MEMBERS Development Co. owners tell what keeps them up at night: Fintech startups, mobile-digital needs, data security, growing loans and staying relevant
Survey affirms MDC’s success in ownerapproval, alignment with large CUs’ key goals
MINNEAPOLIS, MN (July 18, 2017) — With a record high response rate of 90%, MEMBERS Development Company’s 2017 Annual Owner Survey shows high approval among owner credit unions. On a weighted-value basis, owners’ satisfaction level reached its highest score in MDC’s 17-year history – 3.59 (on a 4-point scale). Further, 95% of respondents report they are very or moderately satisfied with MDC’s accomplishments on their behalf and the value it has provided over the past two years.
But beyond learning how well MDC is performing and meeting owner expectations, the Company also wanted to know owners’ thoughts about industry trends and future areas of focus.
“We’re obviously pleased to receive high marks from our MDC owners, but it’s even more significant to know what’s on the minds of large credit unions’ executives regarding the future– especially given that our ownership is mostly comprised of top-tier credit unions and partners,” said Jeff Kline, MDC’s Chief Executive Officer. “Not only does MDC need to know what’s important to top-tier credit unions, but it’s also vital for the credit union community as a whole to pay attention to what industry leaders are saying and thinking.”
The survey showed that foremost among critical issues that “keep them up at night,” CEOs and other C-level executives noted fintech competitors, mobile/digital channels and staying relevant/developing relevant products. They also see the need for more focus in areas such as data analytics/predictive analytics, member experience and increasing loans, along with cybersecurity,payments and business intelligence. And, like last year, enhancing member loyalty and decreasing member effort continue to be priorities.New topics of interest helping our owners keep an eye on emerging issues like increasing innovation skills and marijuana banking.
Over the past couple of years, MDC and its owner-led Innovation Council have been highly engaged in research and development in several areas on credit unions’ list of priorities, such as member experience, engagement and loyalty; digital channel optimization; artificial intelligence; financial education for members and simplifying the mortgage process. In fact, 97% of survey respondents stated they believe MDC is very or moderately aligned with their needs that correlate with growth aspirations.
When asked specifically about the aspects of MDC most important to their organizations, credit unions’ top answers were research into relevant issues and new product opportunities, as well as its twice-a-year owners meetings – forums MDC offers for education and networking with peers and industry experts.
Kline believes MDC’s success comes from keeping a bead on what’s at the top of owners’ lists.
“Our work requires collaborating closely with owner credit unions to brainstorm possible projects and prioritize initiatives, so we can be laser-focused on those that will be of the most value to credit unions and, in turn, their members.”
Kline says MDC’s goal centers on helping credit unions grow their business. “Our strategy is built on helping credit unions convert prospects to members, capture more of members’ financial business and retain member loyalty. With the growth of digital financial services technology and the differentiation challenges it brings, credit unions are seeing the value of understanding how to provide members the very best experience possible, while streamlining their operations to keep costs down.”
Owned by 45 of the nation’s top-tier credit unions, MDC is a CUSO formed to help credit unions pool resources to research and develop new ways to increase value to members. The annual survey gauges how well it is meeting the needs of its owners.
To learn more about MEMBERS Development Company,visit the MDC website or the links below.
About MEMBERS Development Company
MEMBERS Development Company (www.membersdevelopment.com) is a network of more than 60 industry-leading credit unions that conduct R&D initiatives focused on delivering meaningful solutions to the 21st Century demands of consumers. MDC Owners pool their resources to perform relevant research, develop innovative products and services, create valuable vendor relationships, share knowledge, provide economies of scale and keep a consistent focus on the horizon. At MDC, we believe our research must be driven by our owners for our owners. While we do the heavy lifting for them, our credit union owners both advise and participate in our work, making them not just investors but also partners.
Margaret Blankers, Media Liaison
MJB Public Relations Group, LLC