Managing Critical Member Communications During Times of Crisis

When managing various forms of communication during times of uncertainty, credit union leaders are well-prepared to handle situations as planned for in their crisis communication plans. The COVID-19 pandemic, however, is a unique situation. Most crisis communication plans did not anticipate anything on this scale. Business leaders, credit union leaders included, have been left to use their best judgment on how to best navigate it.

Planning for deployment and delivery of non-critical communications is important. Members are receiving an overload of communications from companies, and it is creating fatigue. Credit unions should work to ensure any specials, deals and other member engagements are limited to products that directly benefit their members, who may now find themselves without jobs or experiencing pay cuts. Credit unions need to utilize digital channels such as their website and social media to mitigate further load onto printers.

Most credit union leaders are navigating this situation well on a day-to-day basis and are working deftly to anticipate what may come next. Looking forward, the concern of interrupted delivery of critical communications is a growing issue.

While non-critical communication is important, the timely delivery of critical communications, such as financial statements and disclosures, is imperative and must carefully follow state and federal regulations. These regulations often require credit unions to deliver these communications periodically, and in print, unless the member opts into paperless delivery. The COVID-19 pandemic is challenging print delivery as print operators may be unable to physically access their machinery in certain areas, and with the United States Postal Service experiencing funding shortages, credit union leaders are evaluating their delivery options.

The Current State of Delivery Services

For credit unions utilizing in-house print operations or local print shops with one location, a deeper review of their contingency plan is critical. While these credit unions and print shops are considered essential businesses, operations in hotspot areas may experience a slow-down or halt to daily print operations due to COVID-19. If the machine operators fall ill or are caring for a loved one who is ill, credit union leaders are left to figure out how to send out these essential communications. Coupled with the reports of a budgetary shortfall within the United States Postal Service, many credit union leaders are left to wonder what will happen if their operations experience disruptions or delays, and what will happen if the nation experiences a disruption or halt in USPS services.

Strategic Approach to Communication Disruption

Contactless communication is essential and preferred during a global pandemic. Leveraging digital channels to communicate with members honors social distancing to ensure member and employee safety. Credit union leaders should continue to explore the possible options at their disposal to ensure critical communications documents reach their members. Garnering opt-in for paperless statement delivery via online banking is the preferred route. However, we know that converting all members to this option is not a viable short-term possibility. The technology exists to enable secure digital delivery of critical documents via email during an emergency. In a scenario where delivery of printed documents is logistically impossible or impractical, it would be the only method to ensure that the spirit of the regulatory requirements are met and members are receiving up-to-date information about their accounts.

Planning for the Future

COVID-19 is forcing credit union leaders to approach a multitude of problems at once. While critical communications are top-of-mind, leaders are also working to support their members and staff. Employees are dealing directly with the challenge of assisting members looking for solutions to their financial challenges, as well as dealing with the impact of COVID-19 themselves.

Hopefully, the COVID-19 pandemic is a once-in-a-lifetime event. But the lessons we are learning are key to understanding how to provide rapid delivery of critical communications at a moment’s notice.

Once the COVID-19 pandemic comes to its end, our industry will reevaluate how we can best manage communications with members. We can expect new practices and new ideas to reshape how we approach these communications. This way, no matter what happens in the future, credit unions can remain in good communication standing with their members and in compliance with state and federal authorities.

Griffin McGahey is President of HC3, an Irondale, Ala.-based firm providing document design, marketing and user experience services to financial institutions.