Creating a Voice of Employee Program at Your Credit Union

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Beyond member feedback, it can be hard to find new avenues for garnering constructive input on ways your organization can improve the member experience. As a credit union professional, you may feel as though you have turned over every proverbial rock looking for insights you can turn into action.

Well, member feedback isn’t the only source of valuable information you can use to improve the member experience. Too often, credit unions overlook the importance of their employees’ points of view in providing insights for improving — which makes no sense.

No one knows your members like your employees. After all, the people working within your organization are on the frontlines, engaging with members every day to resolve problems and celebrate wins big and small. Creating an established Voice of Employee (VoE) program can help you turn the unique insights of your employees into data you can act on to create an overall better member experience. It can also help bolster a sense of ownership and pride on the part of employees in your credit union.

What is a VoE program?

“Voice of Employee” refers to the participation of employees in influencing organizational decision-making to help bring about or drive change within your credit union. “Program” indicates the establishment of a robust method for monitoring employee feedback and performance.

Unlike with a Voice of Member (VoM) program, the feedback your employees provide is not just limited to the financial products and services your credit union offers. You can — and should — expand your VoE program to include feedback areas for improving your credit union as well.


More Than Just Member Experience Benefits

Members often feel a sense of pride and ownership in your credit union. After all, credit unions are by law owned and controlled by their members. However, employees often have a sense of pride and ownership in your organization as well. Many are members themselves and see their work as central to helping fellow members achieve their financial goals.

A successful VoE program not only improves member experience, it has the added benefit of improving the employee experience as well. A VoE program gives employees a voice in how your credit union is run and provides them with an opportunity to affect change for the better. With the right VoE program in place, employees feel empowered and valued — instilling in everyone a sense of pride, ownership and a stake in the future of your credit union.


Must-Haves for a Successful VoE Program

Beyond establishing the necessary framework for garnering and monitoring feedback, a successful VoE program is dependent on an actively engaged base of employees willing to participate. An organization must demonstrate that employee input is valued, and the process for providing input is easy-to-use and effective. Keep these tips in mind whether you have an active VoE program or are just getting yours off the ground:

  • Create a culture of kindness—Your employees need to know speaking up is both okay and encouraged. If employees seem unwilling to speak up, look inward to create change.
  • Build a method for feedback—Create consistent, easy-to-use channels for employee feedback and make their use second nature after completing an interaction with members or after employee seminars.
  • Demonstrate marked improvement—Show early and often in your VoE program that employee feedback is being used to create improved and sustained organizational change. Make your employees’ opinions count.


How MemberXP Can Help

As organizations get serious about creating a VoE program, many invest in SaaS providers that can help quantify and measure employee performance and monitor employee feedback. MemberXP is one such provider built explicitly for credit unions.

As a SaaS provider, MemberXP offers a range of listening tools, including Voice of Employee, which measures internal employee experience at almost every touchpoint and captures their perceptions of each behavior of service delivery at every channel.

In addition, the Voice of Employee tool regularly solicits feedback from employees with easy-to-use, hassle-free surveys that employees can complete on any smart device, including phones. Voice of Employee also includes coaching training and support. Your employee coaches will learn how to share results with their teams and create meaningful, actionable internal service improvement plans.

For questions about how MemberXP can help your credit union achieve its marketing objectives or to request a demo, visit memberxp.com/live-demo/.

Establishing a Voice of the Member (VoM) Program

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According to a recent Harvard Business Review article, it is five to 25 times more expensive to get a new customer than it is to retain an existing one. In the case of credit unions, the value of the relationships we have with existing members is crucial — as we try to be there at every financial life stage from saving for college to retirement.

It’s largely up to member experience teams to keep members happy — addressing member pain points and responding to inquiries in a timely manner. In order to accomplish all that effectively, these teams need to know what their members are thinking.

As a credit union professional, do you know how your members feel about your credit union? Can that status change on a day-to-day or even an hour-to-hour basis? Are members having a positive experience at every stage of their member journey? If not, where is your credit union falling short in providing exceptional service?

These questions are enough to keep any credit union professional up at night. Luckily there’s a way to find these answers and more. Today, many credit unions establish a Voice of the Member (VoM) program — referred to as a Voice of the Customer (VoC) program in traditional marketing.


What is a VoM program?

