How to staff your credit union in an omnichannel world
Omnichannel marketing will move staffing beyond the norm, requiring a blend of talent versed in various technologies—including additional IT expertise to manage the data and marketers who can execute and analyze different campaigns.
Rajesh Patil, VP/financial services and fintech for Helios and Matheson Analytics Inc., New York, believes most CUs will move away from traditional staffing models and foresees an increased demand for data scientists and analysts. “Ideally, CUs will transform their staff from a transactional to a relationship mindset by empowering them with data-driven, intelligent insights about the members they serve,” he says.
“These individuals will also need to grasp how members move across various channels and the technologies that join them together,” adds says Jon Moran, director of product marketing for Earnix, Westport, Conn.
Brett Wooden, chief retail officer for $160 million Providence Federal Credit Union, Portland, Ore., expects CUs to redefine or add the role of an e-commerce manager, noting “the most sought-after staff will be the ones who are well-versed and can write in all of the digital channels.”
Predictably, salaries for key talent will be on the rise. As reported in The Content Strategist, and based on a study by The Creative Group, a Robert Half Company, content strategists are expected to earn between $81,000 and $115,000 in 2017—a 5.4 percent increase from 2016; and data scientists between $116,000 and $163,500—a 6.4 percent increase. The piece reiterates the need for nimble talent, with content marketers possessing a blend of SEO, HTML, leadership and brand development skills.
There will also be a demand for more product training across the entire CU. “Along with training, the expected level of service must be clarified and communicated thoroughly to staff,” says Madeline Anderson-Balmer, marketing manager at $520 million MIT Federal Credit Union, Cambridge, Mass. “Core systems and reporting strategies may also need upgrading to support these new demands. While omnichannel doesn’t necessarily mean more staff, it will require a more informed staff.”
Greater staff efficiency will be another omnichannel emphasis. “Especially if a CU’s strategy is successful and promotes growth,” says Ryan Myers, a director at CUES Supplier member and strategic partner Cornerstone Advisors, Inc., Scottsdale, Ariz. “If done correctly, staff may increase to support more members, but it may be at a slower rate than historically needed.”
How far are we from true omnichannel marketing? Moran estimates 10 years. “Think about what’s involved and the way CUs are structured. Many are still siloed by channel. For omnichannel, departments need to co-exist and provide a consistent experience, across every single channel, even newly emerging ones. Staff will also need to realign.”