In my role at AdvantEdge Analytics, I’m always thinking about how credit unions can make the most of their data. That means I’m usually reading a lot too, and a recent creditunions.com article I saw sparked an idea that I wanted to share. In the piece, they showed a strong link between member loyalty and three main drivers:
These key areas all ladder up to support one common theme: member experience. By focusing on the member experience, your credit union can strengthen member relationships and grow loyalty at every step.
A member’s “experience” with your credit union is a lot more than just a friendly chat with a teller, even if they’re giving out candy. Member experience is all about how well your organization delivers and supports your brand promise through every two-way interaction.
Today’s consumers expect your credit union to be there at the right time and place when they need help. Whether they’re calling your contact center, walking into your branch, or just visiting your website, these are all critical moments when members decide if you’ve met their needs and expectations.
Context is key here. When you understand where a member is coming from and what they need, you can deliver an experience that really connects with them. To do that, it’s helpful to have a map.
A journey map is a phenomenal (and increasingly necessary) tool that helps credit unions put members front and center by providing insights into the member’s journey.
Journey maps are designed to provide a high-level picture of the end-to-end member experience your credit union wants to bring to life. With that guide in hand, you can help your entire team better understand a member’s behaviors, thoughts, and feelings throughout their journey.
By leveraging those insights, your credit union can deliver contextually relevant, real-time messaging and service experiences, helping drive engagement and ultimately defining your culture.
For an editable journey map and “how to” help, check out Lucidchart’s terrific guide.
While most organizations agree that dynamic, data-driven, personalized experiences are critical to their success (and sound great on paper too), the truth is most don’t know what those experiences look like.
To create the best member experience for your credit union:
Personalization is a critical part of creating relevant member experiences. Knowing who someone is—their preferences, patterns and more—helps fuel that connection. And, at the core of that personalization is data.
To create an accurate view of a person, look at data that provides insights around personal information, past behavior, credit union interaction history, and channel preferences. (For more information on profile data, check out this article: “Connected Data Points – How to be Contextually Relevant at All Times.)
Once you’ve completed a profile, connect it to your member journey. By bringing those two pieces together, you’ll have a clearer idea of where that member is coming from and how you can best help them. After all, the goal is to provide an accessible, high-quality experience for your members that lets them know you’re looking out for their best interests. By connecting these data points to their journey, you’ll be well on your way to doing just that.
Tammy Schwartzer is Senior Marketing Strategist for AdvantEdge Analytics.