Holly Fearing
You know their names, ages, incomes, and balances, but does that tell you who your members are? Does it tell you their motivations? How about actionable insights for helping meet their needs in the way that works best for them? It's no surprise that people with similar demographics can exhibit vastly different consumer behaviors. But a couple of strategy and marketing leaders in today's episode believe Filene's new segmentation model could be revolutionary for credit unions. I'm Holly Fearing, and this is the Filene Fill-In. The Filene Fill-In is the podcast where we fill you in on what we've been up to and the newest ideas, insights, and activities happening in the credit union industry that you need to know about. In this episode, Filene's Taylor Nelms guides a conversation with the credit union early adopters of Filene's Member Voice segmentation tool. We'll hear from Tricia Beeker, Vice President of Marketing and Lisa Warlick, Manager of Marketing Analytics at Truliant Federal Credit Union, as well as Ryan Zilker, Chief Strategy and Marketing Officer at Sound Credit Union.
(01:17): They'll share candid insights from their journey with Member Voice, revealing how it's shaping their strategies and integrating with their operations. A key takeaway they've shared is the realization that readiness isn't a prerequisite for starting with Member Voice. Instead, it's a tool that prepares them for the future, sparking ideas and opportunities they couldn't have anticipated. You'll also soon hear how the power of collaboration is helping them as they go through this segmentation work together – each with their own unique set of goals, strategies, and outcomes for it. They've only got one question for you – why wouldn't you want this information at your fingertips? So stay tuned as we dive into their experiences and learnings, right here on the Filene Fill-In.
(02:02): Hello Tricia, Lisa, Ryan. Welcome to the podcast, thank you for joining us today.
Tricia Beeker
Thank you, we're excited to be here.
HF
I'm also joined today by my Filene colleague, Taylor Nelms, Senior Director of Market Insights and Advisory Services. Welcome, Taylor!
Taylor Nelms
Thanks, Holly. It's fun to be here again, chatting with you and with Lisa, Tricia, and Ryan.
HF
(02:23): Yeah, so here's the deal for today. We have these credit union marketing experts from Truliant and Sound Credit Union here and they're gonna be talking about what they've experienced so far from Filene's new member segmentation program, Member Voice. Taylor's gonna lead us through that discussion in a moment, but first I wanted to ask Taylor, if you would set the stage for us – just tell us a little bit about what this Member Voice thing is all about, how credit unions like Truliant and Sound are already reaping some of the benefits of it and how others can get on their own journey with this.
TN
(02:59): Absolutely. We're excited to say the least about the opportunities that we have working directly with credit unions to better understand their members, their members' needs, attitudes, behaviors. But especially to take those insights and activate them – activate them in strategy, product development and innovation, and especially in strategic marketing and messaging. About a year ago, we set out on a research journey to interview and survey credit union members and non-members from across the country to understand not only how their demographics impact some of their choices around their personal finances, but really to get a sense of what are those core attitudes, expectations, and motivations around working with a financial services provider. We know that life stage is, for example, critically important for understanding what are someone's financial needs, but demographics don't go all the way in understanding the full picture of someone's relationship with the credit union and what they want out of that relationship with a credit union or a financial services provider.
(04:13): So, Member Voice is a national consumer segmentation model tailored specifically to credit unions, that's designed to get at some of those shared needs, attitudes, motivations, and behaviors. We've built a segmentation model that identifies five different segments – Hopeful Help-Seekers, Comfortable Community-Seekers, Solution-Oriented Shoppers, Overburdened Bystanders, and Enterprising Experts – all with really different perspectives on money banking and financial services. And now we're working with a group of credit unions, Sound and Truliant, foremost among them to apply that segmentation model to their memberships. So credit unions that are interested in learning more about how they can also do that to segment their memberships and begin using those segments to target members, talk to members in a way that resonates with them. They should reach out directly to us at Filene and go to the Filene website, and find the Member Voice page, or just email us [email protected].
HF
(05:16): Alright. Thanks, Taylor. This sounds awesome. So I know you have some questions for our guests today, so go ahead, take it away!
TN
(05:24): Awesome. Well, Ryan, Tricia, Lisa, thank you so much for, again, for joining us. Let me start here. You all joined the Member Voice pilot cohort a year ago. You got on board before we had built the segmentation model, so you really took a little bit of a leap of faith and we're really grateful for that and appreciative of the innovation partnership that we have with both of your organizations and with all of you individually. Maybe I'll just start here. Tell me what interested you about Member Voice? Why did you decide that this kind of segmentation model would be useful for your credit unions? And Ryan, maybe I'll start with you.
