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Louisville, KY 40299
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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.
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.
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.