ORNL FCU Case Study: How executive commitment to feedback analysis boosts CX resilience
CENTERVILLE, OH (February 2, 2023) — There’s proof: credit unions committed to member feedback intel can accelerate recovery of member satisfaction following operational disruptions. A new case study from Support EXP shows how C-level leadership of ORNL Federal Credit Union in Oak Ridge, Tennessee, used insights from feedback analytics to drive strategic, effective action. Their objective, data-driven approach to CX measurement equipped ORNL FCU’s leadership to navigate challenges by enabling them to make decisions and act quickly in response to rapidly changing member needs and expectations.
The study begins at the onset of the COVID-19 pandemic, when ORNL FCU had just engaged Support EXP to measure and manage its member experience. Support EXP modified ORNL FCU’s use of its member feedback solutions to not only gauge how its members thought about how the credit union was serving them during the pandemic, but to keep a constant finger-on-the-pulse in those channels that had become, as a result of the crisis, exclusive channels for members’ banking business.
While the operational disruption forced by COVID restrictions resulted in an initial dip in Net Promoter Score, the strategy for listening and responding to member feedback contributed to a 23.78% lift in NPS over the following five months. A holistic, best-in-class member experience provided the optimal environment for realizing greater operational efficiencies and deeper member loyalty coming out of the pandemic.
While ORNL FCU regained its target NPS following the COVID period, it anticipated a drop in its reported member satisfaction as a result of a digital conversion in May 2022. Instead of closing their ears to their members while friction arising from the conversion played out, ORNL FCU’s leadership solidified their commitment to listening to their members.
Rather than relying on a “false sense of good,” ORNL FCU’s executive leaders were not afraid to know the truth – as revealed through their CX intel – about what their members were thinking and feeling during this precarious time. The recovery in member satisfaction and expressed loyalty was dramatic and immediate, rising from a low of 64.0 immediately following the conversion to 79.75 three months later, driven by positive survey responses across almost all channels.
ORNL FCU is determined to navigate future challenges by keeping a “finger on the pulse” of the credit union’s membership – knowing exactly how member preferences evolve and meeting them with the personalization ORNL FCU’s current and potential members expect.
According to Colin Anderson, CEO of ORNL Federal Credit Union:
“It is very satisfying to see these results. This provides some confirmation that, in large part, we do a lot of things very well. We are very appreciative and will continue to provide the best financial service experience possible for our members.”
About Support EXP
Support EXP is the leading innovator in market research and actionable analytics in the financial industry. We’ve partnered with some of the nation’s most progressive credit unions since 1997, capturing nearly 1,000,000 service experiences from the live environment across all distribution channels. By applying Support EXP’s actionable, real-time analytics and proven integration strategies, our clients create a clear path of distinction throughout the customer experience, creating organizations of excellence.