“VoM” refers to the feedback your organization receives from its members based on their experiences or expectations about your financial products and  the service your employees are providing. “Program” focuses on categorizing the customer feedback information in an easy-to-access and understandable way that gives your member experience team the ability to take definitive action. Some have referred to a successful VoM program as “the heartbeat of any member experience team.”

A successful VoM program helps the member experience team effectively learn about the member’s expectations, aversions and preferences at any point in the member journey. When built successfully, a VoM program helps the member experience team to create a detailed set of members wants and needs. Much like Maslow’s hierarchy of needs, your members’ needs and desires can be organized into a hierarchical structure, where they can be prioritized by your credit union in terms of relative importance.


Improve your Member Experience with a VoM program

Today, the process of recruiting and retaining members is no longer about one-way communication. Gone are the days when it was enough to put up a traditional billboard or 30-second TV spot and hope new members would come pouring in. While traditional media still has its place in the conversion process, the battle for recruiting and retaining members is now won on an individual basis by listening and responding to members and prospects in real-time and with the right answers. A proper VoM program gives your member experience team the tools they need to do just that.

In an earlier blog post, we covered the topic of competing on providing great customer service. Respondents to a survey by Gartner found that two-thirds of companies now compete on customer experience alone. The same survey found that while the role of a customer experience team is becoming more important, budget spends dedicated to customer experience are decreasing. As a result of less money being dedicated to customer experience, it’s now more important than ever to make sure money dedicated to customer experience is being spent in the right way. For credit unions, a successful VoM program can help the member experience team decide how to more precisely dedicate their time, resources and dollars.

 

How to build a successful VoM program

With everything we now know, it’s no wonder many credit unions are rushing to establish their own VoM programs. However, it is incumbent upon member experience teams to lay the proper groundwork to make sure these programs are successful. After all, the aims of the VoM must align with the wants and expectations of the members it serves.

If you are a credit union professional looking to build out your VoM program, here are some things to keep in mind as you go about the implementation process:

Go out and get the data.
Feedback will trickle in from members, but don’t just sit back and wait for that happen. Your member experience team should be actively seeking feedback from your members through surveys, phone calls and mystery shops when necessary. Submit requests for feedback after an interaction has taken place — while it’s still fresh in your members’ minds.

Your VoM program should evolve.
After you lay the initial groundwork, analyze and change what isn’t working. Much like the creation of your member journey map, think of your VoM program in a constant state of being built or revamped. It’s not enough to sit on your laurels after implementation.


Negative feedback is painful but necessary.
Don’t hide the bad stuff. Tackle it head on. There’s no more effective feedback than negative feedback. It’s what provides your credit union with the greatest opportunity for growth. You may even find that the more effective your VoM program becomes, the less negative feedback your organization incurs.


Mine for the insights you already have.
Yes, be proactive about garnering member feedback, but recognize the resources you likely already have at your fingertips. For starters, meet with everyone in your credit union that has access to information on member interactions. There’s a very good chance the people on the front lines of member services are a wealth of information just waiting to share their experiences.


Turn insights into action through trial and error.
It may seem obvious, but it’s where plenty of credit union professionals get stuck — an endless cycle of data collection and analyses with no meaningful action being taken. Remember the insights you’re collecting have no intrinsic value if they’re not being used to implement change.


Employ the right technology.
Finally, there are a number of customer experience management platforms in market, like MemberXP from CU Solutions Group, that help credit unions extract and manage member feedback to build a successful VoM program. Investing in the right tools can go a long way to maximizing value for member experience teams. 

 

For questions about how MemberXP can help your credit union improve the member experience  or to request a demo, visit memberxp.com/live-demo/.

Creating a Member Journey Map

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When it comes to credit unions, we pride ourselves on delivering better service than banks and best-in-class financial products to our members. But how do we anticipate member needs and wants? How do we identify and define organizational weaknesses so that we can address them?

What credit union professionals need is a crystal ball, allowing us to peek into the minds of our members. While we don’t have that, we do have journey mapping, which may be the next best thing. Journey mapping gives us a peek into the decision-making process of our credit union members.

What is Journey Mapping?

At its core, journey mapping is the act of chronicling a visual representation of the process your member goes through as they experience your credit union’s products or services. The journey may start with how the member finds out about you, then end with the member's decision about whether to use your product or service again.

Start with Personas

Members at various life stages will interact with your credit union very differently and be looking for very different financial products. Don’t try to account for everyone all at once. Instead, build personas for your members so that you can take a walk in a member’s shoes with a journey map.