Ryan Zilker
(06:03): Yeah, sure. Much like you said, Taylor, we were finding that the traditional demographic segmentation just wasn't cutting it. We were trying to build strategies, innovate around those, do our strategic marketing efforts, and they just weren't landing right. And so we kind of had the sense that there was something more to understand what was out there. We've even dabbled in some of the more widely commercially available segmentation models that I'm sure many listening may have heard of. And again, they just weren't descriptive or relevant enough for what we were trying to do. So when we first spoke to Filene about this concept, I thought it sounded pretty exciting and it sounded like it was going to address an unmet need for the credit union to help us be better communicators and better partners to our members. So that was really what stood out to me.
TN
(06:53): Thanks, Ryan. Tricia, Lisa, why did you all decide to get on this Member Voice journey, with Filene, from Truliant's perspective?
TB
(07:03): Well, first of all, Ryan, you just did a great job of verbalizing some of the same sentiment that we have here in our marketing department at Truliant. Another reason is that you're a trusted partner already, you know, we have used Filene in the past and partnered with you with some other things. So we liked the relationship for one thing, that was a big deal for us. But similar, you know, and what was said earlier, previous segmentation models that we have used in the past have just relied heavily on age and income, those common things. And we just wanna avoid making assumptions based solely on demographic information. So we're excited about what this has to offer, and I think that's what makes this different. And it's the collaboration too with other credit unions and being able to understand that this is, you know, specifically tailored toward credit union members. And we're excited about that as well.
TN
Thanks, Tricia. Lisa, anything to add?
Lisa Warlick
(08:03): I think Tricia covered that. We are excited to be in partnership, in collaboration with other credit unions, in partnership with Filene. So we look forward to continuing on our journey.
TN
(08:15): I mean, I think you all put your fingers on something that I find really important and that we were really very intentional about, I think from the beginning, which was to, you know, be able to account for member identities. We know that those are incredibly important in how people perceive themselves, their place in the world, but also, you know, it shapes their decision-making when it comes to their money, but it doesn't capture everything. We know that individual members can share an income bracket and can even share, you know, gender identity, and racial and ethnic identities, and have really different expectations for what they want out of a financial services provider. You know, Ryan, or Tricia, or Lisa, could you give us some examples from your own credit union of, you know, some of the diversity that exists within your memberships when it comes to understanding, you know, needs, attitudes, and behaviors?
RZ
(09:11): I think it's a lot of what you just touched on, Taylor, that people who look alike demographically behave incredibly differently when it comes to their banking relationships and just their general consumer habits. Additionally, I think we're seeing that those old traditional demographic models aren't keeping pace with the new ways that people are living. So, you know, we have adult children living with parents now, multi-generational households, and if we're looking at rooftop demographic information, it's just not reliable anymore. So I think like with the changing demographics and just the observations we've had of really different behaviors of two different members that might look identical on paper, we knew we needed something more. And that was really the attraction and the driving force for this, for us.
TB
(10:03): I think that, you know, Ryan, that was a great answer. And we're being, you know, we've always been intentional about our efforts and how we're communicating with our members and potential members. However, we are, you know, evolving just like everyone else. We want to understand these behaviors so that we can make sure that we're taking those into account and, you know, we're just continuing to try to target more specifically. And that just gets harder and harder unless you have the data to support those efforts. And so we're also being compared to other entities, not just other financial institutions, so there's a lot of expectation out there, you know. We're being compared to Amazon, we have to be just as good, you know, everything that they're doing and all the things that they know about people that do business with them, you know, our members are starting to expect that from us as well. They want to feel like we know who they're, and what they want, and what they need. And having data, and research, and people that are dedicated as partners to help us obtain that and understand it, is just vital, you know, to where we're going as an organization.
RZ
(11:09): So, something that Tricia just said sparked an idea in my head. We've been talking a lot, and Taylor, I hope I'm not stealing thunder from a future question. And we've been talking a lot about how we can take the initial results and then backwards model, do some regression analysis to see where our members who did not respond to the survey might fit. And some new ideas we've been having in talking with Filene is looking at behaviors of our members. So not just like, just account relationships, but what their behaviors are and how that might tie to which segment they fall into. And that's where I think like the magic is really starting to happen. And that's what I'm getting really excited about, especially with all the talk in the news about overdraft protection and NSF fees. I think the potential here is quite big.
