Most credit unions outsource the creation and delivery of their member communications. Evaluating and selecting a new vendor is often a slippery slope that leads to unexpected results and possible long term constraints and consequences.  This is only natural in light of two key situational factors. First, credit unions do not change their statement and notice vendors very often.   Secondly, on the surface, most vendors appear to be offering identical products and services. 

For example, consider statements, letters, and notices. These are often the most frequent direct touch point that a credit union has with members.  In today’s world, more and more credit unions are delivering these documents electronically. Methods such as mail, email, text, mobile banking access and direct ePresentment sites must all work hand-in-hand in order to meet the many different ways that members now expect to be communicated with.   This broad spectrum of deliverable methods has transformed a vendor selection process from one that was once a simple price focused choice into a complicated review that requires a deep dive into each potential vendors business.

What typically happens when credit unions sit down to finally select a new vendor? Well many times the credit union has a difficult time clearly defining distinctions. This often results in making a selection that is based on one of three flawed selection methods:  1) The coin flip method   2) The price method or   3) The relationship method.
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​Staying safe and secure on the internet is a top priority, especially during this heavy online shopping season.  Cybercrime is a very lucrative business and criminals will try anything to access passwords, bank account information and identities.  Consumers are targeted by new email scams daily and scammers are getting more creative, and successful, at an alarming rate.
 
That said, below are some proactive ways to protect customers from scammers (both over the phone and electronically):

• Offer transactional alerts. Many organizations (especially in the financial space) offer alerts through email or text. 
• Implement two-factor authentication. Two-factor authentication, a security measure that requires more than a customer’s username and password to gain access to personal information is a critical element in protecting your customers. Be sure to communicate with customers that while this will help protect them from scammers, they still should be mindful of any phishing emails or texts that appear to be from your organization.

• Ensure brand consistency across all customer communications.  Branding will minimize the risk of customers falling prey to scammers because they are less likely to click on a link or pick up a phone call if those suspicious communications do not match the brand.
  
• Utilize the white space on customer communications (print and electronic statements, letters, notices etc.). This provides an opportunity to include instructions on how to handle suspicious activity or a data compromise, as well as contact information.

 
While these solutions are not 100% foolproof, they may help prevent customers from falling prey to scammers.

Learn how Lanvera can give you the tools to effectively communicate the latest scam signs and instructions by contacting us.

After assessing your current processes, identifying your ideal customer’s wants and needs, and ensuring your tech infrastructure is advanced and efficient, it’s time to create your customer document strategy.

Every organization will have a completely unique approach to their customer communications, but at Lanvera, we have a few universal tips and techniques to share that will help you to increase the value of your business processes, drive customer behavior, and reduce or offset your operational costs as a whole. 

1. Optimized Documents- We’ve written previously about ways to help you create the most effective and customer-friendly documents possible, no matter the industry or the document’s content, and can’t emphasize enough the importance of optimized customer documents.

Your documents are one of the primary ways in which you communicate with your customers, so their design is an integral component of your strategy. To find out how to create documents that are customized and consolidated to reduce page counts and customer frustration, visit our recent post, 3 Ways to Optimize the Design of your Customer Communications.

2. Production and Delivery Processes- Once the design of your documents is optimized and finalized, developing a new and more effective processing strategy is the next step. Utilize our document production checklist to assist in identifying the ideal operational solutions, but take care to ensure your new process is 5 main things. 

• Automated- Automation reduces human error and ensures consistent and accurate processing.
• Flexible- Your new or updated production and delivery processes must be flexible, accommodating and easily altered with changing regulations.
• Multi-Channel- The ability to produce your documents on multiple platforms is an absolute necessity for creating the most positive customer experience.
• Prepared- Your documents, processes and capabilities must be comprehensively backed up to guarantee complete business continuity.
• Proven- No matter which method you choose for your production and delivery processes, to ensure success, choose a solution with a history of solid results.
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3. Transpromo Marketing- We’ve mentioned many times the importance of taking advantage of transactional data to create targeted and personalized marketing campaigns. In practice, this technique of including promotional material directly within transactional documents is known as “Transpromo Marketing.”

To find out more about the different types of transpromo marketing, visit our recent post, Transpromo Marketing FAQs and discover how you can utilize this powerful opportunity to grow your business, increase value and offset your production costs all together.

If your statement processing strategy is not performing as well as you’d like, is requiring lots of time and effort from employees with other obligations, and is costing lots of money and still resulting in customer complaints and phone calls, contact Lanvera today to find out how we can help your business increase operational productivity while substantially lowering costs.