Your credit union's survey results are in, and they illuminated that there's room to improve the member experience. What policies can you implement to improve your credit union member experience program?
Credit unions constantly hear about the user experience and the member experience, which might sound similar or even identical. However, there's a key difference between them: one-time use vs. cumulative experience.
The user experience refers to the experience of using a product, like a website or an app. It asks the question, "Does the user find this easy or difficult?"
Meanwhile, the member experience refers to a range of customer perceptions shaped by cumulative interactions with employees, services, and products. It's not just about that one click on a mobile banking app or a single branch visit. It's not even about all your digital channels. It's the complete 360-degree picture customers form based on their interactions with your products and services. When customers enter the branch or open your app to apply for a loan, make deposits, or complete withdrawals, they form an opinion about their entire member experience. For this reason, measuring customer experience is essential to identify areas where improvements can be made.
Your website is a huge factor in your overall member experience. Providing easy-to-use apps and communication tools is critical. But those don't account for the entire member experience, which hinges on all the interactions with your credit union's brand. These days, members will compare their credit union experience with their experience with other industries to gauge which ones are accessible or beneficial.
To improve your member experience, go beyond providing convenient online services and focus on delivering more engaging and interactive channels. For example, you might incorporate chatbots and social media support while also developing personalized products and services.
At the heart of all these efforts lies the desire to build strong relationships with members. A positive credit union experience builds brand loyalty and affinity. Our research shows that nine members will be back for every 10 complaints you resolve on the spot. Each of those members will tell five others. That adds up to 45 people who think your service is excellent.
If your credit union receives poor feedback from a survey, you might be tempted to ignore it. After all, credit unions are often busy with other priorities. Call center and online chat volume have increased significantly. Our research shows that some credit unions have even reported a 40% increase in calls.
However, amid the chaos, one of the biggest mistakes you can make is brushing off negative feedback. While this might seem tempting initially, it can lead to deeper, long-term issues down the line. Following up on a poor rating or comment is essential to find the "why" behind it — and how you can fix it. A Khoros survey found that 83% of customers feel more loyal to brands that respond to their complaints and resolve them.
Another mistake is trying to overcompensate for poor ratings by focusing solely on improving one aspect of the member experience, such as extending hours or launching new products. Instead, take a holistic approach by considering all your offerings and how they impact members' overall experience with your brand.
All feedback is a gift. Rather than get defensive or let negative comments get you down, take a proactive approach. Embrace these challenges and use them to improve your offerings and build closer relationships with your members. As a credit union, feedback is your best opportunity to measure customer experience as you improve and meet your members' needs.
Dig into the data to understand what went wrong and how to improve it. This might require working with your team and members to figure out solutions or strategies for addressing any underlying issues that led to the poor scores.
Your members' experience directly depends on your dedication to improving and enhancing every aspect of their interactions with your brand. As you help them along on their financial journey, consider the following three steps:
Stay focused on your core values, provide support and guidance in a personalized way, and communicate consistently with your customers. Offer high-quality products, services, and customer support that align with your mission to serve your members. Take the time to listen to feedback and incorporate it into your offerings in ways that make sense for both members and your business.
Whether through traditional mass survey invites and feedback forms or newer channels such as social media, video chats, and online communities, make sure your customers have multiple ways to communicate with you and share their thoughts about their experience.
It's important to maintain a consistent presence across all channels. Also, ensure your survey process is as streamlined as possible, with clear instructions and few questions. You want to make it easy to provide feedback, mainly because you need that feedback to improve your overall business and ultimately retain members.
Whether it's a positive or negative review, responding quickly shows that you are invested in your members and their experience with your credit union. It also allows you to turn a negative experience into a positive one by addressing any concerns they might have immediately.
When you acknowledge feedback, you must also close the loop individually and holistically. For example, you might respond by updating your policies and procedures or adding new features and services. But whatever you do, make sure you communicate these changes to your members. Doing so will let them know their voices are being heard and that you're taking steps to improve their experience.
At MemberXP, we know that improving the member experience is about building lasting customer relationships based on trust and understanding. Paying close attention to every detail of your members' interactions with your brand and continually seeking new ways to measure customer experience and respond to their overall experience can ensure they remain happy and engaged.
If you're ready to make the most of your credit union's member experience, contact our team today.