Nov 04 2019
Member Experience and Service Excellence, Part 2: Do Strategies Focused on Member Experience Impact Credit Union Performance?
Credit unions have at their disposal many strategies to improve their members’ experience, but few devote resources to enhancing member compatibility. This report shows that credit unions that make use of member experience data and focus on member compatibility have improved member satisfaction and higher asset growth.
Credit unions like to make their members happy, and it shows: the sector has historically excelled in measures of customer satisfaction when compared with other financial service providers, but that gap has closed recently. To deliver value to members, a credit union needs to balance a challenging series of competing demands. Members want good value, friendly service, low-friction technology, and convenience, which forces the organization to make trade-offs when allocating resources and deciding where to focus—especially while maintaining financial sustainability and growth.
There are successful strategies and practices that credit unions can borrow from other service-oriented industries. In this second report of a three-part series on improving the credit union member experience (MX), we explore the effectiveness of three of these strategies: making use of MX data, focusing to better fit member compatibility, and providing operational transparency.
Make better-informed choices to improve member compatibility by identifying your target member and match those members with the most compatible offerings using this workshop guide.
Filene’s Center for Organizational Entrepreneurship is generously funded by: