Unlocking Business Success: 4 Strategic Ways Credit Unions Can Elevate Member Experience

Introduction

In the intricate world of credit unions, where multiple touchpoints, diverse member segments, and a rigid regulatory environment converge, establishing a robust member experience program becomes pivotal. A well-orchestrated blend of data, technology, and human expertise not only enhances the experiences of members and employees but also propels crucial business and financial outcomes. Let's delve into four strategic goals that credit unions should aspire to achieve through their member experience programs.

Goal #1: Fortifying Member Retention

Retaining members and mitigating churn is paramount for credit unions, especially considering the plethora of resources and information available to members today. A stellar member experience program can:

  • Identify At-Risk Members: Utilize strategies like closed-loop processes and real-time alerts to pinpoint individuals who might consider leaving.

  • Isolate Strengths and Areas for Improvement: Leverage technology to collect data from various sources, providing a holistic view of the experience and enabling the identification of key performance drivers and areas needing enhancement.

Goal #2: Expanding Share of Wallet

Growing the share of wallet can be achieved by either acquiring new members or capturing a larger share of current members’ financial activities. A focus on growth through acquisition or expansion involves:

  • Acquiring More Members: Understand the effects of brand actions on different member segments to target initiatives effectively and acquire more of that type of member.

  • Understanding Competitive Measures: Utilize competitive benchmarking to comprehend growth opportunities and evaluate performance against competitors.

Goal #3: Deepening Member Relationships

Deepening relationships with existing members is vital for sustaining longevity in the credit union industry. Strategies to deepen these relationships include:

  • Knowing and Meeting Member Needs: Employ engaging methods that allow members to provide feedback on their terms, offering valuable context for their situation.

  • Targeting High-Value Member Segments: Identify member types and craft personalized journeys by creating targeted campaigns and offers for each member group.

Goal #4: Enhancing Efficiency and Reducing Costs

Identifying and updating processes to enhance efficiency and curtail costs is crucial. Areas of opportunity for credit unions typically involve improving aspects of the experience and becoming easier to do business with. Strategies include:

  • Optimizing Existing Resources: Utilize touchpoint studies to isolate specific transactions or services that members struggle with and shed light on areas for improvement.

  • Optimizing Channels: Understand member experiences and preferences to encourage digital conversion, yielding better experiences and more cost-effective interactions.

Leveraging Employee Insights

Employees, being the frontline observers of member interactions, offer invaluable insights into member experiences. Engaging them in member experience efforts and valuing their input not only enhances the program but also boosts employee engagement and empowerment. Implementing regular employee engagement surveys can significantly amplify this effect, providing a structured platform for feedback and insights that can drive organizational improvement. To delve deeper into the pivotal role of employee engagement surveys and explore strategies for their effective implementation, learn more here.

Conclusion

Whether initiating a new member experience program or recalibrating an existing one, aligning with these four strategic goals will help credit unions navigate through the complexities and establish a connection between the program and tangible value. By focusing on member retention, expanding share of wallet, deepening relationships, and enhancing efficiency, credit unions can not only elevate member and employee experiences but also drive pivotal business and financial outcomes.