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Credit Union invests in the Member Experience

While member experience may mean something different for every credit union, all credit unions must focus on three components: 1) meeting member needs through competitive products and financial expertise; 2) making it easy to do business across all channels; and, 3) creating a “wow” experience.  A credit union with an excellent culture will thoughtfully define its member experience: what it does well, how flexible it is, and how well it cares for the member as a unique and valuable person.  All can vary, but it is very important in how a credit union differentiates itself among all players.

Our client engaged us to help them significantly improve the current member experience with a focus on growing membership.  There is no “monolithic member profile” that defines what every member wants from the credit union, but there are prototypical personas within a member base that credit unions must cater to.

Via our journey mapping-process we were able to enable the credit union to follow every step of a process and identify what’s working and what isn’t. Our client and inputLLC were able to craft a road map for long-term improvements and create new, meaningful member experiences.

After interviewing the entire executive team (via their monthly executive roundtable), their CEO’s #1 business goal was to significantly improve the member experience.  Their CFO wanted to reduce costs with a focus on financial benefits. Member services was focused on improving productivity, streamlining member interactions and improving the “contact center agent” experience.  Their COO was focused on quality control and brand protection.  Other goals from various executives included increasing revenue, innovation, technology availability and improving communications internally and externally while accommodating any channel regardless of location.

Business Goals achieved in this project

  • Improved the member experience
  • Increased revenue
  • Increased productivity
  • Reduced operating costs
  • Mapped the member journey
  • Introduced innovation to attract younger members
  • Provided roadmap to improve brand protection
  • Improved quality of IT solutions
  • Dramatically improved the member services experience

The strategic ROI is top of mind for member services, marketing, HR, wealth management and their overall executive team. The strategic ROI is very difficult to measure even with industry averages.  As such, the credit union “input” helped validate the measurements with a focus on the largest outcomes.  The strategic ROI always offers the largest return and is the most exciting.

Strategic Value

  • Increased net promoter score
  • Increased “agent” productivity
  • Deployed pandemic readiness architecture for all technology solutions
  • Improved management visibility across members, employees and interactions
  • Deployed immersive video to support wealth management interactions
  • Deployed modern collaboration solutions for all forms of communications

Our current environment comprehensive discovery included interviews with members, becoming a member, marketing, member services, IT and front-line management.  At a high level, our interviews produced many opportunities to improve the member experience, innovate with growth and overall transform their collaboration strategy.

Current Environment

  • Lack of member journey mapping
  • High risk for brand protection
  • Lack of member profile routing
  • Lack of speech enabled automation
  • Lack of real time visibility of interactions
  • Lack of workforce management
  • Antiquated quality management
  • Antiquated outbound communications
  • Standalone self service
  • Lack of integration of member database
  • Voice and email routing only
  • Poor collaboration on web site
  • Lack of virtual collaboration
  • Video rarely used
  • Increasing number of fraud attempts

Financial Impact Summary

  • Increased NPS first year by 18%
  • Reduced operating expenses 23% annually
  • Increased productivity for members services by 31%g
  • Increased revenues first year by 12%
  • Increased members first year by 14%