TN
(11:58): Yeah, definitely. We're gonna talk a lot about how your credit unions are applying Member Voice right now and how you're looking to apply it in the future. So that's an excellent point. You know, Tricia, the point that you made about, you know, part of our goal with the Member Voice program is to support credit unions on their data analytics journeys. And, you know, credit unions have invested heavily, and I know your credit unions have as well, in the infrastructures, the talent, the processes to kind of get your data in order. And now I think many credit unions, yours probably included, are looking to see the value from those investments. And so Member Voice is designed to be a bridge to value in some way, right? By giving your credit union some very specific ways you can use data to personalize at scale, whether that's personalizing product or personalizing messaging. You know, Tricia, that point about Amazon knows you, credit unions know you too, but being able to deliver that efficiently at scale, that personalization, I think is very challenging and segmentation when done right can help there. And it's about understanding those needs and attitudes and, Ryan, like you said, it's also about understanding how those needs and attitudes are expressed in people's actual behavior in their relationship with their credit union. So we've already gotten started at both of your organizations, at Sound and Truliant. Tricia, let me start with you. What has the response been to Member Voice at Truliant as you all have looked to get it off the ground in the early stages?
TB
(13:38): Well, we're so fortunate, you know, our leadership is so supportive, and so it's actually, you know, part of our core objectives for the year. So it is part of our business plan. We are reporting on it, we are keeping them informed, and it's so wonderful to work for a group of senior leaders who understand how important this type of information is and really allows, you know, their teams, not just marketing, but we have a product strategy and development team that is also very focused on this effort. So I just feel that acceptance and that, you know, we're investing in this, it's important to us and everybody's on the same page has just been wonderful.
TN
Ryan?
RZ
(14:21): Yeah, I would say at Sound, we were really lucky to have some of our board members and senior leaders hear Taylor talk about this project, GAC. So we were already on board, but it was just a great way for them to hear high-level what the project is about. And I've been kind of pivoting off of that introduction just to remind people on a regular basis what we're doing. Unlike Tricia, this is not one of our core objectives, it's not a business objective. It's a project being run out of our research and marketing teams, but we are talking now about how we're gonna integrate it into our strategic planning going forward. It was really cool. We were having a deposit product meeting yesterday, and our manager of research, who's been key point on this project, started talking about the impact of NSF and overdraft fees for our Overburdened Bystanders. So it's kind of cool that, that the segments are starting to work their way into our everyday conversations already. So I really like where it's headed.
TN
(15:21): You know, one of the things that we hear from credit unions that we talk to about, whether it's about Member Voice or you know, other initiatives, is that they have a lot going on – the development roadmap, the project planning, and management. Those lists can get very, very long. Tell me a little bit about how you all have integrated Member Voice into your organizations from a capacity and capability perspective. What conversations have you had to have to help, you know, get your organizations aligned around the opportunity that segmentation represents?
TB
(15:54): I think it's just knowing, because you really said something that hits home. Here at Truliant, we have projects that are ongoing, you know, they are constant and a lot of the same teams are part of the projects regardless of what, you know, the objectives are. I mean, obviously marketing, IT, data analytics, they're all focused on a variety of projects at the same time. I think the exciting piece about Member Voice is we see how it is going to work for us in the future. I think I mentioned to a few of you earlier that we're implementing a new system. We're working with Salesforce, so we're excited. We're calling it Horizon internally, and we're on phase one of that launch. So we are really looking to have that full picture of our members. We want our members to immediately know that we know things about them in every stage of the relationship and within their journey. And I mean, certainly you can see how this segmentation and having this information to overlay on all the things that we're gonna be doing going forward is gonna be super beneficial for that objective. So that, those things have been very important for us this year and I think this is gonna tie in obviously very nicely with those implementations.
LW
(17:09): I think that Truliant has always been very responsive to segmentation, but much like Ryan, you were mentioning, we just didn't feel like that some of the models we were using were really giving us that identity for our members and the tools to utilize any of the strategies around that we would start implementing for types of segmentation. So I think when we first had conversations about Member Voice, first of all, that's a term that Truliant has used for years. We've always used the term "member voice" to represent putting ourselves in our members' shoes, to stand up for their member voice. So it was just a good tool that we felt like that we could really use. So we're excited to start to implement some of the strategies from it.
