FTSI Explores the Digital Transformation of Marketing

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In August, dozens of members of the California and Nevada Credit Union Leagues met at FTSI’s headquarters for the second annual Member Exclusive Event in Monrovia, CA to learn the steps credit unions need to take to enhance their marketing strategy given the rapidly changing digital banking landscape.   Like the previous year, the event featured a panel of experts from a variety of credit unions fielding questions about which best practices they recommend and what missteps to avoid.  

“From the financial services industry to global retailers, whether we like it or not, technology has forever changed the way we tell stories, interact with members, build products, and ultimately generate value,” said panel moderator Michelle Hunter, SVP for the Credit Union of Southern California.

The panelists included Barbara Barry, NuVision FCU’s Chief Member Experience Officer; Eric Lundberg, Texas Tech FCU’s Chief Operations Officer; and Paris Chevalier, Xceed Financial Credit Union’s Chief Marketing Officer.  The panel explored how their credit unions have transformed to compete in a digital economy as well as the tactics they use to drive traffic, deepen engagement, and strengthen member loyalty.

“As people who have spent years attempting to get people and companies to think differently, marketers tend to be the change agents in their credit unions,” said Hunter. “They are the ‘think differently’ drivers within their organizations.”

In a recent survey of financial institutions in the southwestern U.S., FTSI found that cutting edge branches are planning how best to facilitate member initiated crowd-funding campaigns, implement “card valet” systems that allow members to turn their cards on and off with geolocation, and how to invest in targeted marketing through social media channels to drive loans and mortgages. 

FTSI feels that there is a real thirst for information surrounding how to keep pace with the demands of new technology without losing the personal touch that credit unions are known for or simply chasing a fad.  If you are interested in learning more, consider attending our annual ExCITE event on Dec. 8 in Monrovia, CA where our next marketing panel will focus on mapping the member journey, implementing chatbot technology, and the role of Artificial Intelligence in your marketing department. 

Article by Graham Currin, writer and researcher focusing on financial branch products and services at FTSI, Inc.