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Increasing Digital Adoption and Engagement

Digital consumers that are actively engaged are worth their weight in gold. But finding or creating them is increasingly more difficult. Join the MX Product team as we share new original research on what users are looking for from their financial providers to make better financial decisions. The insights we’ve gained are guiding our future direction. Learn how the right tools with the right engagement strategies can increase digital adoption and your competitive advantage.
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All right, well, we've got, uh, we got a lot of content to cover in 45 minutes, so I'm gonna serve as just, uh, get us started here, and then turn it over to our panelists. So I wanna give a big thank you to Regena, uh, to Jenna, to Jennifer, and to Henrique for presenting today, sharing their experiences and their best practices.

What we are going to cover today. Um, that's going to be me very briefly sharing here. Some of the insights from our consumer research, which we completed recently. Um, netted us some really valuable insights of what your customers, what the end customers are looking for from you, uh, in terms of digital adoption and engagement. And then we're going to have our panelists cover from the vantage points of PFM and Insights, and then also from mobile banking. We will do a panel Q&A at the end.

So we ask if you can just hold your questions until then, the content that we'll cover we expect actually will trigger a lot of really great conversation. So with that, what we want to set here is, um, a few things, again, from that consumer research. The first, which might be something that we all understand and accept, and that is anxiety is the norm. It's high. Um, some recent statistics we found is that more than half of Americans are living paycheck to paycheck, and even closer to three quarters of them are genuinely stressed about their financial situation and their ability to meet their obligations.

And so, focusing on balancing reminders, things to do, but, doing that with reassurance and support for doing good things, is very important in this current climate. So the first one was talking about recognizing anxiety being the new norm, uh, second, getting good at the basics. So making sure that consumers know what they need to know when they need to know it. And what we found recently was that they need to know what their most important obligations are. Do they make enough? And how much do they make that can go against those obligations? Um, how much needs to be in debt or savings to be able to save for unexpected expenses that might hit them and so forth.

So making sure that those basic jobs, those basic understandings of their current financial situation and their ability to do what they need to do against those obligations is really, really important. It's not overwhelming them with the information, but it's nailing the basics in terms of making sure that that information is front and center, and then somewhat connected to that focusing on the utility, uh, and not the novelty.

Uh, what we wanna make sure that we're covering there is, it's not about the splash and pizazz necessarily, but it's those jobs, the say how to save, how to pay off debt, how to cut expenses, any excitement over some of those flashy features, again, can get in the way of a lot of those things that are contributing to that stress and anxiety.

So when we think about those best practices for driving digital adoption, engagement, successful outcomes for those consumers, we just want to share some of those insights from the research with you. So what does that mean, the so what, as we like to say here, make it understandable, make it obvious, and make it predictable and repeatable.

And you're gonna hear some of those examples and those best practices from the presenters today. So first up is gonna be Jen and Regena. They're gonna cover from the PFM and Insights. So Jen Floor is yours. Alright, can we go to the next slide? We can go one more. Perfect.

So my, I'm Jennifer. I'm a product manager who has the opportunity to work on PFM and Insights. It's a great time. Um, when it comes to the research we've done around PFM and Insights, there really are four pillars of financial health that we're talking about. There's this spending experience, saving the borrowing experience and the planning experience.

And our goal is to meet the user where they are at in this journey. So are they focused more on savings? Are they focused, you know, we have savings, insights and goals to set up when we're talking about spending. Are they looking at their transactions? Are they trying to see insights on transactions? Um, so these are the four pillars we mostly focus on. Um, when it comes to our phased approach, it's really doubling down on that spending and savings experience for our users.

And then phase two, focusing on borrowing and planning. Perfect. So available today, I hope most of you have heard this or seen this, but this is our PFM and insights tool. So you'll see widgets scrolling through the top. Um, there's budgets, spending plan, net worth, uh, transactions, insights throughout. Um, and we're talking about this through aggregated accounts for our users. Uh, and so with that, I would love to pass it over to Regena from Emprise. She's one of our valued customers who has implemented, um, these products in her solution.

