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  1. Resource Center
  2. Allied Insights
  3. The Risk of Not Having Digital Communication Tools

The Risk of Not Having Digital Communication Tools

  1. Resource Center
  2. Allied Insights
  3. The Risk of Not Having Digital Communication Tools
By Allied Solutions, with CU Insight,
May 19, 2021
In a digital forward world, credit unions are increasingly relying on digital communication tools like text and email. These tools enhance risk protection and work to create a comprehensive risk management strategy.

This article was originally published on CUInsight.

There’s no denying it: Digital communication tools aren’t going away post-pandemic. Digital communication tools helped serve members during the pandemic and kept them connected to your brand. These tools enhance and deepen communication with personalized messages that vary from member to member and channel to channel. These channels can include:

  • Chatbots
  • Text messages
  • Emails
  • Automated phone calls
  • Video platforms
  • Social media
  • And more

Some of these tools are available across all industries, and there are many options designed specifically for credit unions  and their members.

 

The risk of not having digital communication tools

Pandemic or not, in this digital-forward world it’s risky business to not utilize digital communication tools to connect with your members.

  • It’s a missed opportunity when 96% of members receive communication notifications on a mobile phone. 
  • It’s the risk of your brand and message not being part of the 90% of text messages that are opened within 3 minutes.
  • It could be missing payments by not enabling digital payment options, even though there are 256 million people who made digitally enabled payments last year. 
  • It’s potentially not verifying insurance coverage for the 93% of borrowers who will do so if asked.

Neglecting digital communication tools like texting and email equate to missed opportunities.

Read the full article here.

 

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