Want to Build a Better Member Experience? Let the Member be Your Guide
August 27, 2019
Today, more than ever, credit unions are looking for ways to build member loyalty through exceptional experiences.
A recent survey by the Cornerstone Advisory Group overwhelmingly showed the most important business objective, according to credit union executives, is to improve the member experience.
“Member experience is every credit union’s priority,” said Strategic Resources Vice President, Jason Smith. “From lower interest rates and mobile banking, to in-person customer service and improved cyber security, they are measures all that matter in shaping member experience and ultimately member loyalty. But it can feel overwhelming, trying to hit the mark on all those touchpoints. That’s why it’s so critical credit unions look to the experts—their strategic business partners—to ensure they are offering the best member experiences.”
So, what can your credit union do to bring in new members and retain the ones who are already loyal to you?
1. Give Up Control!
That’s right, give it up! Let it go. As counter intuitive as it may seem, it’s time to let your members decide what they want and how they want it. Do you have your members’ best interests in mind? Combining service-oriented employees along with great technology can be a winner in enhancing their experience and having them “rave” about it to other potential members. You CAN give up control and allow your members the flexibility to make their own decisions without giving up the critical control points you need to maintain.
2. Put Your Credit Union to the Test
As a credit union executive, ask one of your relatives or friends to open a draft account at your credit union. How long did it take? Did the employee merely go through the motions or was it a great experience? Members demand flexibility and intuitive processes that save time and deliver value. They want services on-demand, in real-time, and through a variety of touchpoints. Look at the entire process and ask your team to think outside of the box or better yet, get rid of the box. To succeed in today’s financial world, you must be different and consistently improve each and every member’s experience.
3. Deliver More than a Product or Service
What are you doing to make doing business with you easy? Are your employees ready to take ownership of members’ issues, needs, and wants? Are they willing to be the member advocate or do they look to maintain status quo? Are employees attentive and welcoming? What does the lobby look like? Does it look professional yet inviting? This makes a huge difference in your members’ experiences and can make or break loyal and profitable relationships.
To learn more about Strategic Link’s new business partner, DoubleCheck, visit them online or contact Smith at 208.286.6794. DoubleCheck will be at the Strategic Link Trade Show at MAXX 2019 this year in Spokane Oct. 15-17. Find out how they can add value to your credit union’s member experience by visiting them at betaSpace.