USING IDENTITY MONITORING SERVICES TO BOOST BRAND AWARENESS AND CUSTOMER RETENTION
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1 USING IDENTITY MONITORING SERVICES TO BOOST BRAND AWARENESS AND CUSTOMER RETENTION IDT911
2 1 CAREFULLY CHOOSE THE RIGHT PARTNER FOR IDENTITY MONITORING SERVICES TO AVOID MARGINALIZING YOUR FINANCIAL INSTITUTION S ROLE AND BRAND. Banks and credit unions (CUs) are looking for new opportunities to improve member loyalty, increase customer acquisition rates, and boost their brands. Identity monitoring and privacy protection services are one value-add option many financial institutions (FIs) are considering, and for good reason. Consumers face a range of identity theft threats, from stolen payment card data to fraudulent use of healthcare benefits. In the highly competitive banking sector, protecting consumers identities is becoming a preferred way to build loyalty and increase revenue opportunities. But the providers for each of these solutions have their own approach to selling services, some of which marginalize the FI s role and diminish the brand. Choosing the right partner for identity monitoring and privacy protection services are key. CHALLENGES: CULTIVATING LOYAL CUSTOMERS AND MEMBERS, AND ATTRACTING NEW PROSPECTS? Financial institutions face a range of obstacles when it comes to gaining new customers and retaining existing patrons. Economic pressures, for example, have made for a difficult environment. The recession and long recovery have driven consumers to seek out the least expensive options in nearly every aspect of their lives. People shopping for a financial institution, for example, are often ruthless in culling costs for services they don t see as critical. This is also the case for current customers, who typically review their needs and expenditures on a regular basis. These fiscally prudent consumers are likely to scrutinize any service that includes a fee and may be unconvinced of the need for products beyond the bare minimum. Maintaining customer loyalty is difficult in this type of environment, where economic conditions push people to apply cost-cutting measures so widely. While consumers today are more likely to conduct a careful, granular review of the costs associated with any potential vendor, they re often unaware of the full range of services financial institutions have to offer. Direct comparisons between organizations becomes difficult when customers don t know the perks offered in a particular service, or even how a service at one FI compares to a similar offering at another. There s a potential that customer-friendly product benefits are being overlooked simply because customers aren t familiar with them or don t understand how they operate. Many FIs miss the opportunity to reach these customers because their partners are failing to provide them with educational materials and training for customer-facing employees. IDT911 1
3 2 CONSUMERS FACE GROWING IDENTITY THEFT RISKS BUT DON T KNOW WHO TO TRUST OR WHICH SOLUTIONS ARE BEST. Compounding matters is the vigorous competition occurring within the financial services industry. Brick-and-mortar rivals are being joined by online-only institutions. Messaging strategies must bridge traditional venues, such as local newspapers, as well as digital outlets. Social media campaigns connect with customers in near real time, allowing for constant interaction that is sometimes positive, sometimes negative. With these challenges in front of them, each FI must work to not only brand itself in a way that resonates with customers, but also position itself against a far wider array of competitors than in years past. This crowded marketplace makes it difficult for companies to differentiate themselves in a way that s meaningful. CHALLENGES: THE CONSUMER S PERSPECTIVE Banks and credit unions aren t the only ones facing a barrage of challenges. For consumers, the risk of identity theft continues to rise. A report from the Federal Trade Commission shows that American consumers reported losing more than $1.6 billion to fraud overall in In the FTC s national ranking of consumer complaints, identity theft occupies first place. Consumers continue to be bombarded with news about instances of identity fraud and payment card breaches, but many are having trouble finding factual and actionable information about the steps they can take to combat identity theft. It may be difficult for consumers to understand what the data means when it comes to the risks they face and what can be done about it. Because identity theft strikes where they re most vulnerable using a payment card at a retail store, checking lab results on a healthcare website, etc. consumers are looking for solutions. In fact, according to a Gfk poll, 79 percent of respondents are very likely to do business with an organization because they offer identity monitoring. Yet consumers often feel they have few places to turn for help. Who can they trust with their sensitive information? Who can they trust to help them prevent identity theft? And who can they trust to guide them through the maze of resolution options if their information is compromised? With the multitude of companies marketing identity monitoring and privacy protection services to consumers, it can become quickly overwhelming. Individuals often don t fully understand the various types of solutions that are available and the support mechanisms each includes. Distinguishing between proactive identity monitoring and privacy protection services and IDT911 2
