How to Keep Members Engaged Before, During & After a Major Tech Overhaul

One of the constant challenges for credit unions is staying competitive with megabanks and more recently, neobanks, like Chime, Varo and others, which are known for offering convenient, digital-first access to credit and money management products. In a world where 78% of Americans prefer to bank via mobile and online channels, according to a 2022 Ipsos-Forbes Advisor U.S. Weekly Consumer Confidence Survey, credit unions must take note of evolving member expectations and find ways to exceed those expectations before the competition does.

Yet, legacy systems often make it too complex and costly for credit unions to evolve beyond the most basic digital banking services. Instead, many credit unions resort to patching on new digital features over time. As a result, members’ mobile and online experience suffers, becoming bloated with confusing layers of functionality.

Staying competitive in the current market heavily relies on real digital transformation. True digital transformation enables credit unions to deliver the ease, control and convenience their members want when managing their money.

However, digital transformation often entails major technology changes, such as transitioning to a different core provider or a new digital banking platform. Major technology overhauls can introduce major risks to organizations of all sizes, so before tackling these all-important initiatives, credit unions should adhere to the following best practices that will help ensure digital transformation success.

Identify Key Member Segments

When rolling out new digital capabilities, most credit unions expect member satisfaction to increase, but change can be unsettling at first. Well-planned communications before, during and after a digital transformation initiative helps members understand what to expect, what to do and how to get the most value out of any new digital tools.

Communicating the right message at the right time is the most effective way to build enthusiasm and adoption for new digital capabilities. This requires identifying any factors or member segments that may need special consideration during the tech overhaul. For example, will this change impact members with business accounts or just members with personal accounts?

Credit unions should carefully assess the needs and concerns of different member segments when rolling out or converting to new digital technologies. Certain segments, such as more affluent members or members who are at risk of attrition, may warrant a high-touch approach when communicating the upcoming changes. Identifying key member segments is crucial and will help credit unions determine their strategic communications plan and timing for communicating the changes.

Consider the Communication Channels

In addition to member segments, credit unions should consider which communication channels should be used to convey the upcoming technology changes, along with when and how these channels will be leveraged. Rather than flooding every channel with redundant content, it’s best to identify which channels may work best for certain types of messages, audience segments and phases of the transition.

For instance, before converting to a new digital banking platform, credit unions may consider sending an email blast to members and posting a short teaser video on social media and on the website to generate buzz with members. Paid ads on social media, in-branch signage and banners on the credit union’s existing online and mobile banking app will also help members prepare for the change.

Credit unions can even provide short how-to videos that instruct members on specific tasks such as logging into mobile banking with a specific device (such as an iPhone or Android phone), and how to make transfers to external accounts. In the final weeks before the rollout, some credit unions may find it appropriate to send more detailed letters with any specific impacts or actions, and directly reach out to certain members, such as business owners. Regardless of the communication channel, it’s important to promote clear, consistent messages about how members can benefit from the new digital services.

Establish Communication Timelines

Once credit unions identify key member segments and relevant communication channels, the next step involves establishing timelines for communicating the changes.

Months Before

Prior to the rollout, around 90 days in advance, credit unions should begin engaging periodically across multiple channels. In general, early messages should focus on value, not specific features. In other words, credit unions should center their messaging on how members will benefit from the new technology to generate excitement about the change.

During the two to three months leading up to a conversion, credit unions should mention the target month of the rollout to give members an idea of timing. In the final weeks before going live with the new technology, highlight specific dates so members can be prepared, especially in case any existing services will be unavailable.

Weeks Before

In the weeks leading up to a conversion, credit unions should shift their messaging to friendly reminders and alerts. For example, reiterate the date of the conversion, any planned times that existing digital services will be unavailable, and if needed, alternative ways that members can access their funds or get help during the transition.

Be sure to remind members of any actions they may need to take on the old technology platform and provide app store links to easily download any new mobile apps. This is also a good time to promote visual how-to videos that will make it easy for members to get started with the new tools. Even if members wait to watch tutorials until they can actively try the new services, it can be reassuring to know in advance that resources are available if they need help.

Post-Launch

After converting and going live with the updated technology, credit unions should connect with members to ensure they can access the new tools as planned and understand how to get support for any issues.

Throughout and immediately after the conversion, credit unions should also ensure that call center staff are familiar with the new technology. Call center employees should be fully trained on the new digital tools, as they are on the front lines of communication with members and should be equipped to answer any questions. This goes a long way to ensure a positive member experience.

Driving Adoption & Engagement

As part of the planning process, credit unions should have identified key performance indicators to measure the success of their digital transformation initiative. For instance, credit unions that are converting to a new digital banking platform should have a target goal of how many members will enroll in the new digital service once live. By looking at how many members were enrolled in digital banking before switching over to a new platform, credit unions can set a realistic goal for how many members they can expect to sign up for the new technology.

After going live, credit unions should closely monitor activity and new enrollments. If adoption of the new tech does not gain traction early on, credit unions should have a plan for immediate follow-up communications. Similarly, it’s also worthwhile for credit unions to monitor feedback from members who are actively using the new digital tools to understand if there are any additional features or enhancements being requested. By evaluating feedback early on, credit unions can adjust their strategic roadmap as needed and ensure members feel heard.

Plan for Digital Transformation Success

Three-quarters of banks and credit unions have already launched a digital transformation initiative, according to a recent research report from Cornerstone Advisors. Another 15% plan to develop a digital transformation strategy this year. To ensure these mission-critical initiatives are a success, credit unions must have a thoughtful communications plan in place.

The right plan will help credit union leaders prepare their organization for the road ahead, educate members on the new technology changes and how those changes will benefit them, and ultimately, keep members engaged and satisfied.

Shaw Taylor is Vice President of Marketing at Bankjoy, a Royal Oak, Mich.-based fintech serving credit unions and community banks.