How Credit Unions Can Enhance Member Communications With Print and Mail

For generations, the banker-customer relationship was rooted in personal connections—a handshake, a conversation over coffee in the office, personalized letters, and the tangible trust that came with it. Digital advancements have since revolutionized how financial institutions interact with customers, offering fast and convenient ways to connect online. And while, for the most part, younger generations embrace these advancements, some holdouts prefer the personal and physical connection that print provides.

For these individuals, print communications evoke dependability and trust, bridging the gap left by what some may consider impersonal digital interactions. Financial institutions looking to create trustworthy and meaningful connections with their customers must recognize the critical role print and mail still play in this landscape. 

Below, we explore how credit unions and their members connect, uncover the practical benefits of using print and mail for communication, learn real-world examples that improve member experiences, and discuss how modern tools can take print strategies to the next level.

Understanding the Unique Language of Credit Unions

Credit unions are unique among financial institutions in that they operate under a cooperative structure. Instead of customers, they have members who also own the credit union. This relationship increases the importance of prioritizing personal connections in their communications and ensuring transparency regarding their operations, services, and benefits. Credit unions must also abide by strict financial regulations, such as the Fair Credit Reporting Act (FCRA) and the Gramm-Leach-Bliley Act (GLBA). The Acts address communication requirements, such as specifying that notices, disclosures, and statements be clear, timely, and thoroughly accurate, ensure accuracy and fairness, and commit to privacy to build trust with members.

Credit unions, like many organizations, must address the needs of their diverse members. In their communications, they should consider older demographics, who may prefer print materials, while also engaging younger individuals, who are more accustomed to connecting with their service providers digitally.

Benefits of Print and Mail for Member Communications

For some, trust is built on tangible elements. When materials are mailed, members have a physical touchpoint from a credible source, rather than digital documents in the cloud. Print materials also score high for accessibility, catering to non-digital native members who may not be comfortable logging into a portal to access their communications. Personalized print communications that are customized to align with individual member needs and preferences build trust further. By leveraging data insights, credit unions can deliver relevant messages, personalized advice, and targeted product offerings, boosting trust and engagement. 

While we’re on the topic of engagement, research found that transactional documents have a 94% open rate compared to a 20% open rate for email marketing campaigns. Unlike digital messages that are easily lost in a crowded inbox, transactional documents delivered in physical form command attention and priority. There’s something about receiving a physical document that gives it a sense of importance and trust, making it harder to ignore and more likely to encourage action.

Practical Applications of Print and Mail in Credit Union Communication

Credit unions have several opportunities to make a real impact with their print communications. Here are a few to consider:

• Loan Statements and Billing Notices: Printing detailed financial information enhances transparency and financial clarity for all members and provides a physical record for reference.
• Member Onboarding Kits: First impressions matter when establishing strong relationships. Customized welcome kits that include personalized messages, key information about services, and helpful resources contribute to fostering a sense of belonging and loyalty at the outset.
• Policy Updates and Fee Disclosures: Timely and compliant print communication of regulatory updates is essential for both maintaining transparency with members and meeting regulatory requirements.
• Annual Reports: This is a valuable opportunity to communicate achievements, milestones, and financial performance effectively while maintaining formality and professionalism.

Enhancing Print Communication With Modern Tools

Print mail may get a bad rap for being old school, but so many new tools make communications stand out like never before. 

1. For instance, variable data printing allows for the creation of customized statements and correspondence. This ability to deliver personalization at scale with no extra effort is a game-changer for credit unions looking to give members a more personal touch. 
2. In addition to personalization, optimizing the design through well-branded and easy-to-read documents ensures that messages are clear. The right print and mail solution should be able to support the incorporation of targeted messaging, data-driven charts and graphics, ensuring that communications are relevant and engaging for the recipient. 
3. We’re not suggesting that it’s all print all the time. There’s something to be said for combining print and digital for a multi-channel approach. For example, pairing email alerts with mailed statements or adding personalized URLs to documents to drive members to digital content allows the digitally adverse to get used to this form of communication, potentially reducing print costs over time. 

Ultimately, it comes down to giving members what they want, which means allowing them to choose their preferred delivery method.

The Case for a Print and Mail Partner

In-house printing and mailing are time-consuming and often costly. Outsourcing to a trusted print and mail partner offers numerous benefits, including reduced costs due to postal optimization, the elimination of managing complex, document-heavy workflows, and freeing up staff to focus on core banking activities. Credit unions can take comfort in knowing that they have experts handling sensitive financial information, who know the ins and outs of data privacy regulations like FCRA or GLBA and have the security measures to ensure they stay compliant and their members’ financial data is protected. 

Leading the Way With KUBRA iMail

KUBRA iMail™ is a sophisticated document processing, distribution, and design solution that empowers businesses to manage and deliver critical communications with accuracy, security, and efficiency. Using cutting-edge data processing, selective messaging, and high-quality digital printing, KUBRA iMail ensures timely and cost-effective document delivery across multiple channels, including print, email, and fax. Combining robust operational capabilities with powerful SaaS features, it streamlines communications and enhances customer engagement effectively.  Ultimately, partnering with KUBRA ensures precise, efficient, and accurate document production every single time.