Yeah. Yeah. So let's see. Good afternoon, good evening. I'm all mixed up with the time change. Can you guys hear me okay? Yes. Okay. Um, so Regena Hull, I'm with Emprise Bank. We've been a client with MX for, I know it's been probably over six years, but two years ago, we actually went through a digital transformation where we changed our consumer digital platform. And with that, we went with a direct partnership with MX. At that time, our vision, as a community bank, is to help the financial wellness of our consumers.

And so we had a vision with this digital transformation that we would bring robust financial tools forward, um, to our customers. And so some of the things that we did and our doing is, one, we offer the MX tools in our digital platform to all of our customers, uh, previously. And, um, those of you that maybe have MX in your digital platform, um, it can be kind of hidden. And so we've taken the mini widgets and we've pulled them forward across our hold, our whole digital platform.

Um, and with that, we've placed them where customers are gonna act, interact with them the most. Now we place some of them, um, on our dashboard so that the customers, that's the first thing that they see. Um, and what we're seeing right now is, the highest engagement is with Pulse or that's where the customers get insights that are based on their transactions and how they are acting in their accounts. Um roughly we have about 7,000 customers that are engaging with insights, every month.

And believe it or not, the next, uh, tool that we see high engagement with is net worth. We also have that on our dashboard. Um, what we know about that insight is it really is dependent for a true net worth for customers to aggregate all of their financial accounts. Um, so we're still working on the aggregation and getting customers to connect so that they really have a true picture of what their net worth is. Um, we have a continued focus and have built some strategies around how we want to educate our customers.

And so we have, while we have a really robust digital platform, we also are really, we, our customers are hybrid customers. So as a community bank, we have a lot of customers. We have high digital engagement, but those same customers are also using our other channels as well. Still coming into our branches, they're interacting with our personal bankers, they interact with our tellers.

So we know it's very important that our customer-facing associates can speak very knowledgeably and confident about our digital tools and how that can help the customer. So earlier this year, we launched a digital training platform for our associates. And so we're building that confidence there, and that is also impacting our engagement as well.

Awesome. I think this is me again. Um, so this is more forward thinking. How do we change the paradigm? How do we improve on what we're doing? Um, increase user engagement. And so I think these are the three main focuses we are planning on, focusing on. I just said focus twice, but we're gonna keep going.

Um, so the first thing here is focusing on our core mainstream jobs.

So answering those questions of how am I tracking, how much money can I put towards my bills, savings, debts? Um, second to that would be focusing on our simple, predictable and repeatable, uh, products. So pushing out insights where we know we can deliver obvious value. Uh, and then third would be the focus on our embedded experiences throughout PFM.

And this is just a look at our new dashboard that is coming out soon. I encourage you all to check out the PX lounge and see this in more detail, but this is our new and improved dashboard and widgets, Oh yeah, even more to come. Um, these are launching soon as well. So we are really trying to give users more control over what they're seeing and where they're seeing it.

So the ability to surface insights at the top of your insights feed, the ability to hide or remove it entirely, maybe this isn't as useful for you. Um, so really improving those user controlled insights. And then emergency fund, we're really trying to surface this in a different way, increase the insights we're generating off of transactions spending, and really encouraging users to not only have savings accounts, but save towards their emergency funds as well. So this is planned for Q4.

Awesome. So my name is Henrique Azevedo. I'm the PM for the mobile, uh, experience at MX. And I'll be sharing with you guys some of the cool things. We're doing mobile. Um, first I want to start with something that's available today that honestly it's straightforward, but opens a pool of endless possibilities which is custom push notifications and custom banners that you can set up on the app.

So basically, as you can see this example here, and this is literally my phone on Thursday, September the 14th, you can set up an audience within your mobile, uh, app. So let's say you have an audience that you wanna focus on, uh, a demographic, you can use their IDs to set up an audience and you can push a specific message towards them. So you increase engagement directly with the audience that you want to.

