions all within the app.

The entire platform lives within the native Wallet app in your iPhone. No more downloading a banking app just to pay the credit card bill.

Apple Card - Physical
Titanium. Seriously. (And no numbers to get stolen!)

You can track spending by category, merchant, and even view trends. Payments are simplified, with realtime interest calculations based on what you choose to pay. And rewards deposit daily (they’re calling it Daily Cash) into your Apple Cash account (we’ve spoken about this before).

And the physical card is shiny! (It’s made out of titanium!)

Fabulous metal aside, you care about what the card offers. And is it a threat to your institution?

Spoiler: Yes. Probably.

The Apple Strategy

With more than a billion active devices, any time Apple does something, it matters. Few companies have the ability to affect the behaviors of so many so quickly. I’m not even suggesting you try.

What they did with Apple Card is look at all the pain points within the credit card realm:

  • Applying
  • Tracking spending
  • Paying
  • Redeeming (and understanding) rewards
  • Understanding interest costs (and how to minimize)
  • Getting questions answered

Then they added a bit of Apple touch to align the offering with their mission:

  • Privacy
  • Security
  • Beauty (it’s subjective, sure, but the card is so pretty!)

The result is a mobile-first, simplified, and streamlined vision of a credit card.

Here’s how they addressed those pain points:

  • Application: Tap to apply. Done. It automatically issues the digital version, adds it to your Wallet, and that’s it. The physical copy gets mailed.
  • Tracking spending: The app color-codes spending categories, gives merchants their real logos, and uses machine learning (AI) to decrypt those obscure “IC SPEND A-MERCH 14312” charges (it was the Greek food truck, by the way). It will even show it on a map and link to it on Yelp!
  • Paying/Interest: Graphical wheel that you slide your finger around to see your payments change, along with the interest accrued. Financial education with a swipe.
  • Rewards: 3% at Apple, 2% using the digital version, 1% with physical card. Redeems automatically as cash every day (with notation) into your Apple Pay Cash card. Which you can spend at merchants, online, send to friends/family, and more.
  • Privacy: No merchant gets any details about you on any purchase.
  • Security: Every payment uses a one-time code (just like any other ApplePay transaction). Suspicious transactions appear as notifications (and can be approved or denied with a tap). A new card is sent out and no changes needed.
  • Support: Using Business Chat for iMessage, customers can simply text their question to the service. A person answers and helps them out. Through their normal messaging app.
  • Fees: They don’t have them. Any. At all.

Can Your Credit Union Compete?

That’s a great question. On the surface, no. You cannot create such a streamlined system with the tight integration between bank and provider.

However, all is not lost!

I’ve made a point to talk about partnering in many previous posts. It’s just as valuable (if not more so) today!

Your institution is good at the money part. You might also be great in the relationship area.

But, let’s be honest. You’re not awesome with the technology. It’s a constant effort to keep up with evolving expectations as it is, right?

Two People Talking Over Coffee

That’s why you need to partner with companies who specialize in these things. My last post talked about making member communication simple. That’s one of their pain points!

Another post addressed the issues with boring transaction sheets. Am I spending too much on hummus? (The answer to this is, of course, never!)

And the most cynical/sarcastic/actually realistic answer to this question:

Sure, because it only works for members with an iPhone. Look at all those Android users you can still attract!

Mobile First = Simple First

White iPhone in Hand

You’ll hear a lot of talk about how “mobile first” design is essential. That making services for a computer is immediately alienating your target audience. I’m betting the firms which sell you these platforms will be climbing over each other to talk about how their stuff is so mobile first ready.

It’s not wrong. There’s a lot of value to making sure your offering is accessible from where people are.

However, I want to be clear:

Mobile First doesn’t just mean you need to make sure it works on phones.

Mobile First means that your driving strategy is:

How can we make something so simple, so intuitive, so obvious that members can do what they want in a few seconds?

Apple stepped back and saw many of the traditional challenges in credit cards. Then, they built a system (with appropriate partners) to overcome these “yucky spots”.

Filament Bulb Hanging

It’s about looking at what the real problems are, and how you can address them.

If Edison had only tried to make a brighter candle, he would never have invented the light bulb.

To help illuminate (pun actually not intended, but enjoyed) your best path forward, I encourage you to Subscribe to my blog.

Image credit: Apple

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