Cornerstone Advisors' Terence Roche talks channel strategies in Seattle.
Credit unions have lots of channels to manage including ATMs, home banking, bill payment, mobile, social media, call centers, branches, online loan applications, online account opening.
Managing all these channels could become overwhelming.
But having a strategy will help, said Terence Roche, principal of CUES Supplier member and strategic provider Cornerstone Advisors, Inc., Scottsdale, Ariz., at the CUES School of Product and Channel Management™, happening this week in Seattle.
For each delivery channel, ask: What are you trying to accomplish?
suggested framing each delivery channel in one of the following goals:
For every 120 accounts (not memberships), CUs open, they close 100, Roche
In some cases, a channel might not be profitable but it helps keep members, he
Social media might be here now, Roche
"A channel has to do one of these five or it does (number) six," he
A lot of people want to add an additional "significantly increased service and member satisfaction" category for channels that provide a service to members, Roche
suggested, if the channel truly does these things, it should be contributing to "either one, two, or three."
suggested creating a spreadsheet of each delivery channel at your credit union and designating which of the above goals best fits it.
Next, you need metrics for each channel and each of the above five categories.
suggested the following rules for setting metrics.
A few big ones are better than a boatload of smaller ones.
Tie them back to strategy.
"If the No. 1 goal for the call center is to cross-sell, am I going to beat them up for calls per agent per day?
I don't think so," Roche
During the session, Roche
suggested several different metrics for each delivery system.
"The more you can't come up with a metric, the more it's R and D," Roche