What is Credit Union Member Experience and Why Does it Matter?

Howard Schulman

Member Experience is the combination of service and organizational culture, not based solely on product nor emotions. Credit unions need to meet member needs through competitive products and financial expertise. This can often occur with channel jumping, where the member are bounced from one channel to another to meet their needs.

How to improve credit union member experience?

An excellent member experience means that at every touchpoint, your member walks away feeling that the interaction was smooth and helped to solve whatever problem they were looking for. While technology matters, it is only as effective as the foundational elements that enable it to be effective. credit unions should be focusing on meeting these customers where they spend their most time. Mobile apps, or more likely, mobile-first web experiences should be a focal point to improve member experiences. According to one industry study, 87% of American adults are online and 64% of Americans own a smartphone.

Credit Unions should also monitor their reviews. Asking your customers to submit reviews can give you the information you need to improve your credit union’s operations. Monitoring your members’ comments and engaging with them can help paint a better picture of the member experience.

Improving credit union member experience through employee engagement

Credit unions tend to be great at member services but usually at a very basic level of the experience. However, if employees are not engaged in the work they are assigned to do, member experience will always be lacking.

Only engaged employees will care about creating a “WOW” experience for their members. Equipping your employees with the right tools that allow them to work in a way that authentically engages them can lead to exceptional member experiences.

Statistics

  • The Qualtrics survey found that of the respondents who left their bank or credit union, 56 percent would have stayed if the bank or credit union made an effort to salvage the relationship. (bloomfire.com)
  • 46 percent of people only use digital channels for their banking activities, according to PwC. (bloomfire.com)
  • 67 percent of consumers will invest more in services after a personal meeting. (jrni.com)
  • A recent Massachusetts Institute of Technology survey found that profitability was 25 percent higher in companies with high levels of employee experience. (jrni.com)
  • 2020 Credit Union Innovation Index found that nearly 22 percent of credit union members would consider dropping their financial institution for lack of innovation. (jrni.com)
  • 2020 Credit Union Innovation Index finds that only 11 percent of credit unions have innovated their data analytics over the past three years. (jrni.com)
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