Bringing CFCU to You. Anytime. Anywhere.
A Proposal for Mobile Banking “Bringing CFCU to You. Anytime. Anywhere.”
PRESENTED BY: Cristina Nunez Kath Tibbetts Tiffani-Amber Muller Suzette Moschetti
Bringing CFCU to You. Anytime. Anywhere.
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Executive Summary
CFCU Community Credit Union is a local, member-focused instution, offering more-than-banking services to the Tompkins and Cortland County communities. With a mission modeled around customer service, financial education, and dedication to their employees, it is a pleasure and a priviledge to support and promote the goals of this organizatoin. As a means of better serving its members, CFCU is rolling out a new mobile app, and this campaign provides strategies to achieve the following objectives: 1. Members: Gain enrollment of 1,000 members for the mobile app within 12 months of rollout date 2. Non-members: Increase membership by 15% over the average growth within 12 months of rollout 3. Staff: Increase staff awareness and involvement of the new mobile app to 65% of the total staff in 6 months
Aligning with the CFCU Anywhere logo and design, all strategies are developed around one main message, “Bringing CFCU to You. Anytime. Anywhere.” This message communicates the vast availability of CFCU’s services, as well as its technological graduation into mobile accessibility. With this campaign, members, non-members, and staff will be targeted for a successful and well-rounded roll-out of the CFCU mobile application. In addition to the main campaign strategies, we have offered several recommendations as an extension of this campaign. We offer a preliminary recommendation for a follow-up campaign targeting the acquired CFCU mobile app users. We recommend developing mechanisms for gathering valuable feedback as well as techniques to become a thought leader in the industry.
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Table of Contents Market Analysis • • •
Company and Branding Competitors and Audience Environmental and SWOT Analysis
pg. 4 pg. 5 pg. 6
Promotional Plan • • •
Member Objective and Tactics Non-member Objective and Tactics Staff Objective and Tactics
pg. 7 pg. 9 pg.11
Logistics • • •
Timeline Buget Recommendations
pg. 13 pg. 14 pg. 15
Appendix •
Student Ambassador Job Description
pg. 16
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Student Polos
pg. 17
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Bathroom Flagship and Billboard Ad
pg. 18
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Market Analysis Company CFCU Community Credit Union is a local credit union serving those who live and/or work in Tompkins and Cortland counties since 1953. Originally CFCU only served the employees of Cornell University, and in 2003 converted to a community charter. With nine locations and $850 million in assets, it is one of the largest credit unions in New York State. Offering the standard banking services (checking, savings, loans, etc.) for both community members and business institutions, CFCU boasts lower rates and fees than the average banking institution. Between the two counties, there are approximately 53,000 members with 5,600 of them engaged in online banking. Looking to extend their online services, CFCU anticipates rollout of their mobile banking application for members in the near future.
Branding CFCU’s mission emphasizes four major objectives as a banking institution:
1. 2. 3. 4.
Provide the highest level of personal financial services Encourage thrift, savings, and wise use of credit Increase knowledge and ability of members to manage their finances Provide employees with a challenging and rewarding career
With a service and community-oriented branding, CFCU’s media presence is positive. CFCU chooses to promote itself as an institution that is, “more than just banking,” prioritizing their member focus over advantageous rates and fees in their marketing. CFCU’s director of marketing encourages this approach as advertising competitive rates and fees are no longer as impactful a selling point in their industry. CFCU’s online presence is somewhat limited, with minimal engagement on Facebook and Twitter. There is however, a much stronger community presence, coordinating and participating in local charitable events, including ones supporting United Way, SPCA, and Relay for Life. CFCU has received numerous awards and recognitions for their social responsibility activities. Unfortunately, there is a perception among members that the credit union is slow to change, especially regarding technology and online banking. While the company is working hard to implement new technologies like mobile banking, they are “behind the times” so to speak with their implementation of these banking trends.
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Competitiors CFCU has some significant competitors comprised of a diverse set of local and national banks and credit unions. In Tompkins and Cortland counties there are more than a dozen banks, with a half local/regional and half national/international. All but two banks offer both online and mobile banking, First National Banks (Groton, Dryden). The two banks have online banking but have yet to develop anything mobile. There are three local/regional credit union competitors within the Tompkins and Cortland counties, two in Cortland and one in Ithaca. The predominant local competitor among credit unions is Alternatives Credit Union, which is located in Ithaca and seeks to serve the same market segments. The reason Alternatives is the predominant competitor, other than location, is that the credit union is growing and is the only other credit union that does not have a mobile banking application for its members. Additional research must be conducted to compare online services, but for the most part, each institution offers similar and competitive services (eStatements, eDeposits, BillPay, etc).