Personas are semi-fictional archetypes that help create a deep understanding of and empathy for members, and they represent the key traits of a large segment of the membership. Remember, the purpose of a journey map is to give you insight into your members' minds, so be specific when developing member personas. You may begin by concentrating on a young professional. How might this person find out about your credit union? Would this member come through paid advertising or word-of-mouth recommendation? If given the option, would this member likely prefer communication via branch, desktop or a mobile channel?

 

Creating Highly Effective Personas

How can you create highly effective personas? You can rely on industry data and surveys. You can interview members. You can create a journey mapping team that includes key employee stakeholders from across your credit union to help you gain diverse perspectives about your members' motivations and goals.

The perfect alchemy likely comes in the form of access to both qualitative and quantitative data. There are a number of customer experience management platforms in market, like MemberXP from CU Solutions Group, that help credit unions extract, manage and visualize important insights about personas and journeys from member feedback.

The numbers don’t lie. A research brief from the Aberdeen Group found that marketers who embraced a data-first approach to personas and customer journey mapping saw the following:

Finally, bring your personas to life by crafting engaging, first-person narratives that are realistic representations of your target members. Give each persona a name and photo to help foster a connection to your actual members. Include a variety of attributes, such as age, education, income, household or family size, etc.

 

Using Personas to Map the Member Journey

Once you’ve created distinct personas, you can use them to create member journey maps that describe each persona’s experience at various touchpoints during their lifecycle with your credit union. An effective journey map is based on real research and behavior and should represent the true member experience — good or bad. That way you build an accurate picture of where you need to make improvements and where opportunities exist for cross-sell and up-sell.

Much of the information for creating a journey map will come from your personas (e.g., their goals, motivations, key tasks they want to accomplish, and current pain points), which is why it’s best to create the personas first.

By now you have developed detailed member personas with faces and names, so put yourself in their shoes as you run them through fictional interactions at your credit union. Where is the interaction taking place (e.g., in your branch, on the phone, online or mobile, in social media)? What is going on around the member and in their life in general? Are they in a hurry? How do they feel at each step? Are they engaged, bored, or frustrated? Are they nervous about making an important financial decision? How might their current context influence how they need to interact and what they want to do?

Don’t forget, a good member journey map doesn’t just reveal the touchpoints of the consumer’s interaction with your credit union. It also takes into account the moments you don’t see.

With a detailed and insightful member journey map, your credit union can more effectively assess current and proposed processes, identify targeted actions to resolve pain points and leverage opportunities for building stronger member relationships.

 

Steps to Improving the Member Journey

Remember, the point of mapping the member journey is to help influence the journey and make it better. As you begin to run personas through your member journey map, themes will arise. You will begin to recognize areas of weakness as well as organizational strengths.

Let’s create a young professional persona for your credit union; we’ll call her Winnie. Here are some tips to keep in mind as you look for ways to improve Winnie’s member experience:

  • Always be helping: Winnie wants to open a savings account. What obstacles in her member journey are not helping her meet that objective? How can those obstacles be eliminated or improved?
  • Test, retest and be fluidDon’t set a process and forget it. What works today may not work tomorrow in helping Winnie to open a savings account. New obstacles and challenges will arise. You must be able to detect those weaknesses in order to overcome them.
  • Make it easy for members to say, yes: Simplify. Simplify. Simplify your processes. Make it easy for your members to engage in signing up for new products and services. Eliminate — or at least acknowledge aggravations — wherever possible.
  • Leave room for improvisation: When it comes to influencing the member behavior, your members may not interact with a product or service the way you intended. That’s okay. Use these setbacks as learning opportunities for better serving your members.

 

Creating a Living Map

Understanding what motivates your members is key to knowing what financial products and services your credit union should offer. Keep in mind the needs and wants of your members are likely to change as time progresses. In this sense, it is important to think of your member journey map as a living document. You will likely find yourself adding to the member journey map and refining it as your credit union changes and expands.

For questions about how MemberXP can help your credit union achieve its objectives, including intelligence to inform your member journey mapping, or to request a demo, visit memberxp.com/live-demo/.

An Intro to Marketing Objectives for Credit Unions

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The popularity of credit unions is growing. According to NCUA, at last count, there were almost 5,068 federally insured credit unions with 125.7 million members — an increase of 4.3 million members over the previous year.

