5 ways to create the ultimate member experience

In 1909, Alphonse Desjardins formed the first credit union in the United States and introduced into history the idea of the cooperative financial institution – or a financial institution owned and operated by its members. This new entity shifted the decision making from the boardroom to the credit union floor. The very people using the financial institution became the people designing the experience of visiting that same institution. As a result, a firefighter or a teacher, a government worker or a steel worker, were greeted by people who spoke their language and knew their lifestyle.

Credit unions could arguably be considered the first great user experience (UX) design experiment. How great must it have been as a blue-collar worker to walk into a financial institution and feel like the people working there really understood you? For the last 100 years, credit unions have made it a point to know their members, be a part of their local communities and know what specific needs their members have.

But times are changing. Over the last decade, banking and financial tasks have shifted out of the branches to the laptops and personal devices consumers carry with them every day. Fewer people are visiting their bank or credit union branches each year, with a bias for self-service through websites and mobile applications. What separates good credit unions from great credit unions is how well they can transform the same great in-branch experience they have spent years perfecting and deliver it in the digital realm.

The very essence of what sets credit unions apart from the rest of the financial world is fading. Yes, the idea of a local cooperative is still attractive, but what difference does it make when members do not physically visit a branch anymore? If your members are no longer coming in to see you face-to-face, what does it matter if you speak their language and understand their lifestyle? If we are not careful, we could be in danger of losing the personal touch that embodies the credit union industry.  

Whether you are using their API specs to build your own products or utilizing hosted solutions they have built, you can help your vendors and credit union service organizations (CUSOs) be even better at what they do so that the thing that has made credit unions so great for the past 100 years can continue into the next 100 years.

Here are five ways to begin the transition to a successful digital experience for your members:

1. Ask your vendor or CUSO to observe your interactions with members and encourage them to get a feel for the branch experience.
2. Give your partners the opportunity to communicate directly with your members and to better understand their needs.
3. Talk with your vendor or CUSO about the great things you are doing in your community, and share the challenges you are facing.
4. Let your partner know what is or is not working well with your current solutions.
5. Be open to change.

Innovation does not have to cost millions of dollars. Innovation can happen simply by understanding your members and providing solutions that solve problems for them, making their lives a little easier by completing a task faster and giving them a reason to recommend their credit union to a friend.

As a credit union, you know your members better than anyone else. Now is the time to reach out to your vendor partners and CUSOs and collaborate with them so that they understand your members as well as you do. They can then apply that knowledge and create even better digital experiences for you and your members. Take what makes your credit union great and expand upon it to achieve continued success for years to come.