This week, CreditUnions.com is celebrating the member experience. Whether in line, online, or between the lines, from robots to delivery channels and all sorts of strategies in between, we take stock of how to make a memorable member experience.
Here are five can't-miss data points:
Affinity Federal Credit Union is using robots to complete routine processes and free up time for contact center and branch staff, saving as much as 10 minutes per transaction. In turn, those employees are focusing on providing the human touch for the member experience. The New Jersey cooperative is using robotic process automation (RPA) techniques to power two processes called SARA and AURA, which automate account opening and member address changes, respectively.
Read: Let The Robots Automate. Let The Humans Serve.
Credit unions operated 21,204 branches throughout the country as of Dec. 31, 2018. What’s more, those branches served 5,600 members per branch on average. Of course, credit unions have the opportunity to deliver a superior performance through more than just brick-and-mortar branches. With the variety of electronic services and online delivery options available today, credit unions are demonstrating why members are happy they choose to bank with a credit union. Learn how credit unions are providing convenience and value for their members.
Read: Credit Unions Expand Their Electronic Footprint And The Cooperative Reach
It’s hard to walk down the halls of a credit union sales and marketing department without overhearing words like “member experience,” “member centricity,” and “member advocacy.” These concepts are baked into nearly every credit union’s brand message and reach into every part of the organization. But how can a credit union ensure a consistent experience across all channels? What if systems aren’t meeting the credit union’s goals for ease of use? What are the trade-offs between staffing costs and service levels? Nearly 2 million member service transactions filter through Georgia’s Own 23 branches, call center, and digital channels every year. So the credit union tackled experience issues head on.
Read: Member Experience Runs Deep In Georgia
A 2018 a global survey by Forrester Consulting identified “customer retention/loyalty” and “customer experience” as the top two business priorities for global companies across eight industries. “Grow revenue” came in at No. 3. Of the industries surveyed by Forrester, financial services firms ranked highest in customer experience maturity. Retail banks and credit unions were among the first to jump on the customer experience bandwagon, and the pieces in this Callahan Collection showcase the different ways credit unions are tackling the topic.
Read: A Guide To Member Experience
Last week, at 1:57 p.m. on Monday, JPMorgan Chase created firestorm with a lame tweet that poked fun at the spending habits of its customers. The tweet hit a nerve for senior writer Marc Rapport, who writes, “Besides being incredibly tone deaf about many people’s income and circumstances, it's a gross generalization about millennials. As a boomer parent of that generation, I’m so tired of hearing that.” Rapport’s observations are a good reminder that to truly provide a superior, authentic member experience, you’ve got to know your audience.
Read: Get Off Our Lawn! How A Big Bank's Cliche' Sparked A Tweet Storm
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