PFM (Personal Financial Management) refers to financial technology that helps users manage their money through visual charts and graphs. While this seems
- Sep 06, 2017
Because our society is so fortunate to have access to the abundant resource of the internet I can almost guarantee that you or someone you know would fall into the Omni-Consumer category. Now you may not understand that term, but it’s definitely not as complicated as it may sound. You see, many people, especially those who are recognized today as the Millennials, are starting to take a new approach as to how they buy a product. When a Millennial is in the market for a new product I can almost guarantee that they will have spent a significant amount of time researching and viewing customer reviews to see which product suits them best. Being well educated before purchasing a product is what makes an Omni-Consumer.
Everyone knows an omni-consumer. Most would recognize an omni-consumer as being economically smart. The truth is many people are a part of a growing consumer movement, which is generally classified by those who are 35 and under. How do you capture the omni-consumer’s attention?
“Omni-consumerism concentrates on the seamless approach to the consumer experience, through all available channels/touch points in the purchasing journey,” according to Navigate. Navigate continued: “The omni-channel customer has 360 degrees of discovery and uses all possible channels simultaneously, prior to purchasing a product. This means customers are entering stores already well informed about product features and price.”
Your members know well in advance of walking onto a car dealer lot or refinancing their home of which loan products they will use. Do you have a strategy to get that information into their hands, literally, as they make that decision?
The opportunity for FIs in nabbing the 35 & under’s is not just having a social media strategy, as some believe. It requires connecting with them through omni-integration. Omni-integration requires providing a 360-degree view of all your products and services through all possible channels – which include exploring your FI’s brand through mobile, desktop, social and in-branch. This creates a member-centric experience that is not channel specific: Your brand becomes the sum of its parts.
1. Increased member interaction: Increasing member interaction requires operational changes, sometimes including investments in technology. Offering a “mobile enhanced” version of online banking is not the same as offering a mobile app… your members will discover this and will generally lower their rating of your product offerings.
2. Increased member participation: Studies have revealed that omni-channel consumers spend on average 15 – 20% more than existing customers and exhibit much stronger brand loyalty. In order to see these kinds of results, you need to be committed to each channel and have the ability to manage them along your members’ journey to selecting your products and services. Setting up a Twitter, Google+, Facebook, or LinkedIn account for your credit union is not the end. You MUST dedicate resources to social media in FIs, and manage and respond to member queries and concerns that are sourced through these channels. If you have a mobile app, dedicate time to reviewing and responding to member ratings and comments in the app stores.
3. Flexibility: Your members will interact with your FIs brand in a way that works for them, not the other way around. Omni-consumerism puts the member in control, so embrace it. Remain flexible to the needs of your members and offer products which reflect those needs. Consider Marisol Federal Credit Union’s use of their “Quick Loan Program”, this is a great example of providing a product that is targeted at member needs and building the FIs brand simultaneously. Ongoing engagement with your members will ultimately decide their future purchasing behavior.