How to use member journey data to drive growth & retention

There are many reasons to seek a clearer understanding of your members’ experience. Here’s one that really counts: while 80 percent of CEOs surveyed by Bain & Company believed they delivered a superior customer experience, only 8 percent of their customers agreed.

Building strong relationships through a thoughtfully-conceived, well-executed and well-received member experience is the surest route to gaining trust. And in the digital age – where every transaction and impulse is captured, analyzed and followed up on – true insight beats anecdotal knowledge every time. If you really want to know what your members value, what they don’t and how they’re interacting with your credit union, member journey mapping is the place to start.

To get a clearer picture of the member journey – and to offer a head start to credit unions wanting to learn more – CO-OP partnered with Mastercard Advisors to commission a nationwide survey of 1,200 credit union members this past spring. The research analyzes 2,000 individual member journeys to get detailed insights into the member experience – and to try to uncover opportunities, strengths and pitfalls in the daily interactions credit unions have with the people they serve.

 

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