Post COVID-19 Engagement Strategies for Members and Prospective Members
May 27, 2021
More than half of American adults have been vaccinated for COVID-19. It is a huge milestone as the country is looking to heal and put 2020 in the rearview mirror. Yet, the road to recovery will take time as the impact of COVID-19 has been profound and complex and has touched nearly every aspect of our lives.
One of the areas impacted the most has been the financial health of so many people around the country. Lost income and depleted savings led to a significant increase in the demand for various financial products and services. In response, financial institutions have stepped up to help alleviate the financial devastation, in part, by providing access to financial services and offering record low rates on credit. Yet, these historically low rates are a double-edged sword in terms of profitability for those same providers.
Furthermore, financial institutions face growing competition from alternative and emerging fintech platforms, which means banks and credit unions must re-think their short-term tactics and long-term growth strategies. Now more than ever, financial institutions need to find ways to set themselves apart to capture consumer attention and establish, maintain, and build upon relationships with customers and prospective customers alike.
Effective consumer engagement approaches and solutions will be at the forefront of these strategies. Community reinvestment programs, such as financial wellness and education, are an effective and powerful way reach consumers and demonstrate the value of the services they provide.
The right financial wellness program can not only improve consumer financial mindset, knowledge, and habits, but can also responsibly connect customers and prospective customers to your relevant products and services to turn information into action. This is the approach that LifeCents takes to financial wellness. We work with financial institutions to create highly engaging programs that improve consumer financial health, increase utilization of your products and services, and generate comprehensive data sets, including the ability to create dynamic consumer segmentation based on any number of criteria.
Our approach to financial wellness and consumer engagement is so effective, it helped BayPort Credit Union in Newport, VA win the Desjardins Award for adult financial education. During their program with LifeCents, BayPort was also able to engage over 4,000 consumers, approximately 1,500 of which were non-members.