In the credit union industry, we like to promote how member centric we are. And when compared to banks, who answer to shareholders instead of members, we’re doing quite well.
However, can we truly say that we’re member centric if we don’t connect to the voice of the member? If we don’t listen to what our members want, are we falling short of our commitment to them?
Here are four ways that your credit union can better connect to the voice of the member.
1. Survey Members About Processes
It’s not very easy to sit down and have conversations with members. When they visit a branch, they’re on an errand and we’re doing our jobs. It’s not exactly the time to have a heart to heart about life, goals, and the direction of our financial services.
But those conversations are important nonetheless. And most conversations involve a little talking and a little listening.
A quick transactional survey after one of their banking interactions can go a long way. It might be after a branch visit, a loan application, or opening a new account. Regardless of what they do, following up with a survey can help you monitor member experience to ensure your members are getting your best efforts.
2. Journey Map Your Key Processes
Journey mapping outlines the pathway of your members’ experiences. It covers their experience over time with you from their first contact to your ongoing, long-term relationship.
Especially when a new member joins your credit union, you should begin tracking their member experience. When they open a new account, when they get their debit card, and when they apply for their first mortgage are all milestones in your relationship. Journey mapping these milestones ensures that you better understand the views and voice of the member as they grow increasingly close to your credit union.
While this might seem similar to transaction surveys, it’s a little different. Transaction surveys are about understanding the member experience for small things, like cashing checks or withdrawing money from ATMs. Journey mapping is about understanding what your members need at every stage of their relationship with you.
3. Try Member Effort Scoring
Often, the best experience is a convenient one. If the reason for that isn’t immediately obvious, here’s an illustrative example:
If your favorite restaurant has unpredictable hours and sits an hour’s drive from your place, how often will you go there? And then, how often will you go to the “just” good place a block from your house? Convenience wins.
Member effort scoring operates on that principle. If you survey your members to see how easy you’re making things for them, you can learn a lot. You can also see which processes take the most effort and then try to streamline them.
More Ways to Connect with the Voice of the Member
The above three ideas represent only a small fraction of the ways that your credit union can connect with the voice of your members. We’ve written other blogs about the member’s voice, and we’re sure to write more as well.
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