There are only a few months left until 2020 is upon us. And you know what that means:
Credit union budgeting season is upon us.
It seems like every year it sneaks right up on us. We’re barely used to our 2019 budgets. We’re seeing just how far—and how short—some of the last year’s budgeting got us. Now, a year older and a year wiser, we get to try it all over again.
And this time, we ask an important question:
What is your credit union member experience worth to you?
How Much Do You Value the Experience of Your Members?
Okay, maybe that sounds a little alarmist. And maybe it is. After all, you clearly value your members’ experiences. That’s why you improved your mobile app, offered a high-yield savings account, and started working with analytics. You know those initiatives heavily contribute to your credit union’s overall member experience.
In a way, most of your budget already goes toward member experience. In that sense, it was a silly question.
Or was it?
Almost everything you do is geared toward keeping your members happy, safe, and empowered. But how do you know that what you’re doing is working?
Why Member Experience Tracking Helps
Imagine for a minute that your credit union created automated, voice-activated tellers for your branches to help cut down on wait times. You could save money on labor while also ensuring that your members enjoyed state-of-the-art technology for their convenience.
Should you promote your automated tellers and prepare for the flood of heartfelt thank you letters?
Probably not. What if your members hate the new automated tellers? What if the personal touch was what they came in for? What if wait times were never an issue?
A better tactic would be to ask your new members how they like the new automated tellers. If you want to know what your members think, you have to listen to the voice of the member.
In fact, you should have asked if wait times were an issue to begin with. And, before developing automated tellers, you might have asked your members if they would want to use them.
Tracking member experience is the most important, yet often overlooked part of the member experience improvement package.
If you want to know where to focus your improvement efforts, you need member experience tracking.
If you want to know if your improvement efforts are working, you need member experience tracking.
Member Experience Budgets for 2020
You already spend a good deal of your time and money ensuring your members are well taken care of. If you haven’t already, earmark a bit of money toward member experience tracking this year. Make certain that your efforts are paying off.
One of the easiest ways to begin member experience tracking at your credit union is by sending out surveys. Subscribe to our blog to read more about how credit unions can gain valuable member insight through surveys. Or follow the links below to see how surveys can assist with your member experience tracking goals.