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Do You Know What Members Experience at Your Credit Union?

Do you know what members experience at your credit union?

Journey mapping provides key insights into member behavior.

March 16, 2018

If one of your members stopped using your mobile banking app because they had a negative user experience, would you know?

What if they stopped using your credit card because they didn’t think it had adequate fraud protection. 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 competitive banking environment, share of wallet is largely driven by member engagement. According to findings from CEB, “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 identify opportunities to enhance experiences and better train and coach staff.

Moreover, credit unions can use the platform to rate major touchpoints in the journey, such as 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.

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 makes decisions based on industry statistics and their own opinions about their members’ likes and dislikes.

What if you could make decisions for your 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.

MICHELE FEATHERSTONE is senior portfolio consultant for Trellance.