Whether your organization refers to it as customer experience (CX) or member experience (MX), creating the best possible experience for members is central to the success of your credit union. When joining a credit union, the member's journey looks a lot different from the consumer's journey when deciding to purchase the latest good from a store shelf. Maybe, that’s because instead of selling the latest gizmos, as credit union marketers, we want to build lasting, life-long relationships with our members, where we’re there for them at every step of life’s financial journey from saving for college to retirement.

Credit union marketing is an area of the financial services sector that is growing and changing rapidly. If you’re just getting started or even if you’re an old pro, it’s essential to know how recent changes in technology and the credit union-member relationship are shaping how credit unions attract and retain members. In this article, we’ll cover both new and familiar topics to discuss some of the latest developments, trends on the rise and even how a return to the basics can mean success for your credit union.


The Importance of Mapping the Member Journey

Who does your credit union typically serve? What are the things that keep your members up at night? What might their financial outlook be? To attract new members or to provide better service to existing members, the first step in getting to know your members is mapping the member journey. 

Rather than map every possible scenario at once, start with the basics — for example, a member opening a new member account. Follow this member’s journey and monitor how he or she might move through different touchpoints of becoming a member. Assess the interactions. Is there friction in the exchange? What channels are they going between? Collect data and feedback to evaluate the pain points, so you can focus on improvements.


Establish a Voice of the Customer (VoC) Program

What are your members saying? How can you extract meaningful insights from their observations, and how can you effectively respond to criticisms, compliments and inquiries? A Voice of the Customer program (VoC) is an analytics program that brands establish based on customer feedback. It focuses on needs, expectations, understandings and product improvement. Some have referred to a successful VoC as the heartbeat of any customer experience team.

Today, the process of recruiting and retaining members is no longer about one-way communication. Gone are the days when it was enough to put up a traditional billboard or 30-second TV spot and hope new members would come pouring in. While traditional media still has its place, today’s member marketing is much more about listening and responding to your members and prospects in real-time. More and more credit unions are investing in technology and creating messaging that allows them to do just that. The combination of technology and messaging is known as a VoC program.


Establish a Voice of the Employee (VoE) Program

Customer feedback data isn’t the only source of valuable information to use when improving member experiences. Establishing a robust method for monitoring employee feedback and performance — or a Voice of the Employee (VoE) program — is crucial to the process overall. An effective VoE program gathers feedback from employees at several touchpoints throughout their journeys with the credit union. It complements and enforces the VoC program by adding context to the interactions both with customers and with internal staff.

A successful VoE program also gives employees a voice in how your credit union is run and provides them with an opportunity to affect change for the better. With a smart VoE program in place, employees feel empowered and valued — instilling in everyone a sense of pride and ownership in the future of your credit union.

Boosting Your Net Promoter Score®

No matter the field, employers are obsessed with improving their organization's Net Promoter Score®, or NPS®. That’s because a Net Promoter Score® is considered to be one of the primary ways to measure customer experience.

In simplest terms, a Net Promoter Score®, NPS®, is measured with a single question survey, “How likely would you be to recommend XYZ Credit Union to a friend or colleague?”

Gauging your credit union’s NPS® is a good way to take the pulse of the credit union’s member satisfaction. However, while NPS® is important, we believe it only tells one aspect of the story. Proper goal setting and benchmarking is a much broader topic we’ll cover more in depth in a later blog post.


Competing on Providing Great Customer Experience

According to a survey from Gartner, customer experience (CX) is the “new marketing battlefront.” Respondents to the survey said that two-thirds of their companies compete mostly on the basis of providing good CX. An additional 81 percent of respondents said that their companies would be competing on good CX alone in the next two years.

While the role of CX in marketing is growing, according to Gartner, budgets are not growing along with it. Respondents to the survey stated that their budgets for CX would likely stay the same or grow smaller in the years ahead. As a result, credit union professionals must be savvy about how they choose to spend their marketing dollars.

In this case, investments in marketing software like MemberXP can be a way to maximize marketing budgets. For example, MemberXP can help credit unions to map member journeys, establish VoC and VoE programs and track and boost Net Promoter Scores — all things which have been covered in this article. When used correctly, software like MemberXP can reveal what marketing initiatives are working and which may need more attention. In so doing, they can also help credit union professionals to decide how to more precisely spend time, resources and dollars.

For questions about how MemberXP can help your credit union achieve its marketing objectives or to request a demo, visit memberxp.com/live-demo/.


*Net Promoter Score is a trademark of Satmetrix, Bain & Company, and Fred Reichfield.

CU Solutions Group Unveils the 2020 Best Credit Union Member Experiences

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2020 AwardsLivonia, Mich. – Today, CU Solutions Group (CUSG) announced the 2020 MemberXP Best of the Best Awards recognizing member-centric credit unions excelling in the delivery of online and offline experiences.

More than 100 U.S. credit unions are considered for the awards with an average asset size of $862 million; one-fifth with more than $1 billion AUM and one-third below $300 million AUM.

Data is gathered directly from members through digital surveys and mystery shoppers at each institution. CUSG’s MemberXP platform uses Member Effort Score, an ease of use measurement, Net Promoter Score®*, which measures the likelihood a member would refer the credit union to others, and scores for member advocacy, member appreciation and member education. The member ratings for each of these areas, and their relative importance, determine which credit unions receive the Best of the Best Award.

Award winning categories include six disciplines: new member, transactions, new account, consumer lending, member shopping and mortgage experiences.  Three credit unions received four or more awards – Service 1st Federal Credit Union, 4Front Credit Union, and Police and Fire Federal Credit Union. Six credit unions received awards for member shopping for three consecutive years – 121 Financial Credit Union, A+ Federal Credit Union, GTE Financial Credit Union, Gulf Coast Educators Federal Credit Union, La Capitol Federal Credit Union, and Northland Area Federal Credit Union.

"Creating consumer experiences that define and deliver on a credit union brand promise is not an easy feat in today’s marketplace,” said David Dean, Chief Operating Officer for CU Solutions Group Marketing Solutions. “We recognize and applaud the commitment it takes to achieve the high standards required to receive this award. Our research shows that MemberXP top performers outperform peers in loan and deposit growth, as well as return on assets.”

In addition to the Best of the Best Awards, CUSG’s MemberXP offers credit unions a unique experience measurement and member journey optimization platform with customizable survey templates, mystery member shoppers, simple dashboards, actionable employee performance support, and insightful reporting. This SaaS solution is backed by powerful analytics and national credit union performance baselines built on more than nine million anonymized member feedback datapoints collected since 2014.

MemberXP is the only exclusive credit union member experience awards program in the U.S. Only credit unions using the MemberXP analytics platform were considered.

2020 Best of the Best Awards

Member Shoppers Experience

  • 121 Financial Credit Union
  • A+ Federal Credit Union
  • Achieve Financial Credit Union
  • Astera Credit Union
  • Educational Systems Federal Credit Union
  • GTE Financial Credit Union
  • Gulf Coast Educators Federal Credit Union
  • HealthCare Associates Credit Union
  • La Capitol Federal Credit Union
  • Northland Area Federal Credit Union
  • Nutmeg State Federal Credit Union
  • Service 1st Federal Credit Union
  • Transcend Credit Union
  • TVA Community Credit Union

Consumer Lending Experience

  • 121 Financial Credit Union
  • 4Front Credit Union
  • A+ Federal Credit Union
  • Allegacy Federal Credit Union
  • Arsenal Credit Union
  • Atlanta Postal Credit Union
  • Connex Credit Union
  • Dannemora Federal Credit Union
  • Excite Credit Union
  • First Entertainment Credit Union
  • First Heritage Federal Credit Union
  • Genco Federal Credit Union
  • Generations Community Federal Credit Union
  • Heritage Federal Credit Union
  • Indiana University Credit Union
  • Johns Hopkins Federal Credit Union
  • Kinecta Federal Credit Union
  • La Capitol Federal Credit Union
  • Marshall Community Credit Union
  • Neighborhood Credit Union
  • Nutmeg State Financial Credit Union
  • OnPath Federal Credit Union
  • Park City Credit Union
  • Park Side Federal Credit Union
  • Police and Fire Federal Credit Union
  • Potlatch No 1 Financial Credit Union
  • Preferred Credit Union
  • Santa Clara County Federal Credit Union
  • Service 1st Federal Credit Union
  • Truliant Federal Credit Union
  • United Bay Community Credit Union
  • UnitedOne Credit Union
  • Visions Federal Credit Union
  • West Michigan Credit Union

