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Blog

19Apr

Credit Unions Should Build Brand Equity Now For Voice-First Banking

Nothing has an impact on customer engagement quite like brand equity. A strong brand reputation takes time to build and is challenging to maintain, but your credit union’s long-term success depends on enhancing your image in the eyes of your members. When implementing a new technology, such as entering the voice-first market, it’s important to consider how to reinforce and build your brand.

Brand Equity and Your App Name

The first step in building brand equity on your voice platform is to ensure that name of your app reinforces your brand. Why does this matter? You want to make sure the skill or app name is something members associate with your brand. When members search for your app on their voice-first device, the results should return your app and not someone else’s.

 

Audio Branding

Many companies choose audio branding to ensure a successful voice-first experience for their customers. A tried and true concept, audio brands immediately bring the company behind them to the mind of the listener. Remember Yahoo’s yodel? The Pillsbury Dough Boy’s giggle? Both are fun and familiar audio brands that reinforce the company’s overall corporate brand.

There are any number of ways to introduce an audio brand to your members. Some companies use a clever song as their “hold music.” Others play a certain sound when connecting users to their account. The key to a successful audio brand is instant recognition. It helps to have a test-and-learn mentality to voice technology, so make sure you’re willing to experiment, grow, and evolve.

Branding and Marketing

Credit unions implementing voice technology need to consider branding when developing a solid marketing strategy. Some things to consider:

  • What existing channels can you leverage to make voice technology more familiar?
  • Are there any visual or audio elements that can be used to reinforce your brand?
  • How will your members immediately identify that this is your application?

The Bottom Line

Increased member interaction should be the focus of any voice technology brand equity strategy. It’s a proven concept: the more engaged your customers are, the more attention they’ll pay to what you have to say and the more likely they’ll be to keep your organization top of mind. Building awareness across multiple channels and offering relevant and personalized experiences will help you position your credit union as an innovative source for all your members’ financial needs and further enhance the overall customer experience.

 

 

About the Author

Best Innovation Group

Best Innovation Group

BIG is an innovation think tank started by @JBFintech that points its clients in the right direction to achieve quicker adoption of cutting edge technologies.

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