How Banks & Credit Unions are Using Text Messaging

When it comes to mediums or channels of communication, text messaging is the most underutilized ways of gathering account information from customers, selling them on new products, and ultimately catering to their needs. In recent studies, it is shown that within the first 3 minutes of receiving a text message, 98% of all text messages are read. This statistic alone uncovers hw powerful text messaging can be for banks and credit unions, alike.

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How the World is Communicating and Why Banks and Credit Unions Should Pay Attention

Susan is a CMO at a Washington-based financial institution. She loves her team’s outreach strategy, but deep down she knew something wasn’t right. Her promotional emails were ignored, outbound calls went unanswered, and overall engagement was low. She didn’t know why this was happening, but knew that she had to make a change.

If you work at a bank or credit union, you may have noticed there’s a fundamental shift in how communication is delivered and received, and this change is happening at unprecedented speeds. 

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Credit Union text messaging

Why Email and Social Media Campaigns Fall Short

A common goal for marketing professionals at credit unions is getting the right content to the right audience at the right time. So, you put extra effort into your strategy. You categorize and target your member audience to specific financial products or promotions. You make your email and social media posts engaging. You offer fun and interactive sweepstakes.

However, despite this effort, you notice your members are not responding at the same rate as they have in the past.

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