Member Megaphone

Originally developed by i3 innovators under the concept name CU Toot.

Complete this form to express interest in being a Member Megaphone tester! 

Problem

Credit unions want growth but struggle with the cumbersome referral and tracking methods that have historically been available. One-to-one referrals from existing members remain the most cost-effective and productive way to grow membership or gain product adoption. Paper referral programs create inefficiencies within the credit union and hassles for the member and rarely do they lead to strong results.   

Solution

Member Megaphone is a referral app designed to help credit unions seamlessly tap into the power of organic growth through member and employee referrals while tracking results and assigning rewards. The app assigns a unique code and tracks the referrals, including who referred, number of referrals, and who accepted the offer. 

Filene i3 & iTest Results

In 2014, a Filene i3 team built a rapid prototype that modernizes the member referral process. The team received strong interest from surveyed credit unions about a concept that would help track member referrals. In 2015, Filene selected this concept to be tested further in the i4 incubator.

The Bringing Members Into the 21st Century Innovation Brief highlights our key findings from the Member Megaphone i4 Incubator test including:

  • An overall referral rate of 34%
  • Strong interest from members indicated by an 81% confirmation rate 
  • One credit union identified a single current member who was directly responsible for referring 22 new members and indirectly associated with 161 new members

Next Steps

Filene is now partnering with Finivation to develop Member Megaphone to include features and functionality that previous testers requested.  They include:

  • core integration, making tracking more seamless than ever
  • a marketing portal, complete with white-label-ready templates that you can use on-demand
  • Smart dashboards that incorporate gamification, further incenting members to spread the good news about your Credit Union

The first iteration of Member Megaphone will be developed for credit unions who use Fiserv DNA as their core provider. Additional core providers will be developed in the future based on demand.

Want to Learn More?

Reach out to Erin Coleman, Senior Impact Director, at 727.742.3196 to learn more about this initiative.

Please let us know if you are interested in testing the next iteration of Member Megaphone by filling out this form

 

Kayce Bell
Kayce Bell
COO
Alabama Credit Union
Brett Wooden
Brett Wooden
COO
Providence FCU
Mark Hamid
Mark Hamid
Vice President – Branch Administration
FirstLight Federal Credit Union