By John Blom and Margie Church
The information you have about members using Bill Pay services, is potentially a marketing goldmine. You've had access to the data for years, but likely it's been costly and cumbersome to access. You may have been reluctant to make the time and financial investments until your credit union could gauge how successful Bill Pay would be among your members.
Nationwide, Bill Pay's adoption is strong. Is it time to have a conversation with your service provider about whether you can cost-efficiently use that data to increase your loan portfolios and membership roll? We think so, especially since portions of the economy seem to be stabilizing, and some loan products are seeing good uptick.
Short-term, you might compare the cost of quality leads against your budget. Perhaps you'd choose a few seasonal promotions versus a full-blown commitment. Long-term, we contend that if the data gives you a high level of confidence you'd reach a ripe-for-the-picking audience, and the cost to get the leads is reasonable, pursing this is something you should seriously consider. It could be a very lucrative component of your credit union's retention and prospecting strategies.
Once you have insight to a member's financial habits and obligations via Bill Pay, you can show them time and money-saving products and services they might want. The not-for-profit charter of credit unions puts you in a position to do this without appearing as the money-grabbing, for-profit bank that has had their hands in the members' pockets far too deep, far too long.
A secondary benefit, is that you'll ride the leading edge of creating a new membership profile: your most active eBankers. As the financial industry continues evolving into virtual banking, you'll be in a position of strength to have products and tools your members want at the time and place they want them. That's just smart marketing.
Pinpoint Direct Marketing exclusively serves the U.S. credit union market. We provide excellent, turnkey or a' la carte creative services at a great value. Click to learn more.