New Member Experience

  • 4Front Credit Union
  • First Entertainment Credit Union
  • First Heritage Federal Credit Union
  • Harris County Federal Credit Union
  • Heritage Federal Credit Union
  • Indiana University Credit Union
  • Marshall Community Credit Union
  • Police and Fire Federal Credit Union
  • Service 1st Federal Credit Union
  • Truliant Federal Credit Union

Transaction Experience

  • 4Front Credit Union
  • Arsenal Credit Union
  • Atlanta Postal Credit Union
  • Catholic & Community Credit Union
  • Connex Credit Union
  • Dannemora Federal Credit Union
  • First Heritage Federal Credit Union
  • Freedom of Maryland Federal Credit Union
  • Genco Federal Credit Union
  • Harris County Federal Credit Union
  • Heritage Federal Credit Union
  • Holy Rosary Credit Union
  • Indiana University Credit Union
  • La Capitol Federal Credit Union
  • Neighborhood Credit Union
  • Park City Credit Union
  • Park View Federal Credit Union
  • Potlatch No 1 Financial Credit Union
  • Preferred Credit Union
  • Randolph-Brooks Federal Credit Union
  • Service 1st Federal Credit Union
  • Tower Federal Credit Union
  • TruEnergy Federal Credit Union
  • Visions Federal Credit Union
  • West Michigan Credit Union

New Account Experience

  • Catholic & Community Credit Union
  • Connex Credit Union
  • First Heritage Federal Credit Union
  • Park City Credit Union
  • Randolph-Brooks Federal Credit Union
  • Service 1st Federal Credit Union
  • Truliant Federal Credit Union

Mortgage Experience

  • Police and Fire Federal Credit Union

For more information, visit Best of the Best Awards and share the results using #BestOfTheBest on Facebook and Twitter.  For leaders in credit union member experience, MemberXP will also host its annual MemberXP Users Group Live summit November 4-6, 2020, in Plymouth, MI. The conference is committed to examining and advancing solutions for a member-centric credit union experience. To learn more, visit MemberXP.com.

About CU Solutions Group

Headquartered in Livonia, Mich., CU Solutions Group is an award-winning credit union service organization that offers products and services in the areas of technology, marketing, HR performance and strategic advisory. The organization is home to national credit union-focused brands including Love My Credit Union Rewards, Save to Win, LifeSteps Wallet, MemberXP, CUBE TV Studios, Compease and Performance Pro. The company has more than 100 investors comprised of credit unions, credit union leagues and credit union system organizations and maintains strategic partnerships with Sprint, Intuit TurboTax®, GSTV and CU Risk Intelligence. For more information, visit CUSolutionsGroup.com.

About MemberXP

MemberXP, a wholly owned subsidiary of CU Solutions Group, is the pioneer and market leader in Credit Union Experience Management. The MemberXP technology platform enables credit unions to collect, manage and act on member experience data collected via digital surveys and mystery shoppers. Using the suite of experience management tools offered by MemberXP, credit unions can engage employees, reduce churn, turn detractors into promoters and create clear and potent returns on investment. Over 110 credit unions nationwide, including more than 20 of the largest U.S. credit unions, rely on MemberXP to consistently build services members love, deepen member loyalty, develop an outstanding employee culture, and deliver on their brand promises. www.memberxp.com © 2020 MemberXP, Inc. All rights reserved. MemberXP®, the MemberXP logo, and the names and marks associated with MemberXP’s products are trademarks of MemberXP. All other trademarks are the property of their respective owners.

*Net Promoter Score is a trademark of Satmetrix, Bain & Company, and Fred Reichfield.

Here Are CU Member Experience Leaders in 2019

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an award for the best credit union member experience

MemberXP, a credit union-specific member experience platform, is proud to announce the “Best of the Best” credit unions in member experience for 2019. MemberXP administers both the MemberShoppers and MemberView experience measurement and member journey optimization programs for more than 100 credit unions across North America.  Participating credit unions have an average asset size of $700 million, one quarter of them have more than $1 billion in assets.

The awards are independently granted by MemberXP based on the following criteria:

  1. Members submit surveys based on specific interactions they’ve had with the credit union such as opening a new account or closing a loan. The credit union must have achieved a high score on two metrics: the Member Effort Score, which measures each of use, and the Net Promoter Score®*, which measures the likelihood the member would refer the credit union to others.
  2. Members and/or independent evaluators complete detailed mystery shops. The credit union much have achieved high scores in the areas of member advocacy, member appreciation, and member education.

