Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  Nasdaq  >  Repay Holdings Corporation    RPAY

REPAY HOLDINGS CORPORATION

(RPAY)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsPress ReleasesOfficial PublicationsSector news

Repay : How Credit Unions Can Increase Member Engagement

05/31/2020 | 10:24am EST

There is one question on everyone's mind right now: what's next? There's just so much uncertainty about the near future. What new realities will COVID-19 bring?

Your credit union members are worried. Like most Americans, they have many expenses. Members have questions about mortgages, car loans, stimulus checks, and Paycheck Protection Program (PPP) loans, along with what will happen from here. And in these complicated times, they are hoping that you will be a true partner to them, acting in stark contrast to a more impersonal big bank.

If you prioritize and increase engagement now, gaining your members' trust and lessening their financial fears, your credit union will reap the benefits later.

Credit Unions Have Built-In Advantages to Big Banks

According to Gallup, only 14.5% of customers strongly agree that their banks look out for their wellbeing. Not surprisingly, credit union members think differently. About 25.5% of members believe their credit unions are doing what is best to support them.

Not only that, 45.7% of respondents think their credit unions make it easy for them to manage their finances.

Is your credit union outperforming the banks in this way?

Credit unions are much more likely to engage with their members and have member-centric products and services. This is something you should use to your advantage during this challenging time. Your members have real questions and want to engage with you. Never forget that an engaged member will not only buy more products and services, but also refer their friends and family members back to your credit union.

We want to make sure that you have the tools you need to engage your members!

The Time to Engage is Now

There has never been a better time to engage with your members. Why?

  1. Many are working reduced hours
  2. Many are working from home
  3. Many are distracted during work hours because the whole family is home together
  4. They are online much more than usual
  5. They are worried and have questions about the future

These five ingredients make it easier than ever before to reach out to your members online through messaging, web, email, or social media. Everyone is home, and everyone will see it. Marketing tech company LiveIntent is reporting a 5% increasein email opens due to COVID-19. The MessageGears platformis reporting increases, too -- open rates are growing each week!

As a credit union, you already have much higher open rates compared to a typical big bank. Your members want to hear from you. Make sure you use this opportunity to promote even higher engagement.

How to Engage

Here are three easy ways to engage with your members and ensure they feel a real sense of partnership.

Send Out a Survey

One of the best places to start is with a survey. Getting your members to answer an array of targeted questions about your credit union will increase engagement and provide you with valuable business insights. Whatever information you gain can be used to improve your products and services.

Invest in Mobile

Sometimes less personal engagement means more engagement overall. An investment in mobile technology is a great example. These days, it's all about meeting your members where they are and where they feel comfortable - and that means going mobile. Mobile technology, through text pay or a mobile app, gives you direct access to your members. This form of communication and engagement fits right into their daily lives and comes across as less intrusive and more convenient than other types of communication. You could automatically send a text message after a loan payment asking your member how their payment experience was. Or maybe send a push notification through a mobile app three days before a payment is due to remind them to pay on time and maintain good credit. In turn, your members can quickly and securely submit a loan payment, check their balances, and save preferred payment methods through the mobile app.

Younger members, especially millennials, understand the immense value of a seamless digital experience. If they can bank from their phones and self-serve with account management and payment options, they're happy. Not to mention, younger members are more likely to stay with a credit union using current technology.

Use New Tech Tools

New technology doesn't only mean an updated mobile and digital experience. Many banks still use COBOL, old legacy systems, and software from the 1960s. Your credit union may be one of them, but it doesn't have to stay that way. You, too, can access faster, more secure tech tools and offer a fully digital omnichannel experience. Maybe your credit union can implement a new computer language, or perhaps you need a more robust tech-focused payment platform.

Credit unions can provide many of the same advantages the trendy, streamlined fintech firms offer. Every tech tool implemented by a credit union is a chance to engage with members in a new and different way.

Surveying your members and staying in continuous touch with them via a modern mobile and digital experience will keep your credit union top of mind for all their financial needs. More engagement means more trust and more business. And there is no better time to engage with your members than right now.

Disclaimer

Repay Holdings Corporation published this content on 21 May 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 May 2020 14:24:00 UTC


© Publicnow 2020
All news about REPAY HOLDINGS CORPORATION
11/24REPAY : to Participate in Upcoming Investor Conferences
BU
11/10REPAY : to Present at Citi's 2020 Financial Technology Virtual Conference
BU
11/10REPAY : MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS ..
AQ
11/09REPAY : 3Q Earnings Snapshot
AQ
11/09REPAY : November 2020 Investor Presentation
PU
11/09REPAY : Third Quarter 2020 Earnings Supplement
PU
11/09REPAY : Reports Third Quarter 2020 Financial Results
BU
11/09REPAY HOLDINGS CORP : Results of Operations and Financial Condition, Regulation ..
AQ
11/06REPAY : Forms Advisory Board to Encourage Mortgage Transfer Payment Standards an..
BU
11/04REPAY HOLDINGS CORP : Regulation FD Disclosure, Other Events, Financial Statemen..
AQ
More news
Financials (USD)
Sales 2020 152 M - -
Net income 2020 -30,0 M - -
Net Debt 2020 68,8 M - -
P/E ratio 2020 -76,9x
Yield 2020 -
Capitalization 1 710 M 1 710 M -
EV / Sales 2020 11,7x
EV / Sales 2021 9,29x
Nbr of Employees 243
Free-Float 94,0%
Chart REPAY HOLDINGS CORPORATION
Duration : Period :
Repay Holdings Corporation Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends REPAY HOLDINGS CORPORATION
Short TermMid-TermLong Term
TrendsBearishBearishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 10
Average target price 29,22 $
Last Close Price 24,03 $
Spread / Highest target 33,2%
Spread / Average Target 21,6%
Spread / Lowest Target 4,04%
EPS Revisions
Managers
NameTitle
John Morris Chief Executive Officer & Director
Shaler V. Alias President & Director
Peter J. Kight Chairman
Michael F. Jackson Chief Operating Officer
Timothy Murphy Chief Financial Officer
Sector and Competitors
1st jan.Capitalization (M$)
REPAY HOLDINGS CORPORATION64.03%1 710
SQUARE, INC.237.21%95 130
FISERV, INC.0.14%77 221
GLOBAL PAYMENTS INC.7.93%58 428
FLEETCOR TECHNOLOGIES, INC.-7.82%22 119
AFTERPAY LIMITED224.49%19 885