Customer Experience

Member Satisfaction: Strategies for Enhancing Customer Experience in Credit Unions

As financial institutions deeply rooted in their communities, credit unions thrive on building strong relationships with their members. To stay competitive, credit unions can no longer solely focus on delivering great financial services, they must also turn their attention to enhancing the customer experience at every touchpoint. In this blog post, we'll explore the importance of member satisfaction in credit unions and delve into effective strategies for elevating the customer experience to new heights. 

Understanding Member Satisfaction:

Member satisfaction encompasses the overall sentiment and perception members have towards their credit union. It goes beyond mere transactions; it's about the trust, convenience, and personalized services credit unions offer to their members. Factors such as accessibility, trustworthiness, customer service, friendliness of staff, speed and quality of financial products play pivotal roles in shaping member satisfaction within credit unions.

Assessing Member Experience:

To gauge member satisfaction effectively, credit unions must actively seek customer feedback from their members through various channels. Analyzing this feedback allows credit unions to identify areas of strength and areas needing improvement, guiding strategic decisions to enhance member satisfaction. 

You can assess your member experience using the following strategies: 

CSAT surveys:

Customer Satisfaction (CSAT) surveys measure members' satisfaction levels with specific transactions or interactions with the credit union. These surveys typically use a rating scale or multiple-choice questions to gather feedback on aspects such as service quality, speed, and professionalism. CSAT surveys are valuable for pinpointing areas of immediate concern and identifying areas for improvement in day-to-day operations.

NPS surveys:

Net Promoter Score (NPS) surveys measure members' likelihood to recommend the credit union to others. Members are asked to rate their likelihood to recommend on a scale from 0 to 10. Based on their responses, they are categorized as Promoters (score 9-10), Passives (score 7-8), or Detractors (score 0-6). Calculating the NPS involves subtracting the percentage of Detractors from the percentage of Promoters. NPS surveys provide insight into overall member loyalty and satisfaction, helping credit unions gauge their performance compared to industry benchmarks.

Social Listening:

Monitoring social media platforms and online communities allows credit unions to gather feedback and sentiment from members in real-time. Social listening tools enable credit unions to track mentions, comments, and conversations related to their brand, services, and industry trends. By actively listening to member feedback on social media, credit unions can address issues promptly, engage with members directly, and identify emerging trends or concerns.

Focus groups:

Conducting focus groups involves gathering a small group of members to discuss their experiences, preferences, and opinions in-depth. Focus groups provide qualitative insights into members' perceptions, motivations, and pain points. By facilitating open discussions and probing questions, credit unions can uncover valuable insights that may not surface through quantitative surveys alone. Focus groups offer a more nuanced understanding of member needs and preferences, informing strategic decision-making and service improvements.

Note that you must consistently assess member satisfaction, rather than looking at it as a one-off task. Continuous monitoring and feedback collection ensure that credit unions stay responsive to evolving member needs and preferences, driving ongoing improvement and innovation in customer experience.

Strategies for Enhancing Member Satisfaction:

Continuously Collect Member Data 

By regularly gathering and analyzing data from various touchpoints, such as transactions, interactions, and feedback channels, credit unions can gain a comprehensive understanding of their members' journeys. This data enables credit unions to identify themes, patterns, trends, and areas for improvement, allowing them to tailor products, services, and experiences to better meet member expectations. Moreover, ongoing data collection facilitates proactive identification of emerging issues or opportunities, enabling credit unions to swiftly address concerns and stay one step ahead of their members. 

Prioritize Personalization

We all want to feel special! By tailoring services and communications to individual members, credit unions can create more meaningful and relevant experiences, fostering a stronger connection and sense of loyalty. Personalization enables credit unions to deliver on exactly what matters the most to each member, and provide personalized recommendations that resonate with each member's specific circumstances. In an increasingly competitive financial landscape, where members have access to a wide range of options, personalized experiences set credit unions apart by making members feel valued and understood. Ultimately, personalization enhances trust, strengthens relationships, and contributes to long-term member satisfaction and loyalty.

Leverage the Right Tools & Technology 

Credit unions have an array of advanced tools and technology at their disposal to significantly enhance member satisfaction. The most important being: 

CRM: Implementing a robust CRM system allows credit unions to centralize member data, track interactions, and personalize communication effectively. By maintaining a comprehensive database of member information, credit unions can better understand their needs and preferences, leading to more targeted and personalized services.

Real-Time Feedback Tool: Utilizing a real-time customer feedback tool enables credit unions to collect valuable insights directly from members about their experiences, preferences, and pain points as they happen. This allows credit unions to stay on top of changing preferences and address member concerns promptly – before negative word of mouth spreads. 

AI: : Integrating AI technologies, such as chatbots and predictive analytics, and feedback theme categorization helps automate routine tasks, improve efficiency and streamline processes, freeing up time for agents and member-facing staff to focus on personalized experiences that go beyond expectations. 

Digital Onboarding Tools: Implementing digital onboarding tools simplifies and accelerates the account opening process for new members. By offering online account opening capabilities, credit unions can provide a seamless and convenient experience, eliminating the need for members to visit a branch in person. Streamlining the onboarding process not only enhances member satisfaction but also increases efficiency and reduces operational costs for credit unions.

Empower Member-Facing Staff 

Empowering member-facing staff is essential for credit unions to deliver exceptional service and foster meaningful connections with their members. One crucial aspect of empowering staff is by connecting them directly to member feedback. Regularly sharing feedback collected from members allows staff to understand what they’re acing, and where they could improve. This connection to real member experiences not only keeps staff informed but also motivates them to continually strive for excellence in serving members.

Furthermore, connecting staff to the purpose behind their work is vital. When employees understand how their daily efforts contribute to the overall mission and success of the credit union, they feel more engaged and passionate about their roles. By emphasizing the impact of their work on members' financial well-being and satisfaction, staff are inspired to go above and beyond to exceed member expectations.

Finally, celebrating success is mission critical when it comes to empowering member-facing staff. Whether it's acknowledging outstanding customer service, shedding light on an awesome NPS score, or receiving 10/10 feedback, recognizing staff accomplishments boosts morale and reinforces positive behaviors. By publicly celebrating successes, credit unions reinforce their commitment to excellence and create a culture of recognition and appreciation. 

World-Class Member Satisfaction in Action - Meet First Commonwealth 

First Commonwealth is a consumer-friendly alternative to banking, cooperatively owned and customer driven. Their mission is to improve the financial lives of their neighbors and their businesses through customer centricity, integrity, excellence, accountability and inclusion. 

First Commonwealth attributes their growth and success to their ability to deliver exceptional member experiences. They know that member experience is what brings customers through their doors, and keeps them there. 

With the implementation of AskNicely, First Commonwealth started capturing more meaningful feedback from their members, while automating a lot of their low impact work. 

They then delivered that goldmine of information to the people who could make a real difference: their frontline teams. First Commonwealth were able to identify key gaps in the service experience and then  quickly implement new strategies across all levels of the business. 

  • Each financial center began scoring on member experience, so leadership can view trends by location or team.

  • An incentive program was added for frontline staff based on their member scores.

  • Member Experience Associates receive personalized praise and coaching straight to the app on their phone.

By utilizing AskNicely’s automated survey tools and customer feedback platform, it provided teams with the direct voice of the customer giving them a deeper understanding of what their customers care about. 

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