Earlier this month, I was doing a workshop on member experience and as a class we were talking about how to spot and eliminate member pain points in experience.
I gave an example of my credit union having a low and in my member eyes, “a hassle-causing-must-drive-to-a-branch-to-make-a-deposit,” daily limit on mobile deposits.
We discussed that at the time that remote deposit capture was becoming widely adopted; most credit unions were trying to find the right blend between member convenience and combating risk. Limits were set and then we moved on. But are those limits still relevant today? The desire for most credit unions is to roll out the project and get moving onto the next one. We get stuck in “Set it and Forget it” mode and the member experience suffers.
Here’s three ways to combat “Set it and Forget it”:
1. Use a Fresh Set of Eyes and Ears– A friend recently shared that her 13-year-old daughter was trying to activate her debit card and the phone prompt asked her to press “pound.” She had to put the phone down and ask her mother what was “pound?” To her daughter, # is a hashtag, she’d never heard it referred to as a pound sign!
Those audio prompts were likely established years ago and have not been updated since. Review little parts of the member experience like phone prompts and written instructions with a fresh set of eyes and ears. Have someone who doesn’t do this every day walk through it and find the pain points. You likely have a good candidate to do this review in your younger employees or your family members.
2. Have Employees “Try You On”– My husband and I recently visited a great boutique in the French Quarter. The associate who was helping us was phenomenal and we truly enjoyed our experience both finding some fun items to update our wardrobes. While I was trying on yet another fabulous dress the associate recommended, she told me that on her first day at the store, she had tried on every piece of women’s wear they sold. The owner felt that by trying on the dresses, shirts, skirts and slacks her new associate would be better able to make recommendations to customers. I, and most certainly my closet, can assure you that this tactic was good for business!
Take time during new employee orientation to have your employees try you on. Give them the time to open accounts, download the member app, even apply for membership or a loan online. Make sure they understand the member experience and can tell you how to make it better. Also, invite long-time employees to get to know your new products and services. Have employees outside the project team get involved with the roll out and help frame the interaction. Your employees will enjoy being part of the process and will be better equipped to make recommendations and answer questions to help your members.
3. Do an Annual Policy and Procedure Review – Going back to my mobile deposit capture example, this was a huge pain point for me. I called the credit union and asked for my limit to be increased. Though I have now resolved this, I know other members are still feeling this pain because the product parameters have not been updated for the membership as a whole.
I am vocal and ask for what I need, but most members aren’t, they don’t have the time to be, so we need to do it for them.
To frame the best member experience, review your policies and procedures annually. You likely already do this from a risk-assessment standpoint, so add a member experience assessment to this review as well. Spot the member pain points before they become an unwelcome to-do task members feel they must tackle in an already busy day. (I felt that way and I love my credit union.) Your members are counting on you to help them manage their financial lives by making it simple, easy and hassle-free. Be proactive to keep their trust!
You can combat Set it and Forget it. Make eliminating member pain points a priority. Your employees, members and top line will thank you!