Marketing Buzz Words
Mobile banking, on boarding and gamification may be some of the buzz words marketing professionals in the credit union industry are using throughout 2013.
Marketing veteran Drew McLelland said if mobile banking wasn’t your top priority in 2012, it better be for 2013.
“This isn’t optional for financial institutions that want to be in business in 2020,” said McLelland. “It’s really that simple.”
And in marketing, not too many things are that simple.
Michael Kelly, president/CEO of PSCU Financial Services, couldn’t agree more.
“The future of credit unions rests in the ability to offer current mobile tools and technologies to members,” Kelly wrote in a guest opinion article featured on cutimes.com. “This is why we are focused on our role to develop and deliver new technologies that equip credit unions to effectively compete with major banks and nontraditional players like Google and Apple. Mobile banking is quickly becoming a deal breaker for consumers and credit unions,” said Kelly.
Just as they did in 2012, credit unions are expected to continue their cross-selling efforts in 2013 that will help them keep those members gained from Bank Transfer Day for a long time.
These cross-sell opportunities are likely to continue next year. According to a Javelin Strategy and Research Report released in June 2012, 11% of consumers say they are likely or very likely switch financial institutions over the next 12 months. Among big banks like Bank of America and Citibank, 21% and 25%, of their customers, respectively, plan to find a new financial institution next year. This means credit unions have the opportunity to attract new members and create a very positive on boarding experience that will motivate them to make the credit union their primary financial institution.
Gaming is no longer for kids or adults who refuse to grow up. Leveraging gaming, or gamification, may be coming to credit unions sooner than you think. The Filene Research Institute came out with a report in July that suggested credit unions could leverage electronic games to help people adopt better financial behaviors.
Why? Because it’s fun.
Moreover, some credit unions are starting to use gamification as a marketing tool to attract new customers.
In September, the $1.8 billion Grow Financial Federal Credit Union showcased its new virtual money machine in Tampa, Fla., which makes it look like real money is floating down like manna from heaven. The money machine is an augmented reality, motion reactive video mirror that projects images on a six-screen HD video wall.