RZ
(17:59): I would say at Sound we took maybe a little bit of a different approach. We just recently spun up our strategy and research department. And so this was a great kind of first big enterprise wide project for that team and that leader to kick off. And we did it in partnership with the marketing team and our business intelligence team. And I think we were blessed with the business intelligence team because it was very much what Taylor had alluded to earlier and that they saw the potential of the modeling. They got it instantly. And so because they've got it, they were a hundred percent on board and there to help us. So they provided all the data files, they're doing the extracts now for the regression modeling. So they're great partners in this, and I think it's gonna be a little bit of a grassroots effort for us at Sound. It's gonna be, we're gonna start kind of with strategy in BI and work up through there, we're gonna show its power in marketing. And then I would love, Tricia, like I made a note of what you just said about getting it implemented into the CRM. I mean, how cool if our staff could start to see it and make these segments part of the regular conversation at our teller line. That'd be really cool.
TB
(19:11): That's down the road, but hey, I have high aspirations and I'm excited about all the things. But you know, we've been very fortunate to have, you know, our product strategy team who, you know, manages our surveys, you know, that we also send out to our members on a regular basis, but they were instrumental in this as well. So we've had a lot of dedicated resources and I think that people just understand the value. So we've made it a priority to get this information and to get the data. And, you know, Lisa won't give herself credit, but she's the data person on our marketing team, and she's done a lot of great, you know, a lot of work here too. So I'm just excited about all that she's done as well.
TN
(19:52): Absolutely. I mean, I think the stories that you're both telling about your organizations, don't let me put words in your mouth, but neither of you feel like your data journeys or your marketing journeys are finished, right? Like, you're very much in progress, right? And Member Voice has offered you one way to continue to advance that journey, but it's not like you had everything in place and ready to go and now you're adding something in, right? It's an opportunity to continue to innovate and iterate as you go.
TB
Absolutely.
RZ
Exactly. Yep. You nailed it.
TN
(20:28): You both also mentioned throughout that you're excited to see the value from this project. You're excited to see the results, excited to see the value. We're just getting started in many ways. We've just recently delivered the early survey results from our very first survey of Sound's members and Truliant's members. I'd love to get your thoughts on kind of what are you learning so far about your members? And then we can talk a little bit about what you're learning about your credit union and are there opportunities for alignment or maybe realignment in terms of what you're seeing from those early survey results and you know, what you've learned about your credit union?
RZ
(21:03): I think some of the ahas for me were that our Overburdened Bystanders and our Solution-Oriented Shoppers were our top two segments. It's kind of confirmation for what we maybe observed but we didn't have the language to put around it previously. So I find that really interesting and I'm really looking forward to digging into those a bit more. And I think this is gonna start to influence our product planning and service planning trajectories. It's gonna impact our innovation, what we focus on, and I think it's gonna help give us a little more guidance and what projects we select to work on next. So like high-level, that's where I see it going for us.
TB
(21:46): So I think, you know, similar to that, some of the high-level findings is that, you know, 76% of our members have fallen into segments that are actually looking for personal and supportive relationships with their financial institutions, and they're looking to credit unions for these solutions, which is something, you know, I think is good for all of us to hear. You know, because for many years we wanted people to understand the services and just be open to the credit union movement and understand kind of what we can bring to the table. So I think that all of that information correlates to things that we're already doing, and it's just how can we enhance those things. I mean, we already do strive to offer that one-on-one personal service in our branch locations, and we have folks that go out and provide financial education seminars and the communities, different things that we serve. But I think that we'll get some additional learnings here to figure out some more best practices that hopefully we can, you know, collaborate with other credit unions that decide to participate. And Ryan, you as well, to see what we can do to add to that, to make that even better.
RZ
(22:51): Yeah, and I think, Tricia, you raise a good point. The working with, partnering with other credit unions throughout this project and understanding what each of us tests, what works, what doesn't work, how we can iterate, that's where the real magic is gonna happen, I think.
TN
(23:08): Yeah, as a part of this project, we're excited in the next phase to expand our segmentation to include the full memberships of Truliant and Sound, that'll be coming a little bit later this calendar year. We're in the process of onboarding some data from those organizations, member accounting transactional data that will allow us to build an algorithmic scoring tool such that we can segment members, identify members with particular segments based on their relationship with the credit union. Ryan, you mentioned that earlier, I wonder if you could talk a little bit more about, you know, what gets you excited about the opportunity to see how these different segments with their different attitudes toward money, how those end up reflected in different kinds of relationships with the credit union?
