Communication in the New Normal
Produced by Allied Solutions | October 5, 2020
This content was originally published on CRMNEXT's Blog
Let’s talk communication. Text, email, call, video-chat, carrier pigeon . . .
There’s no shortage of ways to communicate with your customers and members. But, riddle me this: Just why is it so important for financial institutions to utilize multi-channel communication?
Charlie Peterson of Allied Solutions answers these questions and more on CRMNEXT’s Banking On Experience podcast, “Episode 28: Why multi-channel communication is so important for members.”
Here are highlights from that conversation:
Why omnichannel communication is especially important right now.
Interaction time has changed. From food delivery to online banking, everything can now be done from your living room. According to our expert, 35% of people were doing mobile banking prior to COVID. And now, it’s up to 50-75% and rising!
“People are doing mobile banking and plan to continue to do so.” That’s not good news for those businesses who were planning to build 19 branches in 2020.
Importance of catering to different generations, and need for more education around Gen Z, Gen Y, and Gen X. Times they are a’changin - it’s keep-up or miss out.
What Charlie calls “the most powerful communication method there is.”
No surprise here – Texting wins that distinction.
According to Charlie, prior to COVID alone, 8 billion texts were sent every day in the US. “When you consider that 98% of the texts are read within 9 minutes of receipt. . . Holy cow! Why would I be doing much of anything else?”
He also shares anecdotes from leadership seminar he gave in which he questioned CEOs and board chairs about their communication habits. And – trust us – it’s worth a listen!
How texting has changed work behavior in the “new normal."
He compares how he used to do meetings (the hassle of flights, hotels, etc.) vs. now, when he’s able to hold meetings in 6 states before lunchtime, while answering texts from colleagues and family.
“Has COVID brought the effectiveness of all of us as doers to a new level? My answer would be yes!”
The biggest mistakes people make in communication.
Planning too far out in the future tops Charlie’s list. “They get out over the tips of their skis, so to speak.”
He calls this tendency to think we knows what’s coming “future casting,” and if you do too much of it, you’re not going to stay relevant.
Another communication-related “truth bomb.” Avoid hiring people based just on their experience. Hire them based on their outlook. He believes youth is a good thing to have at the C-suite level, because they will challenge you at every turn.
Using data to track communication preference.
This piece of the episode is packed with some fantastic advice (including what Bank of America and US Bank are doing right in this department), and suggestions of what to keep in mind.
Ask yourself: “What information do I need from my customer or member? And where am I going to put it?”
And then ask your members how they want to be communicated with.
Tune into this full podcast on YouTube.
If you’d like to get in touch with Charlie, you can email him at firstname.lastname@example.org.
And don’t forget to check out Allied’s new white paper: Credit Union Growth Strategies to Remain Competitive Beyond the Pandemic.
About Allied Solutions
Allied Solutions, LLC is one of the largest providers of insurance, lending, and marketing products to financial institutions in the US. Allied Solutions uses technology-based products and services customized to meet the needs of 4,000 clients, along with a portfolio of innovative products and services from a wide variety of providers. Allied Solutions maintains over 16 regional offices and service centers around the country and is a subsidiary of Securian Financial Group, Inc.Content in the blog posts are the opinion and views of the writer, and don't necessarily reflect the opinions or views of Allied Solutions.