This week, CreditUnions.com asks chief experience officers to opine on the member experience, collects its best of analytics and human resources, and learns more about a rebranding strategy in the Beehive State.
Here are four can’t-miss data points:
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The expansion of digital offerings and the growing expectations of consumers who use them puts unprecedented pressure on credit unions to keep up with competition or risk irrelevancy. It’s great for credit unions to offer better rates, of course, but in today’s low-rate environment, service experience is where cooperatives can really step apart from the pack. That experience, however, must go beyond knowing when to say please and thank you at the teller line. To create a truly superior user experience, credit unions must focus on what the consumer sees, thinks, and feels in every encounter and every transaction. To tackle this imperative, a new executive role has emerged that of the CXO, or chief experience officer. At the dawn of the new year, CreditUnions.com asked several of them about opportunities, challenges, and resolutions for 2020. Here’s what seven had to say.
Read: 7 CXOs Opine On The Member Experience
2020
Business intelligence gained much attention in 2019. What was once a wish-list item having staff members dedicated to mining member data to uncover new service opportunities has become central to the continued success and relevancy of credit unions everywhere. Better BI is helping credit unions across the country build relationships with members that run deeper than mere financial services, and the field is poised to continue growing in 2020 and beyond. Need some expert advice today? Look no further.
Read: Best Of Analytics 2019
121 Million
The coming year presents numerous opportunities and challenges for credit unions. Member engagement measures and financial performance are reaching new highs with credit union membership topping 121 million, the average member relationship exceeding $19,000 for the first time ever, among other successes. The movement’s challenges, however, are just as prescient. So, how are credit unions navigating this landscape? Callahan & Associates engages with industry executives throughout the year, and many echo the words of one leader who summarized their credit union’s prioritizes in 2020 as the 3 Ts: Technology, Talent, and Telling Our Story. CreditUnions.com has offered best practices and success stories for all three across the year.
Read: Best Of HR 2019
11 Years
There was no aha moment, says Vickie van der Have, CEO of Weber State FCU, on her credit union’s decision to rebrand to Ascent Credit Union. It was something the CEO had thought about, off and on, for some 11 years. With its current name, did potential members know they could join? The Beehive State cooperative converted to a community charter more than a decade ago, but the Great Recession scuttled any plans to rebrand. As the years passed, however, the idea persisted. In mid-2017, the credit union took its first formal steps toward a rebrand by studying the equity of the Weber State brand. Since then, the credit union has learned a great deal about its communities and its own place in the financial services landscape. When Weber State officially becomes Ascent on May 1, 2020 and rolls out expanded product and service offerings it will be the result of years of careful planning.
Read: The Ascent Of A New Brand In Utah
Happy Reading!