These days, if you ask credit union professionals their thoughts about long-term success, they’ll tell you that delivering the best possible experience for members is key. However, not everyone always agrees on the goals of your credit union’s member experience program.
Yet, the success of your credit union’s member experience program hinges on getting buy-in from your stakeholders. So, how do you persuade these individuals to take part or at least endorse your member experience program.
In this article, we’ll concentrate on identifying your stakeholders, demonstrating the value of your member experience program to them and securing their help in making your program a success.
Getting Buy-in From Credit Union Employees
You may think it’s just the member experience team helping to guide and shape the member experience. However, you’d be hard-pressed to find someone working at your credit union whose work didn’t directly impact member experiences.
Getting buy-in for your member experience program from every employee at your credit union — from the customer service department to IT — is essential to the success of delivering great member experiences.
After all, these individuals will be carrying out the aims of your program. Their experiences working with members — both directly and indirectly — will propel the growth and scope of your member experience program for years to come. To get buy-in from your credit union employees, consider implementing these strategies:
- Be open. Give employees the ‘why’ behind the aims of your member experience program. Show how improvements in employee culture and member sentiment ultimately impact member loyalty.
- Boost successes. Highlight employees who have delivered great member experiences at an individual or an enterprise level to encourage participation. Share specific examples to drive home the benefits.
- Value opinions. Solicit employees for their ideas on delivering a better member experience. Use this input to create improved and sustained organizational change.
- Create ownership. Make sure employees feel they have a stake in the future of the credit union. Doing so will instill a sense of ownership in employees.
Getting Buy-in From Members
As credit union professionals, we’re in a unique position: the members we serve are the owners of our organization. Therefore, members represent a strong faction of stakeholders that require convincing when it comes to having a successful member experience program.
But, you’re not going to go door-to-door soliciting their endorsement. Instead, you’ll win over this group of stakeholders in a much more nuanced way — by your actions.
If your members feel their individual experiences with your credit union are satisfactory, they’ll likely assume the quality of all members’ experiences are similar and will be more than content with the overall quality of your credit union’s member experience program. Conversely, if these individuals have a negative experience with your credit union, they may think the experience is the same for all credit union members.
However rare they may be, unfortunately, mistakes happen — often ones that are beyond our control. A medium to a large-sized credit union may support millions of transactions or thousands of member interactions each day. Ensuring 100% of those member experiences is positive day-in-and-day-out would be an impossible task.
While your credit union can’t ensure perfection, a robust member experience program that listens, recognizes and corrects mistakes when possible will go a long way in assuring aggrieved credit union members that a particularly negative interaction is the exception and not the norm. As your team works with members, keep these steps in mind:
- Acknowledge the problem. Confirm you’re listening. Showing members, they’ve been heard will go a long way to assuaging their fears.
- Move quickly. Having a sense of urgency when dealing with problems provides peace of mind to members that even if it can’t be fixed right away or at all.
- Be honest. Let the member know how the mistake occurred. Be honest about if it’s indicative of a larger problem — for example a data leak.
- Demonstrate learning. Members want their credit union to do well. If you can demonstrate how your team has learned from the mistake, it may provide perspective for the member.
- Follow up. After the mistake has been corrected, reach out to the affected members to let them know their plight has not been forgotten.
Getting Buy-In From VoB Parties
In this blog, we refer to the Voice of the Member (VoM) and to the Voice of the Employee (VoE). But, have you heard about Voice of the Business (VoB)? VoB refers to the wants, expectations, and preferences, both spoken and unspoken, of the people who have the final say when it comes to decisions about the daily operation and future of your credit union.
As member experience teams seek to make meaningful, lasting improvements to their credit union, having buy-in from the individuals behind the VoB may be the single most crucial factor in determining the future of your member experience program.
VoB parties are concerned with the bottom line and creating a secure future for your credit union. They want to make sure that their investments to create better member experiences result in happier members and a healthy credit union, attracting new accounts and growing the balance sheet.
While positive feedback from happy members is always a boon for your member experience team, it can be difficult to tie business metrics back to these qualitative endorsements. It can also be challenging to show how improvements to your member experience program are helping to improve the bottom line.
For VoB stakeholders, tying the problem or opportunity to known business or financial or operational metrics is the key to focusing on improving member experiences. The parties behind your VoB likely have at least a cursory understanding of the value of having an active and engaged user experience program for your credit union. However, if not, here are some statistics from MemberXP and NCUA that you might consider sharing.
Member-focused credit unions outpaced the industry average:
- in return on assets by 77%
- in share growth by 93%
- in asset growth by 131%
- in loan growth by 90%
The ability to show the parties behind your VoB the tangible business benefits of your member experience program — ones with proven ROI — will put these stakeholders at ease. More than that, having the support of VoB stakeholders will help to ensure the security, longevity and expansion of your credit union’s member experience program for years to come. This is where MemberXP can help.
Benchmarking With a SaaS Provider
More and more organizations that are getting serious about proper benchmarking and goal setting to show tangible results of their customer experience programs are investing in customer service experience platforms to keep track of improvements and create new objectives.
While several of these platforms exist, MemberXP, specifically, is a SaaS provider offering a suite of tools geared towards helping credit unions effectively gauge and manage member experiences.
For questions about how MemberXP can help your credit union achieve its marketing objectives or to request a demo, visit memberxp.com/live-demo/.