Audience While CFCU targets a variety of segments there are demographic similarities among the groups. All CFCU members must at one point be a citizen or work in either the Tompkins and Cortland counties. They must have the financial capability to open an account. For this campaign, CFCU will be targeting individuals whom currently use mobile app technology, 75% of whom are college graduates and 45% earn between $50K-$75K salary. This campaign will target current members enrolled in online banking, current members not enrolled in online banking, prospective members, and people in the community that are unaware of CFCU and its services. For this campaign, the primary audience segment is current CFCU members. The median age of current members is 52 years. Research shows Baby Boomers and seniors are starting to engage in digital banking. Although this age demographic tends to be later adopters of technology, this group is showing a significantly increased willingness to engage in mobile banking. The secondary audience is the large population of college students in the region. With four major local institutions, CFCU stands to benefit the most through engagement of the student demographic. CFCU needs to direct some of its marketing to the younger generation as their primary audience ages out.
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Environmental Considerations Mobile banking has become a ubiquitously adopted practice/service offered by banks all over the globe. The cultural gravitation to everything mobile has spawned the need to have banking on the go at a moment’s notice. Mobile banking is convenient and relevant where digital capabilities easily streamline normal banking processes. While this trend has been gaining momentum for several years, the banks that have yet to adopt mobile banking are starting to suffer. With more credit unions closing each year, the market has become extremely competitive. If a bank does not have mobile banking, it is at a severe disadvantage regarding member acquisition and retention.
SWOT Analysis
Strengths • Only one of two credit unions in Ithaca • Low interest rates • Highly accessible throughout targeted region with multiple locations and points of visibility • 1/12 ATMs don’t charge fees for CFCU card (all plane network)
Weaknesses • Not a common understanding of benefits of a credit union- no known value prop • Website cluttered • Behind on the social media and mobile integration • Significant changes with website and online banking recently • Changes in formal name
Opportunities • Responsive web design • Incoming students • Extended student accounts once mobile • Social media development
Threats • Banks/Credit Unions in the area: approximately 30 locations • Location limited (Cortland and Tompkins County)
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Objective 1: Gain enrollment of 1,000 members for the mobile app within 12 months of rollout date
Notify member community about the new app Tactic: Basic Notification CFCU will notify the member community about the new app framing it under the “Bringing CFCU to you” message via multiple channels. Send the initial notification and follow it up with more incentivizing, benefit-oriented messaging. Follow a 3-means, 1-method approach where the notification is sent via at least 3 different media.
Incentivize current members to enroll in mobile app Tactic: Sponsor a Donation Offer to make a small donation to a charity of a member’s choosing if they enroll within the first 6 months of app rollout. The first 1,000 members to download the app can log in and choose from 3 charities for which CFCU will donate to. They will have the opportunity to share a message about the donation via social media with the hastag #cfcu2u.
Offer opportunities to learn about CFCU’s mobile app Tactic: Ambassador Program Recruit student ambassadors to serve as a CFCU “genius bar” for member support for the mobile app. Student ambassadors will serve as part-time service reps to answer basic tech support and troubleshooting questions from mobile app users via telephone and in-person. Four students, one from each major campus (Cornell, IC, SUNY Cortland, TC3) will spend a few hours one day each week at one of the branch locations, where they will field mobile-specific questions, as well as serve as a one-on-one genius bar rep for those who need the in-person assistance.
Tactic: Self Help Content Develop and provide an online searchable selfhelp section for members to access when they want to independently learn more about the app or troubleshoot it. These learning “modules” can come in a variety of forms—PowerPoint slides (Slideshare), webinars, even an FAQ PDF—and address a variety of topics—troubleshooting, general use, security, “things you need to know.” CFCU can outsource this tactic, or produce quick video tutorials in-house through programs like Screenr, which can record screen activity and voiceover for a very low cost if any.
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Objective 1: Gain enrollment of 1,000 members for the mobile app within 12 months of rollout date Messaging 1. Bringing CFCU to you. Anytime. Anywhere. 2. Make a donation through CFCU. Anytime. Anywhere. 3. CFCU’s bringing to you the need-to-know about our mobile. Anytime. Anywhere.
Evaluation In general, the objective will be measured by the number of members who have enrolled since the rollout date. The following are different metrics you can monitor to gauge the efficacy of the objective’s strategies.
Strategy 1: Notify members
Strategy 2: Incentivize enrollment
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•
• • • •
Survey analysis Social media activity around the mobile app posts (general social media analytics) Click through rates from email or website campaigns to website or mobile download # of inquiries about the mobile app # of app downloads # of members who opened the e-mails sent by CFCU
• •
Amount of money spent toward donations (including # of members who participated in incentives Open rate e-mail newsletters sent by CFCU # of social media impressions and interactions with #cfcu2u
• # of user-generated contributions • comments/posts ratio • # of new student membership enrollments for fall 2015
Strategy 3: Provide opportunities to learn • • • • • •
# of inquiries, clicks on self-help sections # of interactions/impressions on social media Codified feedback from student ambassadors # of different user issues # of calls # of self-help PDF downloads
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Objective 2: Increase CFCU membership by 15% within 12 months of mobile rollout.