“We recognize the incredible dedication, hard work, and commitment to the credit union mission that achieving this award entails.  Delivering a truly exceptional member experience is even more challenging in an era of eCommerce and mCommerce,” said Constance Anderson, president and founder of MemberXP,  “Our research shows these top member experience performers also outperform peers in loan and deposit growth as well as return on assets.”

Top performers by category for 2019 include

Overall Member Experience “Best of the Best” Award

121 Financial Credit Union (Jacksonville, FL)
A+ Federal Credit Union (Austin, TX)
Achieve Financial Credit Union (Berlin, CT)
Educational Systems Federal Credit Union (Greenbelt, MD)
GTE Financial Credit Union (Tampa, FL)
Gulf Coast Educators Federal Credit Union (Pasadena, TX)
Healthcare Associates Credit Union (Naperville, IL)
La Capitol Federal Credit Union (Baton Rouge, LA)
Northland Area Federal Credit Union (Oscoda, MI)
Transcend Credit Union (Louisville, KY)
TTCU (Tulsa, OK)
Ventura County Credit Union (Ventura, CA)
Vibe Credit Union (Waterford, MI)

 

Consumer Lending Experience “Best of the Best” Award

121 Financial Credit Union (Jacksonville, Fl)
4Front Credit Union (Traverse City, MI)
AEA Federal Credit Union (Yuma, AZ)
Allegacy Federal Credit Union (Winston Salem, NC)
Ardent Credit Union (Philadelphia, PA)
Atlanta Postal Credit Union (Atlanta, GA)
Commonwealth Central Credit Union (San Jose, CA)
Connex Credit Union (North Haven, CT)
FedChoice Federal Credit Union (Lanham, MD)
First Heritage Federal Credit Union (Painted Post, NY)
GENCO Federal Credit Union (Waco, TX)
Guadalupe Credit Union (Santa Fe, NM)
Harris County Federal Credit Union (Houston, TX)
IU Credit Union (Bloomington, IN)
Johns Hopkins Federal Credit Union (Baltimore, MD)
La Capitol Federal Credit Union (Baton Rouge, LA)
Marshall Community Credit Union (Marshall, MI)
Neighborhood Credit Union (Dallas, TX)
Nutmeg State Financial Credit Union (Rocky Hill, CT)
Park City Credit Union (Merrill, WI)
Park Side Credit Union (Whitefish, MT)
Police & Fire Federal Credit Union (Philadelphia, PA)
Service 1st Federal Credit Union (Danville, PA)
Statewide Federal Credit Union (Flowood, MS)
United Bay Community Credit Union (Bay City, MI)
Verve, A Credit Union (Oshkosh, WI)
Visions Federal Credit Union (Endwell, NY)
West Michigan Credit Union (Grand Rapids, MI)

 

New Member Experience “Best of the Best” Award

Ardent Credit Union (Philadelphia, PA)
Marshall Community Credit Union (Marshall, MI)
Police & Fire Federal Credit Union (Philadelphia, PA)

 

Transaction Experience “Best of the Best” Award

Ardent Credit Union (Philadelphia, PA)
Catholic and Community Credit Union (Belleville, IL)
Dannemora Federal Credit Union (Plattsburgh, NY)
GENCO Federal Credit Union (Waco, TX)
Generations Community Federal Credit Union (San Antonio, TX)
Harris County Federal Credit Union (Houston, TX)
IU Credit Union (Bloomington, IN)
Johns Hopkins Federal Credit Union (Baltimore, MD)
La Capitol Federal Credit Union (Baton Rouge, LA)
Park City Credit Union (Merrill, WI)
Police & Fire Federal Credit Union (Philadelphia, PA)
Service 1st Federal Credit Union (Danville, PA)
Tower Federal Credit Union (Laurel, MD)
United Bay Community Credit Union (Bay City, MI)
Visions Federal Credit Union (Endwell, NY)
Washington Gas & Light Federal Credit Union (Springfield, VA)
West Michigan Credit Union (Grand Rapids, MI)

 

New Account Opening Experience “Best of the Best” Award 

Catholic and Community Credit Union (Belleville, IL)
First Heritage Federal Credit Union (Painted Post, NY)
Randolph Brooks Federal Credit Union (Live Oak, TX)
Service 1st Federal Credit Union (Danville, PA)

 

Mortgage Experience “Best of the Best” Award

Police & Fire Federal Credit Union (Philadelphia, PA)

Congratulations to these credit unions and thank you for showing consumers the real credit union difference!

