In marketing, demonstrating a clear point of difference from your competitors is critical to your organization’s success. For some credit unions, deploying video technology has been a vital factor in creating a tangible differentiation in their markets. Some of Vidyo’s credit union clients recently shared the benefits that give them a true point of difference.
Gary Kirk, executive vice president for BluCurrent Credit Union in Springfield, Missouri, said that his institution is the only one in the local area offering video services. One of the technology’s benefits BluCurrent has seen is an average member wait time of just 1.85 minutes. Additionally, members give the question “How likely are you to refer BluCurrent to friends and family?” a 4.86 out of a possible 5 rating. He noted that word of mouth is his highest rated advertising avenue, pulling in about 55% of new business.
“Those metrics support how video technology is received in our member community,” he said. “Bringing resources to members without them having to travel from branch to branch offers an efficiency and convenience that has been big for us.”
Sharon Lee, senior digital channel manager for Baxter Credit Union, said that Baxter’s ability to provide financial services “wherever and whenever you want them” with video-based services online and at its unique staffless branch helps differentiate her credit union from others. Baxter offers longer service hours than other credit unions, which helps members who want services after traditional work hours.
As at Baxter, deploying video helps another credit union client Union extend its services beyond its physical footprint. It focuses more on web and mobile channels to be its differentiator. Those channels decreased member wait times on busy days from 1.5 hours to well under two minutes.
“With video technology, our members come into a branch, are served quickly by a subject matter expert, and leave with an answer to a question or a check in hand,” the client said. “That really makes a difference for us.”
As noted in this blog post and the two previous, video technology can be a solid point of difference for any credit union by offering tangible business results that stand out in competitive markets.
This blog post’s content is derived from Vidyo’s Financial Services Online Forum and is the third in a series of three. For more valuable insights from credit unions, read the Timing Is Everything: Early Video Adoption Would Greatly Benefit Financial World and Credit Unions Reveal Video Technology Lessons Learned posts in the series.
