Menu

DO YOU KNOW WHAT MEMBERS EXPERIENCE AT YOUR CREDIT UNION?

DO YOU KNOW WHAT MEMBERS EXPERIENCE AT YOUR CREDIT UNION?
Posted: Apr 5, 2018
Comments: 0

Journey mapping helps in eliminating pain points from the customer experience.

[Editor's Note: This article was previously published in CUNA News, and has been modified.]

If one of your members stopped using your credit card because they didn’t think it had adequate fraud protection, would you know? What if they stopped using your mobile banking app because they had a negative user experience, would you know that? This is just the tip of the iceberg in terms of the data and intelligence your credit union could learn if you engaged in a member journey mapping program. Knowing this information could mean the difference between retaining and growing that relationship or losing it.


In a very competitive banking environment, share of wallet is largely driven by member engagement. According to CEB* findings, “94% of customers going through an effortless experience are likely to repurchase vs. only 4% of those who went through a high level of effort.” Furthermore, “88% of customers going through an effortless experience are likely to spend more vs. only 4% of those who went through a high level of effort.”


Credit union members have the upper hand when it comes to choosing who they will do business with and they will abandon you quickly if their experience doesn’t meet their expectations. Putting the thoughts, feelings and experiences of your members in the forefront of the organization by implementing member journey mapping is the key to successful member engagement.

What is Member Journey Mapping?
Member Journey Mapping is being aware of your members’ experience from initial contact through the process of engagement and into a long-term relationship. A Journey Map will show user feelings, motivations and questions at all touchpoints, as well as, give a sense of the member’s greater motivation. A seamless journey drives repurchase and stronger relationships.

Why Journey Map?
Mapping the member experience will give your organization an understanding of what questions users have and how they are feeling across all channels and touchpoints in the credit union. It will also help identify gaps between devices, channels, and departments. Additionally, it will give managers an overview of the member experience and a view into how the member moves through the sales funnel, helping them identify opportunities to enhance experiences and better train and coach their staff.

Constance Anderson is the President of MemberXP, a firm that offers a software platform that provides an omnichannel voice of member program allowing credit unions to bring in their members’ feedback on specific journeys. Moreover, credit unions can use the platform to rate major touchpoints in the journey, for example, credit card application, credit card processing, credit card approval and follow up. With limited effort and staff experience, the credit union can gather vital member experience information.


Anderson shared her thoughts on why member journey mapping is so important … “The need to map member journeys really grew out of the omnichannel environment. Credit Unions are embracing member journey mapping to first eliminate any pain points that occur along that journey and second, to find areas to differentiate themselves based on offering a superior experience. What we know is that the first company to eliminate a major pain point that consumers experience along a journey, will be disruptors.” Anderson pointed out Uber and Amazon as perfect examples of seamless consumer experiences.


Various studies across multiple industries indicate that increased customer engagement leads to increased customer loyalty and ultimately more sales and business from these consumers.

 
In the payments arena, the swift changes brought on by new and ever-changing technologies have left credit unions with questions about which payment products and services are necessary to offer to their membership. Often, a leader in the credit union is making the decision based on industry statistics and their own opinion about their members likes and dislikes. What if you could make decisions for your credit union members based on the current experiences they are having today with your organization? Talk about stronger member engagement. This is how credit unions can increase member loyalty and sales; creating long-term relationships.


To explore this topic further, and hear from other relevant credit union marketing experts, plan to attend Trellance’s annual conference, immersion18, on May 8-11, 2018 in Fort Lauderdale.


Print
Rate this article:
No rating
Michele Featherstone

Michele FeatherstoneMichele Featherstone

Trellance Senior Portfolio Consultant Michele Featherstone brings more than 20 years of industry experience working as a strategic marketing consultant with credit unions of all sizes. Prior to joining Trellance, she held a senior leadership position at a Trellance partner credit union, where she w

Other posts by Michele Featherstone

Full biography , Contact author

Please login or register to post comments.

search

Featured Stories