Do you know who your most “engaged”, profitable and fastest growing members are?
Only 35% of companies have achieved their digital transformation objectives. Banks and credit unions specifically are further behind on their own transformation even with the push shift to digital spurned by COVID. Companies that succeeded in executing their digital transformation objectives had an increase of 21% EBIT. In this blog, we will discuss five factors that are essential for a successful digital transformation.
Many financial marketers are stuck using decades old, time-delayed manual processes that slow onboarding, engagement and cross-selling for weeks. It’s stifling retention, limiting profitability, and eating up valuable marketing and IT time. But Florida’s $2.3 billion Pen Air Federal Credit Union has leaned into cloud-based data analytics innovation to advance their member experience marketing program.
For over 35 years, the MCIF has been the workhorse for countless credit union and bank marketers for consumer profiling, targeted marketing, product cross-selling, onboarding new relationships and reporting. But that historical legacy model is changing fast in the current digital transformation revolution.
$600 million Clackamas FCU, based in Milwaukie, Oregon, has become its latest client to implement cloud-based marketing analytics and business intelligence solution Strum Platform.