And then another really cool thing is the banner. So I've talked to a lot of institutions and a lot of what I hear is, Hey, I want to increase my deposits. I want to have more certificates of deposits. One way of doing that is providing a banner, once again to the banner. Same thing. You can set up an audience if you believe certain users are more likely to engage with that you can set up so that those users see that banner.

And the cool thing about this is that let's say next week the goals of your institution change and you wanna focus on mortgage, you can set up another banner and set up that priority higher so that the user has a bigger capability of seeing both. So it's a straightforward feature that is available today, but it really has endless possibilities, like I said.

And I really encourage you to come to the PX lounge. I can show you how this is set up and how this surface on the mobile app. And I also have it on my phone so that you can see live. Um, now pass to Jen so that she can present some cool things that BECU has done.

Awesome. Um, so what you see here are envelopes. So you heard in the very, very beginning we're talking about, um, savings. We're talking about spending. How do members deal with their, um, financial needs. Um, I should also say I'm Jenna. I'm from BECU. We are a credit union. Um, and we focus heavily on financial health. So when we started facing, COVID times, we listened to our members and we realized they don't have an emergency fund, which is funny, just talked about an emergency fund earlier as well. So you can see how everything is tying in kind of across the industry of what, what consumers need, um, regardless of their financial health.

Um, so what we did is about a year ago, we built envelopes, but we built it in online banking. We didn't start out in mobile and it got some traction, it got some good feedback. So we said, you know what, we are absolutely gonna go add this to mobile. So in Q2 of this year, we added it to mobile. That's what it looks like.

And what this allows our members to do is choose, um, savings envelopes. It means that they don't have to open 10 different accounts in order to have something for a car payment, something for a vacation fund, et cetera. They can just use the envelopes.

But what's exciting is not the envelopes themselves, it's how the members engaged with the envelopes. When we launched it in the mobile app, um, what happened was we had a 149% increase in usage of envelopes from when it was just in online banking. When we added it to mobile.

Uh, we then discovered that 64% of the current members who use envelopes are using them in the mobile environment rather than the online banking environment. Um, Not only that, 1% are using 'em on tablet, 35% are using them on desktop.

So what that tells us is that parody is important, but the mobile first theme really is where we need to be and where probably many of you need to be. Uh, we have been with MX, on their mobile platform on the Helios since 2015. So we've been around a while. Um, our members absolutely approve of that. And we have a 4.8 star rating average between, um, iOS and Android, which is amazing.

Um, and not only that, the net promoter score, which is what we used to say, members, you're happy, you're not happy. Um, it is highest out of all of our platforms. It is highest on mobile, um, at a 72 almost. So, um, it's working well. What to take away from this bit is members are using mobile, do mobile first.

Awesome, thank you Jenna. And I wanna share some more that's to come, right? We are always innovating on mobile and this, what you see here is what we call what's new gallery. So everybody that has pushed the phone onto the store, you when you push a new build to the store, you have the capabilities of say, Hey, what's new with this build? But what we've noticed is that users don't engage with that, uh, as much. So you end up with features there on your mobile app, but maybe they don't get the traction because the user does not get the visibility that they even exist in the first place.

So what this does is give the institution the capability to personalize a welcome gallery or what's new gallery, that once the user opens that build for the first time, they say, Hey, this is what we've done. These are the new things that you can see. And then the use is aware that they exist.

And then we also have, if you can see on the third slide ahead, there has transactional insights. You can see a small banner on top that we call feature intro banner, which basically introduce the feature in a deeper level. So the feature intervention not only tells the user, Hey, this feature exists, but if they click on it, they learn one, how to use the feature and what is it used for so that you end up with users that one know their, your features exist and know how to use and know how to extract the most value out of it.

And then on the next slide, I'll show you these three features that are upcoming, on a roadmap. So the first one is the Micro Insights. So Micro Insights is basically the Max Insights in a micro format, meaning no image or graphics on it. So we have a title and a description, and they're very plain so that the user get what they need and then if they click on it, they're redirected to the insights feed within T-Mobile.

Uh, the second feature is what we call upcoming activity. And that basically gives the user window into their upcoming bills, upcoming subscriptions, uh, payments, deposits, and any everything upcoming. And then the third one is transactional insights.