Implement a “Bringing CFCU to You. Anytime. Anywhere” ad campaign Tactic: Common Scenes Implement a campaign that light-heartedly depicts common scenes where mobile app users would check their banking balance, where it is accessible anytime, anywhere. “Bringing CFCU to the grocery line, to the game, at the pump, at the bar.”
Flagship Ad
Increase interaction with the local student populations Tactic: Ambassadors as “Street Team” Recruit student ambassadors to serve as a “CFCU mobile street team.” For 12-18 months after the mobile app rollout, CFCU hires 4 student ambassadors each semester to represent CFCU on the campuses for college credit. They would be responsible for tabling at applicable campus events, serve as spokespeople within the college communities, and help promote CFCU on campuses. On the back of their Street team polo’s will be the #cfcu2u hastag.
Tactic: College Connections Increase advertising through college admissions and orientation events (Ex: Tabling for the Ithaca Today Weekend). Develop postcard inserts for the orientation and admission packets that students receive, with the messaging from the previous tactic. Use the same message design as the Flagship ad to cater to college students.
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Objective 2: Increase CFCU membership by 15% within 12 months of mobile rollout. Messaging 1. Bringing CFCU to you. Anytime. Anywhere. 2. Bringing CFCU to the campus. Anytime. Anywhere.
Evaluation In general, the objective will be measured by the number of new members enrolled in the year following the mobile app roll-out. Membership growth for that year will be compared against average membership growth from the 3 previous years. If the current period’s growth is higher than the average by 15%, the objective has been achieved. Also, when people enroll as a new member, tellers (or the mechanism by which the person enrolls) will ask why that person chose CFCU and how they found out about CFCU. That qualitative data will help with general ROI attribution of the campaign. The following are different metrics you can monitor to gauge the efficacy of the objective’s strategies.
Strategy 1: Implement a “CFCU to You” ad campaigns • • • • •
Social media activity/analytics surrounding the specific campaigns Likes, shares, comments # of user-generated contributions Mentions of the advertisements Quantity of unique visitors to the website
Strategy 2: Increase involvement with students • • • • • • • •
# of ambassador applications Quantity of on-campus engagements by ambassadors Social media analytics # of interactions # of page likes # of user-generated contributions comments/posts ratio # of new student membership enrollments for fall 2015
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Objective 3: Increase staff awareness and involvement of the new mobile app to 65% of total staff within 6 months Communicate with staff regarding all things related to the mobile app Tactic: Dashboard
Develop a mobile app analytics dashboard to measure performance and keep staff in the loop with important and relevant information. Google Analytics is a cheap if not free way to monitor the use of a company’s mobile app. CFCU can either make the dashboard public or create an e-mail newsletter campaign, which relays the pertinent information. This way, CFCU is keeping employees informed about what’s going on with the app and how to potentially improve performance. The dashboard can also provide insight from the feedback collected by ambassadors, as well as providing an open forum for staff questions and comments. DOMO is a company that develops data dashboards like this specifically for businesses.
Educate staff on the mobile app so they can promote it Tactic: Job Aids Create materials that aid staff members in promoting and educating members about the mobile app. These could be in the form of countercards, printed standard operating procudures, and/or a digital wiki. Establish talking points for front-line staff to communicate to members.
Tactic: E-Training Offer e-learning quizzes for training purposes. These modules are for employees to learn how to answer the common questions members will ask. These could be as simple as a Survey Monkey quiz that provides information followed by questions. Offer incentives to the employees who successfully complete the modules such as a raffle or gift certificates.
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Objective 3: Increase staff awareness and involvement of the new mobile app to 65% of total staff within 6 months
Messaging 1. Bringing answers to CFCU members. Anytime. Anywhere. 2. Stay informed. Anytime. Anywhere.
Evaluation In general, the objective will be measured by the percentage of total staff that qualifies themselves as aware and involved in the mobile app promotional campaign. CFCU should issue a survey for all employees to fill out, that will ask questions about their awareness and level of involvement in the campaign and staff-oriented tactics. Determine a satisfactory score for the survey (e.g. employees must indicate an awareness and involvement score of at least 50% to be considered officially aware and involved). To achieve this objective, there must be at least 65% of the staff to have achieved that satisfactory score on the survey. The following are different metrics you can monitor to gauge the efficacy of the objective’s strategies.