RZ
(23:56): Yeah, I'm gonna be really curious to see exactly what you just said, like, of these different segments, what does that translate into the accounts that they hold with us, and are we gonna start to find some similarities there, or are we gonna find some subsets of those segments. And I think that's kind of an unknown right now, so I think that's gonna be really interesting to see. But I think more than anything, if I put on my marketing hat, I'm really curious to see how we can get the different segments to engage with us based on the messaging that we decide for the segmentation. So I think like the product relationships they have like looking rear-view mirror interesting, but I'm more interested in like what's coming up and how we influence that.
TN
(24:41): Okay. I'm gonna ask you a big question, Ryan, and Tricia, and Lisa, you know, if you, I won't hold you to it, but looking ahead, is there a campaign that you would be really excited to run using the Member Voice segments?
TB
(24:56): Well, does it have to be a specific campaign or can it be something? I had an idea. You know, we already do new member onboarding but something that I already noticed in the high-level overview that we've taken a look at so far is that our members are open to new products and services, but primarily within the first six months of their membership. So right then and there, it tells me, you know, I need to use, or we need, as an organization, we need to utilize this information in our onboarding program because there's a huge opportunity there. And right now our onboarding focuses more on service. We wanna make sure you're doing all the things, here's how to do this, here's how to do that, but what is it that you really need or want. And this is where I feel like we can totally enhance our onboarding process with this information. So I'm really excited about that. Just as one thing that came to mind as I was thinking about this earlier.
TN
(25:48): Yeah, I love that use case, to build the segmentation insights into an onboarding process, both to be able to capture those insights during onboarding, but then also to be able to use them to kind of craft an onboarding experience that really speaks to, you know, again, like, what are you looking for. Are you looking for more of that sense of personal connection, personal support, expert guidance, or are you really more of a comparison shopper, kind of DIY optimizer and what you're looking for is, you know, those resources to be able to make your own decisions. And so, you know, you can imagine very different onboarding experiences based on those different attitudes and expectations.
RZ
(26:23): And obviously at Sound, we've had very parallel conversations to Tricia in that we've been talking about, like the messaging, how is the messaging going to change for the different segments, like the Solutions-Oriented Shoppers. Is our messaging addressing their needs today? I don't think it is. So how can we shift that and then I'm really excited to start testing, and seeing how adjustments to the messaging land.
TN
(26:47): Do you have any experiments that you have in mind, Ryan?
RZ
(26:51): Not yet. We haven't like picked out like a particular product or project, but actually, I mean, so the onboarding is a great way to start. I kinda like that.
TN
Yeah.
TB
See look at this is collaboration already!
LW
(27:05): We're always challenged as well as meeting our members in the communication space that they want to use. So with digital tools, traditional tools, how are we gonna communicate with them, how are we gonna deliver not only the messaging, but the products and services as well. So I think the segmentation, certainly to your point with some of the things, you know, Solution-Oriented Shoppers, that type of thing, you know, what are they gonna resonate to. I think that's a big case here and the technology is just going to keep changing on a daily basis, and we've gotta keep up with it.
TN
(27:43): Yeah, I think one of the things that we've learned in the segmentation research is yes, digital service delivery is table stakes. All of our segments engage, you know, with financial services and digital channels, some more than others, but the way that they engage is different. Different segments are looking for different things out of that digital channel or mobile channel. And so I think that that's really important too, as you think about service delivery design in a self-service channel, you know, like the website or like the mobile app. Being able to craft a service delivery design that delivers in that digital space, a differentiating experience that's tailored to what that segment is looking for. Is it more DIY or is it more hands-on and kind of personal support that a person is looking for that changes the way that they look at that digital environment.
RZ
(28:41): And what's really cool, Taylor, is we're able to do some of this today with our ad buys, so we're able to identify segments for our ad buys and push specific messaging. Interestingly though, as you were talking through that, I think we like might be able to support it on our website, but I don't know that our digital banking platform is like ready for this. This may push some innovation and some product design too.
