What are your members’ jobs to be done?

Here’s a secret: credit union members aren’t looking to buy products and services. What they’re really after is getting jobs done in their lives, and they “hire” products and services to accomplish these tasks. One member, for example, may purchase a new car. While the car purchase was the action, the member’s job to be accomplished may have been finding a more reliable way to get to work, communicating a new status or being able to accommodate a new lifestyle or life event.

To discern the jobs that people have, where those come from, how they relate to what people do today and what new solutions must achieve to be effective in tackling these jobs, organizations can use a tool called the Jobs Atlas. The Jobs Atlas enables a holistic view of consumers – not in terms of factors like demographics that simply correlate to demand, but rather the dynamics that actually cause demand for new solutions. It provides a roadmap to achieve consumer-centered innovation.  

CO-OP asked author and innovation expert Stephen Wunker to introduce the Jobs to be Done Framework to the THINK 17 audience. In addition, CO-OP engaged Wunker’s firm, to survey both credit union members and consumers without credit union relationships. The goal was to understand the jobs these people have relevant to consumer financial services and how current approaches help them get their jobs done.

The data suggests that credit union members and banking consumers alike are stressed out when it comes to finances. They face an uncertain future and are frustrated with current solutions. While many credit unions focus on the poor long-term outlook members have for retirement, there are nearer-term gaps that consumers have as well, such as eliminating all debts (aside from mortgage payments), reducing worries about financial surprises, tracking spending and planning for the future. This is an opportunity for credit unions, as they are the most trusted financial institutions when compared to banks and fintech startups. Members are seeking reassurance, counsel and guidance. By actively identifying jobs to be done and developing spot-on solutions, credit unions can stay relevant to ever-evolving member needs.

To further explore the results of CO-OP’s exclusive research of members’ jobs to be done, download the full research report and check out the recent Jobs to be-Done webinar recording