Account alerts add value for member and credit union

Boost use by ensuring your program includes a few basics

Quickly stay in contact with your members on important account updates via account alerts. Account alerts are an effective way to help your members avoid overdraft or late payment fees, provide bill payment reminders and/or prevent identity theft. Messages can be delivered via email, text, voicemail and even through social networking sites like Twitter. Alerts are convenient, and offer a value add for your members, effectively helping them manage their accounts. According to a recent study on the subject by Forrester Research, accountholders recognize the benefits of receiving account alerts and feel alerts help them avoid fraud and unwanted account fees. Unfortunately, not as many accountholders are taking advantage of the account alert resources provided by their financial institution as should be. If your program needs a boost, or if your credit union is ready to start offering account alerts, here are a few steps you can take to increase awareness and further engage your members in this useful resource:

• Launch a targeted campaign that raises awareness among your members that your credit union offers this resource.
• Demonstrate and/or educate your members on how alerts can help them manage their accounts more easily and effectively.
• Make sure alerts include easy next steps, such as “avoid overdraft charges by clicking here to make an account transfer.” It’s important that the user be able to complete the step through the same channel that they received the alert.
• Offer a streamlined set of account alert options, possibly appealing to your members by offering combinations that mean the most to them. It’s important not to overwhelm your members with too many alert options.
• Offer your program to all members, not only to those online. Research shows that once an offline user begins using alerts they become a more apt prospect for online banking.

Raising awareness around your current alert program, or beginning to offer one, will be worth the effort; account alerts have shown to help deepen relationships, create cross-sell opportunities and raise customer satisfaction.