TN
(29:05): Tell me a little bit more about that, Ryan, because I actually think that this is a really important point that, you know, again, in our conversations with credit unions, I think folks are sometimes, you know, worried that they're not ready for a solution like Member voice or really for you know, any segmentation, more advanced segmentation solution. I think your approach and Truliant's approach is really different in the sense that you all are leveraging this as an opportunity to learn and to innovate. So tell me a little bit about how you cultivate that kind of learning mindset in your organizations, and what can you tell credit unions about the importance of approaching things from that kind of innovation and iterative perspective?
RZ
(29:47): Yeah, I think for us, we know we're not gonna have it perfect from the get-go. So it is a little bit of that, you know, we're building the plane while we're flying it, so, you know, let's get the data and start to have some quick wins and figure out what, how we can, like, does this have value? How do we demonstrate the value? And if it works, let's look for new ways to apply it. And, you know, Brene Brown loves to talk about painting done, I don't think we've painted done quite yet for this, like what a fully fleshed out implementation might look like. But that would probably be a good exercise for us to go through.
TN
(30:24): Love that. Tricia?
TB
(30:25): As an organization, we realize that in order to meet the needs of the evolving member, we have to evolve too, we can't do things the way that we've always done them. We have to realize, you know, we're gonna meet them where they're kind of something you said, Ryan, you know, we're not gonna be the very first folks out of the, you know, innovation. It just depends, you know, we might not be the first ones to launch something. We wanna make sure that we're intentional and it's gonna meet the needs and that we are gonna make sure it works for our member base, you know, as we want it to. So I feel like we're very diligent about our decisions and how we communicate and with what channels we communicate, because even as I was thinking about the whole onboarding process, you know, emails used to be the living end. And now, you know, just like you said, we're communicating in so many different ways. We're geo-targeting our member communications. We're talking to them, you know, on their mobile device, we're presenting messages when it's needed and only when it's needed. So it's also striking that balance using various channels and not just one. You know, I think that you have to realize that people wanna be communicated to in multiple ways. And so us being able to bring all that in with just the right balance, I think is also hugely important. So I think, you know, we're still figuring that out as well, but I think that we are very open-minded to new solutions. We just wanna make sure they're the right ones. But I don't think that we shy away from making decisions that are right for our membership.
TN
(32:02): So let me ask you one last kind of future-facing question. You know, what are you hoping to learn from other credit unions in this project? You've talked about the importance of collaboration and you know, one of the opportunities I think that working with Filene brings is the opportunity to innovate in a community to learn from one another. What are you looking to learn from each other?
RZ
(32:23): I mean, I'd like to see some best practices. It's really nice that Truliant and Sound have no overlap in market area, right? And so I think I would love to speak with the Truliant folks and learn from them, learn what works, what doesn't work to have best practices that I can borrow from. I'll share with you what I've learned. I mean, if we can dial this in and have like a marketing playbook to go along with this, I think that'd be pretty awesome.
TB
(32:48): That would be great. So Taylor, are you gonna spin up a marketing playbook?
TN
(32:53): We are on it. That is on the roadmap. Absolutely. Yeah. Later this year, we have learned a lot about each of the segments within the Member Voice model from our national research. We're learning even more as we survey members of individual credit unions. We have almost 10,000, more than 10,000 credit union members in addition to our national sample of 5,000 credit union members. So it's a big group that we've already learned a lot about in terms of their channel preferences, in terms of their kind of emotional needs and expectations, their product usage. And we're gonna learn even more as we get into some of that relationship data that we were talking about, product and account and transactional data. So yeah, the idea is to build out that marketing playbook with some real kind of tactical guidance. We're gonna learn that in partnership with all of you, as you all put the Member Voice model into practice and experiment with it, we're gonna be able to evaluate what works and what doesn't, in terms of your credit union, but also in terms of what resonates with each of these segments.
TB
(33:54): Staying in touch, you know, throughout the process too is important. And then, you know, after the fact, I think one thing that I really enjoy about working with other credit unions is we're not, you know, vastly competing against one another. You said that a minute ago, Ryan, we're here to support each other, we're here to help each other. We want other credit unions to succeed. We know that you want us to succeed and that is rare, you know, that we're willing to share information with others so that we can all benefit from it. I think it'll be great to see what commonalities maybe come from this amongst our peers, what challenges, how you're, you know, gonna tackle it and just really work together. I think for the long-term, that's something I really enjoy about things that we get to do here at Truliant.