Like was discussed, users really like seeing, hey, this transaction cost, their insight, this transaction was too high. But what was happening is that the insight was in a complete different place than your transactions. So what we're doing is we're showing the data exactly what the user needs and what the user is actually seeing. So they'll be able to see, for instance, that the T-mobile bill was higher than usual and maybe T-Mobile increased their rate without even knowing. So this is an example. I don't know if T-Mobile actually increased their rates, by the way.

So thank you.

Can I add something onto my mobile part to get us started here? So, the other than the things you would expect people to do on mobile, which is I've logged in to see how much money is in my account. Um, that's number one, looking at your transactions.

Uh, the other,the second most common feature, which is unique to mobile is it even has mobile in the name mobile deposit capture. Um, that is the second most, um, used feature. Now, here is something to chill you to the bone in the Washington Post yesterday, a headline on the front page. Paper checks are dead, cash is dying. Who still uses them? Uh, so when we look at what we should do in the future, what we should do with engagement, what our members, our customers are using today with the mobile app, is something that apparently is dying according to the, uh, the Washington Post.

So, uh, the next question we ask when we look at engagement is, so what are they doing? And I think here, we all know they're using debit cards. They're using credit cards. Guess where those are used? They're used digitally, which is all about engagement. Um, so it kind of comes full circle when we're looking at what are members gonna do in the future. And it's really easy to get caught in the trap of, alright, digital engagement, let's focus on that.

And the answer is that we all focus on the digital engagement, but that's not all that we focus on because digital alone still it's not, it's not enough. Uh, we did an analysis of our digitally engaged members. Keeping in mind step one of figuring out what your engagement numbers are is to define what engagement is for your organization.

And I can tell you it goes all over the map. The large organizations, the large FIs define it anywhere from one login up to 10 logins, per month. And then some of those also say it's a login plus one transaction. Smaller banks, uh, credit unions are defining it. Uh, actually more aggressively are defining it as one to five logins, per month. And I think one of them that I saw in my unofficial survey,, also required a transaction.

So the first thing to do is make sure you know what's important for your organization, but then when you start focusing on the digital part, be sure that you aren't forgetting about your, your contact center, about your branches, your neighborhood financial centers, because our data shows that, um, for our engaged members, and we define it fairly broadly as one login, within a 90 day period, these members who are our most valuable, 26% of them also call us 18% visit us, 4% of them message us.

Compare that to one of our members who does not, um, currently log in but has logged in before. So they are unengaged digital, 7% call us, 6% visit us. But the opportunity this gives us is that by properly educating and training our staff who are on the phone and in the in fcs um, our branches, they are the ones who are helping to drive engagement. And when we do campaigns, the campaigns we've done in the second half of this year, so far, our most effective ones are working with our digital advisors, working with our contact centers and helping them help our members, understand the digital bits. So that was my other mobile bit that had a story.

I want to hear a bit more about the envelopes. Is that a tool that's available for everybody through MX? Is that something that you guys built? And how are you using, how are you incorporating it with Insights in the broader MX Platform?

That's a great question. It is not yet available to all MX folks. It's something that we built starting in our online banking system and then we've made it, um, web friendly. So it is not engaged in the Helios platform yet. Um, however, it is something that I know is being discussed from some of the meetings that I've been in with MX. As MX is saying, Hey, what does everybody want? What does everybody need? Um, so I know that MX is absolutely considering it.

Uh, we have engaged it very much with our members, from a financial health perspective. Uh, so we have a financial health hub, we have financial health, I guess we'd call it kinda a microsite. And we use that to encourage members, Hey, here's how you save. And we tie the education together there. Uh, it also allows our contact center and our folks at our branches to, when they see someone struggling to have something that's not just, well just open a different account, just do the, instead it's a very specific, Hey, here's how envelopes works. Here's what you can do and here's how you can use it. Um, so it's incorporated through our people and through our financial, our financial health hub.

I will say at MX, it's certainly something we're in discovery on. In the real world, it's very easy to come up with an envelope system, right? You take out a certain amount of cash, physical cash you put into physical envelopes. That's the cash you have to spend in those envelopes in a digital sense. Very different. Are we talking spending? Are we talking savings? Are we talking one checking account, aggregated accounts? There's so many ways to do it. And so we're really in discovery to understand the need and want of our users when it comes to envelopes.

Yes. And just to add to the envelopes, it's gonna be done, with the mobile first approach. And it's gonna be something that both teams that will benefit


I'll run not fast.

Thanks Regena.

You mentioned you put together a training program for branch staff. Can you give us a little more insight on what that looks like?

Sure. I'm excited to do that because it was quite a journey. So, oh, probably about a year ago. Well, no, actually I had looked at this platform for quite a while and didn't feel like we were quite ready for that strategy yet. So we actually have a third party that we have, um, that we have partnered with, and it's a gamification platform.

So we probably all have operational trainings that we have, um, that are digital and online experiences. And our teams take those because they have to. I was on a quest to find something that our associates would be motivated and almost kind of excited to take part in. Um, and so we found that system.

And now what we've done is we are building our own content. So we put a small team together, of subject matter experts and also those that had skill sets to build out content like that. The platform that we chose is very easy to use on the backend. That was a prerequisite, a prerequisite of that. We wanted to make sure it would be something that we could continue to build out ourselves and not have to, um, have content builders for that.

And then we focused on where we know our customers are engaged today and how can we continue to drive that so that our associates can speak to that. So, um, our managers have insight into the platform. We actually have a digital champions group that we have put together. We have meetings with them and then we have managers that are holding their teams accountable and taking the courses. And the courses are built so that it will first show the branch teams how the functionality works, and then they have to go through and perform the function on their own.

It's also a platform. We've only rolled it out, this is maybe our third month. Um, we believe that we can also use it to engage with our customers as well. It would be something that we could turn around and show them and say, Ooh, this is how easy it is to make a mobile deposit. And we are already seeing, um, much higher engagement from our associates. We measure that.

Um, also through our customer experience surveys, we, um, ask our customers how well did our teams explained our digital, uh, products. And we are already seeing those scores go up.

So really excited about, uh, about the platform. So I would say, and I did, I got the buy-in from the team before we went out and did the investment because that was really important. I could have thought it was a really great way to get engagement from associates, but I wanted to make sure that I had their buy-in. So we got their buy-in and, um, and the, and the accountability behind it as well.

Uh, so you're talking about the new, the new features gallery. Uh, one of the things that's annoying to me is when I pull open an app, 'cause I'm, the reason I'm pulling it open 'cause I need it to do so to do something on it at that time, I don't have time to swipe through all the new features and stuff. So I just skip it, get it outta the way, and then so I can take care of it. You know, I'm in the, I need to do something right then and there, but it doesn't come back afterwards. So then I don't know what's new.

That's a great point. And we were actually discussing that on a meeting, uh, right before here.

So what we wanna do with mobile is basically decrease the time that it takes for you to do a task, right, for you to do a job. So if you're going to the mobile app and you go to, uh, move money, we want that to be done as efficiently and fast as possible.

But then once you completed that task, we can provide you the next best action. We can provide you an insight or we can provide you to a feature intro banner that's gonna show that important feature that they want to highlight. So for instance, if you are an institution and you wanna have a banner that there, it stays after the user even clicks on it so that they have the opportunity to see multiple times you can set up so that they will always have the banner. there. Even if they skip, they can go back and say, okay, now I wanna see exactly what this thing is. And then they can click and see it.

And then the other option is if you're gonna, if you go to the PX cloud, you're gonna see towards our newer design trends, we have more options on the top right corner. And then if you click on that, you'll be able to see the introduction of the feature again. So even if the banner, uh, disappeared, let's say, you found something years later and like, Hey, I didn't even know this was here. You would be able to see what it is, how to use it, and how to make the best of it.

Uh, hey Jenna, question to you, since you're most, you know, long associated with, uh, Amex, just trying to understand what are the technical challenges you went through, they might have learned from, you know, integration with your bank, right? So just talk about, you know, what, what was the, you know, most challenging part and how they evolved as a platform?

Yeah, that's a great question. And um, since we did this in 2015, I wasn't there at the time, um, but I can tell you that one of the biggest challenges that exists when you're moving to any new mobile app is first off the integration with your core. Like all the things we would assume are hard, all the technical bits and pieces that are hard.

So I'm not gonna talk about the technical parts so much because that's not my area, but I can talk about the client experience parts and what happens when you roll out either a new app, when you've never had an app before. That's honestly the easiest thing to do. You do marketing, hurrah, yay, here's all the great features, new stuff, amazing. Um, but I suspect that many, if not most of you already have an app and you're trying to decide is MX the one that we should move to? Like should we go to their mobile land? Um, and that's where things get a little bit more challenging, not because MX doesn't have an amazing product, it's because your customers are gonna be like, why'd you move my cheese?

It can have all the same exact features plus a whole bunch of great things like insights, for example. But your members are gonna, your customers, they're gonna be super mad that you move stuff. And I speak from experience because a year and a half ago, did move some members, um, to a different platform. It was business members only, not our consumers. We moved some of them to a new online banking platform, the same problem, where you move their cheese.

So it requires a whole bunch of how do you move all of their stuff from wherever they are to, um, this new platform, like all of their bill pays, all of those types of things. So be sure that you look at all of the products that you're moving over. Um, and MX has made it really easy whenever we have moved anything, from like online banking into mobile, they make it as easy as possible, to integrate those two together. They understand how all of our data works, so they do focus on that. Uh, we also have a dedicated MX team, because when we want something done, we want it done right now and we want it done our way in a very customized manner. And we have an amazing team of folks from MX who support us and who help us.

Um,technical challenges that we've had in the past. He asks, so I will answer. Um, we have had some QE challenges in the past where the code that we get, we also QE ourselves, uh, because we're obsessive like that. And some of it wasn't as clean as it could have been, I'll just put it that way. Um, and we've given that feedback, they did a manual job of doing manual effort better. Uh, but they've also been integrating the technology in. Um, so I think my product manager said an hour and a half ago, when we were talking about this exact thing, that the automation that they've put in place, um, has changed it from we would have like five or six additional back and forths just based on the bugs.

Um, last year, this year we've been averaging about one and a half back and forths. Um, so I, they learn, they listen. One more hint, if you are moving your members from one platform to another, like one mobile platform to MX, when you do that for the first three months or so, turn off the ratings in the app stores because no matter what you do, they're gonna be mad and you don't wanna have to be unwinding that for the next, um, year. Ask me how I know I want to share.

Yes, I would also echo that very loudly. Um, but I would also add to the collaboration with MX. So our, implementation, the, we chose two strategic partners. And so you have all the technical challenges that you would have on bringing to, so we had our core integration, we had a new digital, um, provider, and then we also had the MX, um, integration that we were bringing in,

in a totally different way. And these two partners had not ever worked together before.

So you go through all of those challenges. But I would say that we had a dedicated MX team during the implementation. We continue to have, um, a cadence of collaboration with MX as well. And um, just like, I mean she spoke to, it's, it's data. I mean it's APIs, it's some of that stuff now that, that's not all my job title. Um, but there are just, there are just challenges when it comes to that.

And what we make sure as the partner is that we are giving that feedback. Um, and we are also one of those clients, in fact, I think they probably said it to us today, we ask questions that some other clients probably don't. Um, and so that's what I would tell anybody is, is don't ever think that a question that you're asking, just because someone else hasn't asked it doesn't mean it's not a valid question. Um, so yes, echo

One thing I add to the point is, I would really recommend going to the product launch 'cause we can go deeper into, hey, we already have this integration built. 'cause if you're doing an integration that MX has already done, it's much easier to do that integration. If it is an integration that is a new integration, we would need to look at it to see how we would execute it. And then to the point of the app store, we have what we call, a app, uh, feedback prompt that actually ask the user, Hey, are you enjoying the app? Yes or no? If the answer is no, the answer comes to a max and it is routed back to the client so that they can see why users are not satisfied. And if they answer yes, they're looped back to their store.

