Strategic growth for financial professionals is more than just a trending topic. It’s an aspiration felt by both banks and credit unions.
Both types of financial services institutions alike know the importance of retaining current members and customers in today’s highly competitive environment. Depending on who you ask in the organization, this priority ranks neck-and-neck with the ever-crucial task of attracting new members and customers. So what’s the secret? Is there a means to accomplish both while also, possibly, increasing revenue streams?
The short answer is yes, there is! This is good news for credit unions and financial institutions. Even better news: it can be fairly simple, with little administration efforts on your part.
As a financial services provider, one of your primary goals should be protecting your customers’ or members’ financial wellbeing. Are you? Ask yourself if your offerings clearly demonstrate your commitment to their data security and financial protection.
For those that paused or had to give that question some thought, we have an exciting solution for your organization. Generali Global Assistance’s (GGA) premier identity protection platform, a powerful combination of easy-to-use identity monitoring, online data protection technology, an award-winning resolution team, and $1 million in identity theft insurance. Easily differentiate your offering and enhance your customer or member experience by adding identity protection to your suite of products and services.
Identity protection is an increasingly valuable add-on that is finally seeing the attention it deserves in today’s interconnected, data-breach ridden world. In 2015, a whopping $3.79 billion was spent on identity protection, and the industry is only expected to grow: demand is predicted to increase nearly 17% every year.
As it stands, identity protection is still seen by many as a novelty. Just as we insure our car, our house, and our health, shouldn’t we do the same with our identities? As the world evolves, we’ll continue to see a greater need for identity protection, fraud education, and resolution services. This increased demand will only bring about more providers – whether it be avenues where it can be purchased or offered as a value-added benefit of a checking or savings account. Getting into the market early can have some very real benefits for your financial services institution.
A survey by Experian found that 46 percent of millennials are seeking new financial companies/services that better meet their needs and that more than a quarter (32 percent!) cited better identity protection as a reason they would switch. The same study found that 32 percent of millennials do not know their credit score, and 67 percent have questions about how credit reporting agencies create credit scores – showing a dangerous knowledge gap that needs to be addressed.
Offering identity protection from GGA – which includes credit and identity monitoring services, online data protection software, 24/7 access to resolution experts, and $1 million identity theft insurance for recovery expenses – can have enormous positive changes in your members’ and customers’ financial lives. By having this kind of access to their credit report and score, as well as comprehensive educational resources, your customers and members will feel more empowered than they’ve ever felt about their financial welfare.
Customer retention has never been easier when you’re offering a product that brings this kind of peace of mind in a world where we sometimes feel like our information is everywhere. And because you have the option to client-brand our identity protection, your customers or members will benefit from the additional touchpoints providing more positive interactions with your brand.
In addition to enhancing your brand and image, our identity protection is also an easy way to pick up an extra revenue stream. With a generous commission structure and regular monthly transactions, your financial services institution will see additional revenue generation in no time.
With 58 percent of consumers reporting they are likely to purchase identity protection in the next 2 years and more than 50 percent of them looking to purchase it from their financial services providers, identity protection is a value-added product your customers will be looking to your organization to purchase.
Request a demo to learn how to take your institution to the next level by providing your customers or members with the protection they deserve – Generali Global Assistance Identity Protection.