4 3 WHEN FACED WITH DISPARATE INFORMATION, MANY CONSUMERS DO NOTHING LEAVING THEM VULNERABLE. identity theft resolution products is difficult for consumers who don t have an in-depth understanding of today s identity theft risks and the related service environment. And as consumers begin to delve into the identity management marketplace, they quickly discover that products offered by one vendor may have different features or support levels than similar products offered by another vendor. It s also overwhelming to understand what each service does identity theft prevention, identity theft resolution, identity monitoring, for example. For many consumers, the preferred route when faced with this level of the unknown is to simply do nothing. Rather than signing up for a service they re unsure of, they will instead opt not to sign up for anything at all. It s a route that leaves them vulnerable. This is where FIs have a real opportunity to shine. Research from the Bureau of Justice Statistics shows that FIs contacting members about suspicious account activity was the most common way for identity theft victims to discover their information had been stolen. Consumers already have entrusted their financial assets and information to their chosen credit union or bank, and this is where many feel most comfortable going for assistance on protecting their identities. WHAT WORKED FOR ONE FI Offering identity theft resolution services was a logical step for Los Angeles Police Federal Credit Union (LAPFCU). The organization conducts annual surveys soliciting input on which products and services interest members most. Identity monitoring and privacy protection services consistently ranked in the top three products for five straight years, leading the CU to roll out an IDT911 product in early With a membership comprised solely of law enforcement and their family members, Manny Padilla, Jr., vice president of marketing and business development at LAPFCU, said the service just made sense. It seemed like a natural fit that those working to protect the public would be interested in protecting themselves, he explained. The CU has offered several workshops and member response has been positive. By adding an identity monitoring product, LAPFCU has given its membership a tangible demonstration that it cares about issues members are facing. The new program through IDT911 didn t require LAPFCU to recreate the wheel or to compromise its relationship with members. We re very conscientious about our brand and our messaging, Padilla said. The IDT911 3
5 4 A CU GAINS BRAND SUPPORT, IN-HOUSE MARKETING RESOURCES AND PROTECTION FOR MEMBERS WITH IDT911. company employs experienced in-house marketing resources, and wasn t interested in an identity monitoring partner that might dilute the brand by contacting members directly. Resources provided by IDT911 as part of the rollout gave LAPFCU a solid foundation on which to build a message that resonated deeply with the organization s membership. Experts at IDT911 also trained LAPFCU s internal staff through a series of webinars. The training was definitely an important element, Padilla said. Members are able to contact the customer service individuals they already know and trust, a factor that contributes to member satisfaction. When a member calls in with an identity theft or fraud issue, LAPFCU is able to work with them to address concerns about their accounts. Next, the CU conducts a warm transfer to the specialists at IDT911. Members are relieved to have a trusted and knowledgeable resource available to them. The ones I ve spoken with say it s good to know that if something happens, we re here for them, Padilla said. From the CU s perspective, the program s rollout and administrative ease of use has been a real benefit. IDT911 made it very easy for us to execute the program, and they were very helpful in getting it operational and off the ground, Padilla said. From fast response times to the depth of knowledge available in IDT911 s Resolution Center, feedback from both members and staff has been positive. With the economy still in slow recovery mode and the outlook for the near future not showing much improvement over previous years, many in the banking sector are experiencing compressed returns. Padilla said his CU, like other FIs, is interested in additional revenue opportunities. Generating revenue off a product members are keen to have is a win for everyone. ADVANTAGES: VALUE-ADDED SERVICES As consumers compare FIs, one thing they often use as part of their selection criteria is the suite of value-added services each institution offers. The LAPFCU example demonstrates that there are products consumers will actively seek out. In the highly competitive banking space, organizations must seize on every opportunity to differentiate themselves from others. Identity theft management and resolution services are products consumers recognize as valuable. Not only do they serve a purpose from a financial standpoint through avoiding or discharging fraudulent debts and charges, consumers recognize IDT911 4
6 5 ESTABLISH A PARTNERSHIP WITH A VENDOR THAT PROVIDES RESOURCES, MATERIALS AND OTHER SUPPORT. there is also a less tangible perspective: peace of mind. Offering a calming presence in the face of a threat like identity theft is a benefit customers appreciate. Identity monitoring products are also prime vehicles for broadening the revenue streams available to your FI. It s a service that taps into relationships with your existing customers as well as consumers potentially looking for a new financial institution. It s a benefit that directly boosts member satisfaction and retention, improving the bottom line several times over. And your organization has the discretion to set monthly or annual fees at a price point that best meets your specific customer preferences. DEVELOPING THE RIGHT PARTNERSHIP Before your FI jumps into a partnership with an identity monitoring services provider, it s important to consider how the product will be most beneficial to your organization and your customers. Messaging must be consistent with other branding efforts and be crafted in a way that connects with customers. Rather than having the vendor contact members directly to advertise and sell the product, LAPFCU and other FIs have discovered there is a better route. IDT911 builds partnerships that champion the FI s role and brand by providing marketing materials, education and training, and any additional support tailored to the organization s needs to best serve its customers. IDT911 provides training for your internal team so everyone is in sync with messaging and methods for using the solution to attract and retain customers and members. Your organization becomes a repository of trusted and useful information on identity theft and fraud that members can call on when they need help. This type of solution extends your FI s brand and its message. And when it comes to meeting mandates specific to the banking sector, an experienced provider of identity monitoring and privacy protection solutions contributes to your FI s regulatory and compliance posture. IDT911 5
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