And then make sure that you are captured all the information that you need, but you're not being bombarded with things that, Hey, you moved my, my cheese, like Jenna said. So not a question, but just a comment to add on to what Jenna was saying.

One of the challenges that we've seen at BECU is full end-to-end automation. So BECU invests a lot in full end-to-end automation that's not currently available through MX. They have their own automation testing. We have our own for us, we're only able to get to the front page or surface level. We are working with MX to get to the black box, if you will. Uh, in conversations with Wes, uh, and others, they are looking to expose that, which will allow us to do that full end-to-end. You know, having a high rated app means that there's a lot of expectation and if we're not able to test fully, there's always a cause for nervousness.

So just adding that to what Jenna was saying.

Thank you for sharing that. Anybody else? Okay.

Oh, just one quick Question to Jenna. I'm Pam from New Orleans and I talked to you a while ago. So when you did move their cheese, what is the one thing you didn't do you wish you did?

I wish that we had, um, spent more time preparing our members. We told them repeatedly that it was going to change, but we didn't use enough channels to do that. Sending them a letter in the email and sorry, sending them a letter and an email, um, are not sufficient. Sending them multiple letters and multiple emails, also not sufficient.

Um, it needed to go all the way through our contact center. It needed to go through our advisors in our, in our branches. Um, they all knew it was coming, so our employees were shockingly well prepared. Our customers were not as well prepared. Um, so it's not something on, on the MX or on the mobile side itself. Um, iit was more on how do you help members your, your customers understand. And if I were moving folks again, I would spend a lot more time letting them know in the channel where the changes were gonna come, that the changes were going to come.

I know that question was for Jenna, but I would just add, so we actually went through a core conversion and a digital transformation in 2016 as well. And so we learned a lot from that. And so we had a very successful launch when we went for through a no, uh, a whole nother digital transformation. We did learn that from the first one. And we started really early talking to our customers, making sure in our branches that our associates were talking to our customers. And so I would echo again, communicate, communicate, communicate all of the channels. Uh, we made sure we had messaging, um, uh, recorded. So when you called into the contact center, you had messaging already there to talk you through things before you even got to an agent. So message, message, message.

And one more thing I just thought of is also segment, segment, segment. Because if you segment the slices of the customers that you're going to be moving over, you can talk to them about what they care about and the new thing that you're moving them to. So if you have the capability, and I know data is hard, um, but if you have the capability to segment so you can send out customized messages to groups, um, that will also serve you well. Sounds obvious when I say it, but

Two questions. One, I saw a couple things on the slide about, especially the dashboard around Q3. I'm looking, and I think there's about two weeks left in the Q3 if you're following the calendar year. I'm curious, are we expecting that next week or do you have a different Q3?

Um, We do have a different Q3. So yeah, not two weeks. Um, I would say yeah, visit the, visit the PX launch. We have demos available to see the dashboard to hear more about when it will be available, the widgets that will be available on it. Um, but no, not in two weeks unfortunately.

Great. And my other question was, it sounded like, both of you worked on sort of customizations through MX. We've had money management for a while, but we're in pilot on insights and we have seen different opportunities to customize insights. We have a financial education center. We would love to incorporate some of that into the insights. And I was curious, um, what your experiences are in terms of customization with MX. What did the process look like? Um, just any detail you can share around that would be great.

Sure. So, um, and actually whenever we rolled it out, there were only 30 insights. And so, and there was some customization that you could do. You could change some of the language in it. Um, and so, and we worked to do that and it was very easy. It was kind of customization outta the box since then, I don't even know the number of insights now, but we constantly, we constantly work with, um, our MX customers service manager and looking at the insights and we've even had some that weren't working that well for our customers.

And so we gave that feedback and said, you know what? We're not getting good feedback on this one from our customers. So we've turned them off. Um, so I would tell you it's, the feedback is accepted very, very well.

