In this period of high inflation, members are looking for ways to conveniently monitor their financial activities. Where in the past this may have been a periodic activity every few days, members now feel the need to stay constantly informed about their finances. Financial peace of mind is a requirement as members deal with pricing pressures and budgeting in every aspect of their lives. In fact, 73%
of Americas rank their finances as their number one stressor.
Members no longer want to scroll through dozens of transactions to match up dates, merchants, and costs. Information and awareness are critical requirements members have of their financial institutions. Members need to feel in control of their finances in a world that can seem overwhelming at times. Today's world of insidious fraud, where small-dollar transactions can easily be missed, creates further worry. And let's not forget about efficiency. Members are pushed for time. If you have ever paused in your busy day and wondered if a transaction has been posted (insurance payments, for example), you understand how members feel. It is better to be notified than surprised!
Set Up Alerts – Now
Alerts are one of the indispensable tools within the Connect digital banking platform. Members can conveniently set up daily account and loan balance alerts in online banking and mobile. In addition to balances, alerts can be set up to notify them every time a transaction posts to their account. These alerts can be sent via email, text message, or push notifications to stay on top of daily payments and deposits. If there is an unrecognized transaction, members can access their account history to review the transaction's origin. Alerts can help members be proactive about reducing the opportunity for fraud. As they say, "defense is the best offense."
Members often create a sensory overload by setting up alerts from every app on their phones, creating constant disruption. Members can reduce the amount of account alerts they receive by setting up criteria for a transaction threshold (any transaction over $100) or specific dollar amounts.
Whether members are trying to monitor high dollar withdrawals in the joint checking account with their child in college, or be notified when their direct deposit hits, alerts can be tailored to meet their specific needs (remember, control). And let's not forget low balance alerts to avoid minimum balance or NSF fees. Not to mention the fees charged when the funds are not received by the payee, which can be costly. Finally, alerts can be set up to remind members when critical payments are due, such as mortgage or credit card payments. Missed payments add a whole new stress dynamic, and that can be avoided.
Stay In Control
Life is running at an unrelenting pace. Members are looking for convenient and efficient ways to control their financial affairs. Alerts and notifications provide digestible insights into account activity and enable members to control the information they want to receive and how often they want to receive it. Alerts alleviate the worry of whether deposits have been made or loan payments have been completed, and are often the first line of defense in recognizing potential account fraud. Calendar (Outlook, Google, etc.) alerts can easily be overlooked with a simple mouse click to remove that alert from blocking the screen to continue working on that important document. Mobile alerts, on the other hand, always catch attention.
Members are looking for you to be their advocate; giving them a sense of financial control through alert capabilities help solidify your position as a trusted financial partner to your members. Alerts also provide operational benefits to your credit union by reducing calls to the contact center about basic inquiries. Finally, if you have members not using digital banking, alerts are an excellent tool to upsell the platform. Stay Informed. Be Alert.