To foster better relationships with members, credit unions must focus on data accessibility

Data is the lifeblood of virtually every industry. As financial institutions committed to serving their members, credit unions must also harness the power of data to drive better member relationships. However, to truly deliver top-notch customer experiences (CX), credit unions must prioritize data accessibility.

With an abundance of data at their disposal – including transactional data, demographic information, and behavior patterns – today’s digital age requires credit unions to ensure that member data is not just organized but also securely shared across the organization. It is only when data is made accessible to employees within the credit union that they can effectively identify opportunities to develop tailored strategies to address their members’ individual financial goals.

Information accessibility is at the heart of a strong customer experience

If you’ve ever felt frustrated giving different member service representatives the same information repeatedly, you’re not alone. Customer experience software provider, Zendesk found that 70% of customers expect companies to collaborate internally, so they don’t have to repeat themselves. Credit unions that deliver such frustrating interactions will struggle to reach the elite tier of CX providers given such repetitive engagements are rarely considered emotionally positive.

Five recommendations to help credit unions shore up data usage

More accessible information, like member data, is a function of effective records management. If credit unions don’t know where data is, how to get ahold of it or how to keep that information secured and compliant, they won’t be able to use it optimally. Here are five recommendations that can help credit unions enhance their records management processes and reach the elite customer-experience tier.

1. Create a centralized, single source of truth. Storing all member information in one secure location is the backbone of any customer experience-improvement strategy. Response times drastically improve when employees can quickly access the information they need to answer member inquiries and resolve issues. A central repository also improves data integrity and accuracy, which reduces the risk of communications errors and expedites service time. Finally, a single source of truth is instrumental in offering tools like self-service portals, wherein members can access their own information and initiate service requests seamlessly.
2. Provide personalized services. According to the 2022 CX research by Broadridge, 74% of customers want brands to customize experiences based on existing customer data. This demand goes hand in hand with reducing the volume of manual interactions, for example, when a member pulls up an electronic form, having their information pre-populated creates a more streamlined, personal experience. These personalized services require robust records management practices. How can credit unions tailor experiences to individual member profiles if the data about each member isn’t in order?
3. Ensure member information is well retained and disposed of. Record-keeping regulations from the National Credit Union Administration (NCUA), Records Preservation Program and Appendices in Title 12, Chapter VII, Part 749 and Appendix A, Bank Secrecy Act are just some of the regulations that govern how financial institutions manage customer data. Strong records-management processes that adhere to dynamic regulatory proceedings ensure member information is retained and disposed of according to law. When members trust their chosen credit union with their data, that lays a foundational aspect of an elite customer experience.
4. Mitigate potential data breaches: Financial industry firms suffer from the second-highest average cost per data breach, at a whopping $5.97 million per breach. Firms that practice sound records management, such as through proper IT provisioning and configuring of appropriate access controls to sensitive information, or automating records retention and disposition to remove unnecessary or outdated information, can greatly reduce the risk of a data breach. Credit union members are more likely to continue doing business with credit unions that stay out of data-breach headlines.
5. Share information securely. Members prefer credit unions that offer tools like 24/7 self-service portals and secure, tracked file sharing. However, to operate a portal, credit unions must provide secure and efficient authorization to protect member information from unauthorized access or disclosure. Record-keepingx practices that center around secure information sharing enable crucial customer experience offerings like self-service portals, without the worry of compromised credentials.

Retooled records management pays CX dividends

Data accessibility is a critical factor for credit unions to achieve customer success. By centralizing and organizing member information, credit unions can improve response times, enhance data integrity, and personalize services based on member information. Moreover, adhering to regulatory requirements and mitigating data breaches through sound records management practices instills confidence and encourages both the sustainability and scalability of the organization.

By prioritizing retooled records management, credit unions can reap the benefits of an enhanced CX.