5 Effective Ways for Credit Unions to Improve Member Experience

In a world that battles competition ruthlessly, every single day, the philosophy guiding credit unions comes as a whiff of fresh air. It isn’t a profit-centric mentality that guides this industry but an all-inclusive “for the benefit of members” approach. This sense of community is extremely inspiring in the day and age we live in. But how can credit unions make sure that they can keep this philosophy alive and stay relevant amidst such hectic digitization? On top of that, how can credit unions guarantee member loyalty and growth?

The secret lies in managing the member experience.  Member experience takes into account all the feedback from members and puts it into perspective in order for credit unions to address issues and tackle them. By working on member feedback, you convey to your members that “sense of community” is not merely a trending phrase but a sacrosanct philosophy which you respect and value. Managing member experience, however, doesn’t end with collecting feedback. It starts there and culminates in loop closure.

Ideally, managing member feedback should involve the following stages:

  1. Collecting Feedback from Members across all touchpoints
  2. Collating feedback data on a single dashboard
  3. Analyzing feedback to gather insights
  4. Taking action on issues reported
  5. Closing the loop with members

These steps are simplified immensely by Member Experience Platforms like CloudCherry given that you get to reach out to your customers across several channels of communication, analyze feedback in real time and implement resolution steps instantly so as to not leave members with a bitter experience.

Consider this stat, for example.

“Credit union membership grew by 3.5% during the year 2015 alone. This is the highest rate of growth posted since 1994.”

And this is only in the U.S. Given that more and more people are now approaching CUs for their financial needs, it is a great time for this industry to act on improving member experience and build more personalized relationships with members.

Let’s take a look at 5 quick and effective ways to transform your Credit Union’s Member Experience:

  1. What gets measured, gets managed

Metrics like Net Promoter Score (NPS), Member Effort Score, etc help you quantify member experience and manage it effectively. Going by your hunch is a sure shot way to crash head first! At the end of the day, unless you have data which you can track, measure and act on, you can neither analyze what it is that is missing in your member experience nor understand your members’ needs. Set a goal, and drive your entire Credit Union to work towards achieving it. A higher NPS or Member Satisfaction (MSAT), a drop in the Member Effort Score, etc. are great indicators that your member experience is improving.

  1. Be everywhere, go omni-channel

When it comes to financial dealings, trust is of utmost importance. You simply cannot win member loyalty without gaining their trust. By opening all channels of communication, members will regard you to be a lot more reliable because they have access to your products and services whenever and wherever it is convenient for them, not limited to just your branch. Be available via Email, SMS, website, branches or any other channel on which your members prefer to reach out to you. The more convenient their experience is with you, the higher the chances of them becoming more loyal. Listen to what your members have to say on social media as well. Are they speaking highly of your brand? Leverage that feedback to attract others into becoming members too! Are they unhappy with you? Walk that extra mile to respond to their issues and have it fixed.

  1. Unleash the potential in Member Journey Maps

Member journey maps help you understand your members on a micro level. Invest in this exercise as it helps you design a better and more holistic member experience. List down every single touchpoint through which your members interact with you, all the possible scenarios that could arise at each touchpoint and figure out all the potential challenges within each one of those. Design your member experience in such a way that those potential challenges are avoided, if not dealt with effectively. Member Journey Maps help your Credit Union empathize with members and isn’t that the best way to getting to know them better!

  1. Let the silos collapse

“Working in silos has proven to be magical for us,” said no CEO ever. Delivering a seamless member experience involves all the different teams in your Credit Union working together like a well-oiled machine, where each cog is just as important as any other. While member-facing staff stand a higher chance of interacting with members, the team handling online experience is just as crucial in building your brand experience! There must be no gap in the online & offline experience and this will only happen when all teams merge into one single unit.

  1. Don’t forget the little gestures

Members are like family. Bring to life the sense of community with little gestures that could brighten up their day. Make phone calls every now and then just to check on your members. Send your elderly members a card if they haven’t visited you in a while. Keep your eyes and ears open to take note of how you can ‘wow’ your members without spending a bomb. Genuine gestures win many more hearts than loud gestures. Find a way (or invent one) to communicate to your members that they are the backbone of your Credit Union. Winning members for life doesn’t just happen. You earn it. Why not earn it with a smile!