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.
A better service experience involves understanding with what the member struggles and meeting that need, whether it be protecting them from fraud, helping them establish a budget, or making banking easy regardless of their chosen channel.
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.
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