Products & Services / Strategy / Jan 09 '17

You Can Change the 2017 Headlines: 6 Steps to Success

Tansley Stearns
Tansley Stearns
Chief People and Strategy Officer

Credit unions have so much to celebrate as we say goodbye to 2016. However, the recent headlines about the CFI Group’s Credit Union Satisfaction Index member satisfaction results dipping might have you wondering what you need to do to ensure that your members have the best possible experience in the New Year.

Tansley Stearns
Tansley Stearns
Chief People and Strategy Officer

In fact, CFI Group published an infographic that gives fantastic suggestions for credit unions to take action:

(Get dowloadable Infographic)

6 Steps to Success:

Over the years, you’ve challenged Filene to move beyond research into action. We’ve listened. Much like the results of this survey suggest, we can't rest on our laurels or count on what has brought us this far to take us where we're going next.

As your credit union launches into 2017, start with this list of action-oriented steps you can take immediately to ensure that the 2017 headlines are screaming about how engaged consumers are with credit unions:

  1. Go Beyond Satisfaction. Make 2017 the year of the "voice of the member." Set up listening posts with multiple measures across the organization to bring your member research to life. At Filene, we’ve examined the Net Promoter Score, the Wallet Allocation Rule and most recently the Member Effort Score.

    Don’t worry about survey fatigue. There are ways to integrate compound measures within very simple questionnaires. Filene’s Member Journey program includes a simple and beautifully designed platform, MemberXP, to set up listening posts across your key products. You’ll have overall credit union benchmarks and will also be able to drill down by channel and even to the individual for robust coaching.
  2. Simplify. Simplify. Simplify. You are no longer competing against the bank down the street or the credit union across town. You are competing against the simple and easy experiences all of us have with companies like Amazon, Stitch Fix and Bright Cellars. Pick your top three most important experiences, listen to your members by benchmarking the Member Effort Score for those experiences and map the entire journey.

    Jump-start your journey mapping effort with Filene. Learn more about how one credit union leveraged journey mapping to improve member engagement.  

  3. Replace your Focus Group. Instead of asking your members what they think or what they may do, watch them do it. Before you invest in a website redesign or add functionality to your mobile app, see what really works and what doesn’t. Members today demand a better digital experience and Live Observational Research is one way to ensure you are meeting your members where they are and where they want to be.

  4. Stop Talking about Young Adults. As an industry we’ve been talking about attracting the next generation of overconfident and under-informed consumers for far too long. It’s now time to take action strategically. Filene’s new young adult advisory programming will launch in 2017 and help your credit union develop a strategic approach to engaging our future members (and employees).

  5. Create Impact. Then Shout it From the Rooftops. One of my favorite research reports is entitled, “Choosing Relevance: How Credit Unions Can Harness Transparency and Show Impact.” The author, Bruce Cahan, shares some very practical ways that credit unions can demonstrate and share their impact. SavvyMoney is another tool that not only allows credit unions to make impact, but also demonstrates that impact.

    Through SavvyMoney, your credit union can not only provide financial literacy, but also via single-sign-on through home banking, share each member’s credit score. To make even bigger impact, you can also provide customized offers to help your members save money and deepen their relationship with the credit union. Bring the credit union vision full circle with our vision to improve the members’ financial situations and at the same time improve their financial knowledge. 

  6. Embrace your Ambassadors. If we want to move beyond satisfaction to true engagement, we have to find new ways to grow conversations and relationships not only in our traditional channels, but also via newer channels like social media. Filene has tested a new approach to social media that helps to amplify the best voices of your organization. It also helps to ensure social media efforts are sustainable even with slim resources. Explore our social media advisory options and the QUEsocial tool. 

The Bottom Line:

Do something! The future of our industry and the way that members and consumers see us is in your hands. Let’s create a headline we’ll all be proud of one year from now.