Strategy 1: Communicate with staff
Strategy 2: Educate staff
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• • •
# of visitors/views of dashboard, per update & cumulative Amount of feedback and conversation among staff regarding dashboard statistics Issue a feedback survey specifically about the dashboard and gauge response # of staff that viewed/opened the e-newsletters sent out
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Number of staff utilizing the modules Scores on quizzes in the modules Frequency of questions coming from staff to management about the app # of staff receiving incentives
13 Bringing CFCU to You. Anytime. Anywhere.
Bringing CFCU to You. Anytime. Anywhere. Assuming app roll-out is mid August‌ Objective-Members Notify members about new app Tactic: Initial notification of app Tactic: Follow up with benefit-oriented messages Incentivize members to enroll in app Tactic: Donation opportunity Offer opportunities to learn about app Tactic:Student amabassador "Genuis Bar" Tactic: Online searchable self-help section Objective- Nonmembers Implement ad campaign for both counties Tactic: Light-hearted common scenes
2014
2015
2015
Jul Aug Sep Oct Nov Dec Jan Feb Mar April May June
2014
Timeline
Increase internaction with student population Tactic: "Street team" recruitment Tactic: Increase advertising (campus events and admissions Increase staff awareness and education, and incentivize them Communicate with staff regarding all things mobile app Tactic: Dashboard to measure performance Educate staff on mobile app Tactic: Job aids Tactic: E-learning training/modules
KEY
Development
Implementation
Bringing CFCU to You. Anytime. Anywhere. Objective 1
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Objective 2
Objective 3
Total: $29,980.00
Bringing CFCU to You. Anytime. Anywhere.
Recommendations
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1. Follow-up with Campaign: Where do you CFCU? This campaign follows the “Bringing CFCU to You” campaign messaging but is meant for after CFCU gains adequate mobile enrollment. “CFCU” in this instance would represent the action of checking one’s banking information via their mobile app. Either CFCU can generate ads themselves (“I CFCU in the grocery line”) or solicit ideas and shareable contributions from current members. This campaign would be easily translatable to social media and online content sharing. It can be framed as a contest, a twitter feed, billboards, and direct mail. This campaign can be utilized to stimulate enrollment in the student populations, via the CFCU mobile street team. 2. Gather Feedback Staying in touch with the needs of your constituents is important to providing the best service(s) as well as making the most effective use of your resources. By implementing small but routine ways to gather feedback from your members, staff, and the community, CFCU can develop or improve service(s) based on their constituents’ needs. Examples of such would be satisfaction surveys and feedback/comments options on the website and mobile app. CFCU could also solicit a sample group of members or staff for participation in focus groups. And whatever method CFCU chooses to employ, make sure it is simple, concise, and developed around a main research question (e.g. What are the common reasons why members don’t want to enroll in the mobile app?). 3. Become a Thought Leader The latest marketing trend organizations use to maintain and grow their member base and online social presence is through content marketing. Content marketing essentially is the way in which an organization can present itself as an authority in their industry or field. An organization will develop or curate digital (shareable!) content that they post on social media or through e-newsletters, providing valuable and worthwhile information to their stakeholders (e.g. blog posts, infographics, memes). By becoming a resource or thought leader for industry information, organizations develop a stronger relationship with their constituents (in CFCU’s case it would be primarily members but also the non-member community). Then in theory they will return to that organization for services because they are perceived as reliable, well-informed, and capable of the highest level of service available. While this recommendation is worthwhile, it may require additional marketing investment.
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Appendix A: Ambassador Job Description
CFCU Student Ambassador Job Description: In-House Intern An In-House intern is responsible for interacting with current members of the CFCU community. Answering phone calls and sitting in on “Walk In Hours” are main responsibilities. Must have knowledge of mobile app and willing to learn how to learn to teach others. Street Team Intern A street team intern will be “Bringing CFCU To You. Anytime. Anywhere.” They are responsible for on-campus visits to assigned university where they will interact with student population by being an ambassador for CFCU. Competencies: • Can think and act independently with confidence. Has personal fortitude and integrity when faced with challenges • Friendly and approachable. Has the ability to converse with all target audiences. • Energetic and takes initiative. Is pro-active and persistent in pursuing and completing tasks. Strives to exceed expectations and goals. • Is genuinely caring and compassionate; visibly demonstrates desire to understand others Job Requirements: • Currently a full-time student in local college. • Non-paid internship, academic credit is available. • Must have experience with smart phones and can explain how to use them to a wide audience with patience. • Must have past experience in dealing directly with the public and acquired general knowledge of basic customer service skills. • Must be able to use tact and understanding when dealing with mobile application customer service problems, including stressful and highly emotional situations.
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Appendix B: Ambassador Polos
Front View of Ambassador Polo
Back View of Ambassador Polo
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Appendix C: Ad Samples
Flagship Ad
Billboard Ad
Bringing CFCU to You. Anytime. Anywhere.
CRISTINA NUNEZ TIFFANI-AMBER MULLER KATH TIBBETTS SUZETTE MOSCHETTI
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