TN
(34:41): So as we wrap this up, I wonder if you could share one message, each of you, that you'd like credit unions who might be considering Member Voice to take away from this conversation or to take away from your experience working with Filene early on in this initiative. What's one thing that you would tell a credit union that might be considering coming on board to use Member Voice?
TB
(35:03): I think my question, I would turn that into a question is why wouldn't you want to? I mean, you know, I'm sure there's lots of reasons, but that's what we ask ourselves is, you know, why wouldn't we want this information? Why wouldn't we benefit from it? You know, again, I'll go back to the partnership and the trust that's built there and just the fact that it's great to have a resource. You know, we've got a great team, but we're doing all things, you know, for the credit union, and because you're dedicated to this, like, it gives that extra special attention. You know, we don't have all the resources that Filene is putting behind this process. So to be able to deliver something back to us that's going to benefit us and our members, I mean I guess I think why wouldn't we do it. It was an easy decision for us, I guess.
RZ
(35:54): I would echo that, Tricia. I think that the level of rigor and research methodology that has been brought to this project is phenomenal, and it's a lot more attainable partnering with Filene and the other credit unions. So I think that's been tremendous. And I hope this doesn't oversell it, but I really do believe that the findings could ultimately be revolutionary in how credit unions message and position themselves on the market. I think it's been an unmet need for years, and this could really change how we talk about what we do and really make a bigger impact with our members. So I think by participating you can only add to that knowledge base and really lifts the movement potentially.
TN
(36:39): Well, thank you both very much. Thank you, Lisa, as well for joining us. Tricia and Ryan, you all, I'm excited to continue the conversation with you. You have a lot to teach us as we apply this segmentation model in inside your credit unions and for your membership. So we'll be thrilled to stay in touch as we go forward. Any final words before we wrap this conversation up?
TB
Yes, thank you so much!
RZ
Appreciate it.
HF
(37:06): Taylor, I wanted to say I'm just blown away by how useful this would be for marketing efforts alone as a marketing professional in this industry. And that's not even to mention all the other ways it could be used for strategy, development, market growth. So this has been such an amazingly insightful conversation and I really appreciate the early kind of vision that you all have for how to use this kind of a visionary way of thinking. So I think it's a good mindset to have too. But before we wrap fully, Taylor, wanna make sure that you have a chance to talk a little bit about what the next steps would be for any of our listeners who wanna get going on their own Member Voice journey.
TN
(37:51): Yeah, thanks Holly. We hope it will be revolutionary. That's our goal is to change the way not only that credit unions think about their members, understand their members, but actually are able to activate that understanding in the way that they talk to their members. So for those interested in learning more, very easy, go to Filene.org under "Programs and Services" you can find Member Voice or you can just email me directly at [email protected]. You can really reach out to anybody at Filene and we'll be excited to set up a conversation with you. We have lots of materials to share from our national research in terms of the insights that we've already learned about credit union members, and we'd be excited to share those with you and have a conversation about how you can apply this model for your credit union.
HF
(38:39): Wonderful. Thank you everyone. Thank you Tricia, Lisa, Ryan, Taylor. Thank you all so much for your time and insights today.
HF
(38:49): All right, that's it for the Fill-In folks. Thank you for listening and of course, a huge thank you to Taylor, Tricia, Lisa, and Ryan for their time and insights today. You heard it from Taylor, but I'll say it again. If you agree, why the heck wouldn't I wanna do this? Well, getting started is easy. Visit Filene.org/membervoice or reach out directly to [email protected] and you're in. Now, where can you next see Filene and network with the likes of Ryan, Tricia, Lisa, and our entire Filene community? You'll wanna join us at Spark 2024, July 10th through 12th in Boston. We're also celebrating our 35th anniversary there. And consider yourself personally invited to the celebration, learn more and register! FYI Filene members, there is no cost to register at Filene.org/spark. Before we go, I'd like to thank our podcast editor Brian Daly, for making us sound good and for ensuring a pleasant audio experience for you, the listener. If you liked this episode, please do rate us on Apple Podcasts so more people can find us. And make sure you are subscribed to the Filene Fill-In podcast so you can keep up with what's going on at Filene. You'll find us on Apple Podcasts, Stitcher, SoundCloud, Google Podcasts, or wherever you get your podcasts. To get in touch about today's show, email me at [email protected] and be sure to find and follow Filene Research Institute on LinkedIn. Until next time, thanks everyone.