Um, I would echo that. Um, MX I don't think has ever told us no, they've given us very quizzical looks and they've asked why and we've said, mumble, mumble, mumble, that's something, something our core, please help us. Um, but they, they always figure out, a way to do it and then if they can't, they can at least tell us why they can't. But I can't think of anything off the top of my head that we really wanted to do and MX was like, sorry, we are not capable. So they're capable of almost anything.

Do you want, I think we've got, so I would say to visitors at the product launch, 'cause the same way that we can send custom uh, push notifications, custom banner, I saw a message from Todd, he was building a custom inside and pushing to the mobile app. So visit the PX launch will be able to demo some good stuff for you.

That's great. I think we got time for maybe one more.

I'm good. I can project, I can hear you good. So, we talked a lot today about the experience behind the login. I'm curious how much thought process is brought out to the digital branch or your website, how much connections there? 'cause that's where a potential member or customer would go and they would never see the back end. So how much time is spent thinking about what that experience is?

So I'll, I'll take that first. Um, we actually have spent a lot of time and have a lot of focus on our website. We actually just rolled out a brand new website earlier this year. Um, and part of our strategy with financial wellness and MX and all the tools has actually been through marketing campaigns to our customers, which is tied directly to our website. Um, so we have videos that we share and everything links back to our website.

Sure, Okay.

So similar. Um, we actually have found that videos like our members don't engage as well with videos as they do with texts and images. So it sounds really counterintuitive, but we've done lots of studies and our website has all of the neat cool bells and whistles to call out all of the things that we have, whether it's in mobile, whether it's in online banking.

But the other thing that we've done kind of outside, outside the technology itself is talk about things that members should be worried about but they're not such as fraud, um, issues like that. And then the messaging that we use both, on the website and we're using this in uh, direct mail as well, is, hey, um, if you are not digitally engaged, you're getting statements in the mail like you are at risk. Like we have all these tools, we have multifactor authentication, like we have all these things that keep you safe online, so you should be engaging with us online. And from an engagement perspective, like we're sending out postcards to our non-engaged people, they have an account, they're just not logging in, helping them see some of the risk and the danger. Um, and then it directs them to log into their account or to go back to our website outside no login required where they can learn more about fraudulent issues and how our digital platforms,

help keep them safe.

We might have time for one more.

I just have a question on your envelopes. Are you putting those in any actual core registering those subaccounts or how are you managing that?

We're not registering them as um, as Subaccounts. I don't actually know how they live in the core. I don't think they do live in the core. I'm looking at technical help over here to, to nod or, or shake his head. Uh, they're just settings, um, within, 'cause we use it for online banking, we use it for mobile and it's not, it's not native, um, in the app. So it's happening on our online banking core basically. But it's, it's showing up in, um, in mobile on the envelopes, like what you saw on the screen. Um and we're doing it a little bit differently.

And this is something else to consider if you're thinking about an envelopes execution or if, if MX is gonna move forward is there's the savings versus the spending. And ours is 100% savings focused, so we've limited it to savings accounts only. Um, so what it's done is it stopped members from opening extra savings accounts because they can do it all within one savings account and then they just have envelopes folders, um, in that. So technically I can find out exactly how it works, if that would be helpful for you.

Hi Crystal from MX. Um, the other way I've seen it done is you can do a ledger system so when they select the envelope, you move all the money into an omnibus account and then you just keep a ledger. And that also keeps them, if it's for spending specifically, um, that way they can't spend it. So a couple of different ways I've seen it done. I'm curious since you asked the question, is there an expected or preferred way you would like to see it?

So I, I use a a, you need a budget, wine and they have a budget system that's separate from the accounts. So I can have stuff in the different envelopes. Doesn't matter what account it lives in, whether it's this checking or that checking or or this saving account or whatever, I can put stuff in the different envelopes and use that to guide my spending. So they're two separate things from the account where the money actually lives.

Thank you. Thank you for sharing that.

Alright, I think we are at time. Thank you all and thank you panelists very much for sharing your experiences.

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