Do you know what members experience at your credit union?

If one of your members stopped using your credit card because they didn’t think it had adequate fraud protection, would you know? What if they stopped using your mobile banking app because they had a negative user experience, would you know that? This is just the tip of the iceberg in terms of the data and intelligence your credit union could learn if you engaged in a member journey mapping program. Knowing this information could mean the difference between retaining and growing that relationship or losing it.

In a very competitive banking environment, share of wallet is largely driven by member engagement. According to CEB* findings, “94% of customers going through an effortless experience are likely to repurchase vs. only 4% of those who went through a high level of effort.” Furthermore, “88% of customers going through an effortless experience are likely to spend more vs. only 4% of those who went through a high level of effort.”

Credit union members have the upper hand when it comes to choosing who they will do business with and they will abandon you quickly if their experience doesn’t meet their expectations. Putting the thoughts, feelings and experiences of your members in the forefront of the organization by implementing member journey mapping is the key to successful member engagement.

 

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