Strategies for Better Financial Services Marketing Communication

HC3 president Griffin McGahey attended Duke University to earn a bachelor of arts in history and later received a master of business administration from Vanderbilt University. In this role, he ensures the goals and vision of the firm’s CEO are executed by the executive team. In his previous position as vice president, Griffin McGahey wrote about strategies for better financial services marketing communication.

Establishing an excellent communication strategy is vital for financial institutions attempting to create a strong connection with their customers. An appropriate approach would incorporate the proper platforms and tools to help credit unions and banks pass important messages or inform consumers about their latest results and services.

Banks and credit unions should ensure that they deliver a similar communication experience across all platforms to offer a single corporate identity to patrons. Corporate values and branding need to be made an essential part of the communication plan, whether digitally or in-person.

Through effective communication, financial institutions can introduce customers to unfamiliar products and services. For instance, as consumers obtain their financial statements, institutions can incorporate other offers. Also, face-to-face marketing techniques show that the financial institution prioritizes each patron. For passive cross-selling, the financial institution’s app and website can bring attention to seasonal offerings as well as products such as loans.

To ensure that marketing communications remain useful, training frontline staff about a new product, service, or bespoke offers for a particular customer community helps avoid incoherent messages. Using data about a customer’s credit or debit cards propels marketing communications that may help a customer with financial responsibility.

Vanderbilt University Researchers Reveal Insights into Peer Pressure

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The vice president of HC3, Thomas Griffin McGahey has years of experience working closely with his father, Tommy McGahey, the CEO of the company, to help companies in the health care and banking industries achieve their goals in customer communications and payment technology. To train for his career, Griffin McGahey earned an MBA from the Vanderbilt University Owen Graduate School of Management.

A new report by researchers at the Owen Graduate School of Management may assist managers seeking to shape customers’ choices through signage and other forms of communications. The article, “Mindful Matching: Ordinal Versus Nominal Attributes,” seeks to identify the domains in which individuals seek influence from peers.

The report posits the theory that people are more likely to be influenced by the decisions of others when those decisions involve measurable characteristics. When a decision does not have such characteristics, an individual is more likely to follow his or her tastes and preferences.

Examples of measurable characteristics include size, price, and prestige. For instance, researchers found that people are more likely to match the donation amounts of their peers but prefer to make their own choice of the charities to which they donate. Fundamentally, the research suggests that people exhibit this behavior to avoid awkwardness.

Pay.Claims Offers Payee Choice

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An innovative business executive, Thomas “Tommy” Griffin McGahey formulates and implements the strategic plan for HC3, a communications solutions provider where he serves as Vice President. Griffin McGahey is also an industry leader in e-commerce and serves as the CEO of Pay.claims.

Since its founding in 2017, Pay.claims has helped manage the claims payment process via an innovative technology platform. The platform, which features a branded mobile interface in addition to expansive workflow tools, enhances the claims payment process by consolidating disbursements and approvals into a single workflow.

In addition to offering approval workflow management and a one-stop shop for reconciliations, Pay.claims allows customers to choose how they receive reimbursement for claims. Payee choice takes the form of a mobile or web-based tool, from which customers select a payment mechanism of their choice. Currently, customers can choose from payment methods that include direct deposit, virtual credit cards, printed checks, and reloadable or instant deposit debit cards.

For further information on Pay.claims and payee choice, visit http://www.pay.claims.com.

Griffin McGahey on Blogger

Collaboration and Innovation at NACHA

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Thomas “Tommy” Griffin McGahey is an experienced business executive with a bachelor’s degree from Duke University and an MBA from Vanderbilt University. Griffin McGahey serves as the CEO of Pay.claims and as Vice President of High Cotton in Birmingham, Alabama. He regularly attends industry events such as the National Automated Clearing House Association (NACHA) conferences.

A professional membership and advocacy organization, NACHA represents the interests of professionals in the areas of finance and payments processing. The organization, which oversees the Automated Clearing House Network (ACH), was founded in 1974. Since that time, NACHA has worked to promote payments governance and interoperability standards, while fostering professional education, collaboration, and innovation within the industry.

Collaboration and innovation at NACHA take form through several initiatives. These include NACHA Elevation Consulting, a consulting division that helps organizations realize the benefits of electronic payments, and the Preferred Partner Program, an initiative that allows innovators to publicize their solutions across the industry. In addition, NACHA brings together like-minded individuals and organizations through the Payments Innovation Alliance and manages an affiliate program that allows firms to stay current on the news, knowledge, and innovations in the industry.

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