Hughes FCU Leads Nation in Market Growth

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Hughes Logo Market Growth Leader

Congratulations to Hughes Federal Credit Union in Tucson, AZ for its recognition as one of the nation’s top five credit unions in market growth according to S & P Global Market Intelligence. The credit union has deployed both MemberShoppers and MemberView omnichannel voice of member and is consistently among the top-ranked MemberXP users.

Focusing on creating a brand-defining member experience translates into strong member relationships and robust growth for the credit union. Some naysayers contend that focusing on the customer experience is expensive and yields little ROI, but for Hughes and other top-performing credit unions the correlation between member experience metrics and growth metrics is clear.

MemberXP is honored to partner with Hughes FCU to provide the member journey data points, coaching tools, and analytics that the credit union uses to help craft an exceptional member experience.

Looking for an Easy Borrowing Experience? These CUs Lead the Class

By | Award winners, Ease of Use, Member Effort, MXEasy | No Comments

Best of the Best Ribbon

It’s official.  Eleven credit unions have achieved MemberView’s Best of the Best Consumer Loan designation for 2016.  These credit unions use the MemberView Omnichannel Voice of Member program to collect member feedback at various touchpoints.  To qualify for the designation, a credit union must have attained a minimum score of 6.5 out of 7 for member Ease of Use and a Net Promoter Score®* of 80 or better from members who borrowed from the credit union in 2016.  (*Net Promoter Score is a trademark of Satmetrix, Bain & Company, and Fred Reichfield.) 

Members of these credit unions can expect a painless experience when applying for a consumer loan:

  • 121 Financial Credit Union (Jacksonville, FL)
  • A+ Federal Credit Union (Austin, TX)
  • Ardent Credit Union (Philadelphia, PA)
  • Atlanta Postal Credit Union (Atlanta, GA)
  • First Commonwealth Federal Credit Union (Bethlehem, PA)
  • Guadalupe Credit Union (Santa Fe, NM)
  • IH Mississippi Valley Credit Union (Moline, IL)
  • La Capitol Federal Credit Union (Baton Rouge, LA)
  • Park City Credit Union (Merrill, WI)
  • Park Side Credit Union (Whitefish, MT)
  • UnitedOne Credit Union (Manitowoc, WI)

Thank you to each of these credit unions for making it easy for members to improve their financial lives!

MemberShoppers Announces Best of the Best Awards 2016

By | Award winners, MemberShoppers Users | No Comments

Best of the Best Ribbon

Congratulations to the MemberShoppers “Best of the Best” designees for our first-ever annual award. There’s a high bar for attaining this designation:

  • A Member Advocacy Score of 4.5 or better out of a possible 5
  • A Member Appreciation Score of 4.5 or better out of a possible 5
  • An Education and Referral ratio of 25% or better for transactions

The following credit unions met or exceeded the criteria:

  • 121 Financial Credit Union (Jacksonville, FL)
  • AERO Federal Credit Union (Glendale, AZ)
  • A+ Federal Credit Union (Austin, TX)
  • GECU (El Paso, TX)
  • HealthCare Associates Credit Union (Naperville, IL)
  • Kentucky Telco Credit Union (Louisville, KY)
  • La Capitol Federal Credit Union (Baton Rouge, LA)
  • Northland Area Federal Credit Union (Oscoda, MI)
  • Park Community Credit Union (Louisville, KY)

This designation means that members of those credit unions will find they consistently receive top-notch service from credit union employees.  They can also expect those staff members will look proactively for ways to help them achieve their financial goals.

Is It The Teller’s Fault?

By | Member Effort, Member Experience, MXEasy, Survey Construction, Voice of Member | No Comments

A great member experience comes at the intersection of amazing people working within flawless processes. That’s why we advise every MemberView Voice of Member user to measure both the performance of people and the member-centricity of credit union processes.

Of course that’s easier said than done when it comes to survey question construction.  In an effort to make surveys short for members, it’s easy to bake research flaws into the process.  Bruce Tempkin provides a good example in his analysis of a Domino’s pizza survey.

The Domino’s follow-up survey asked, “Was the delivery driver punctual and polite?”

In this case, the driver was polite but the pizza was late.  So how do you rate the driver?  Does he get 5 stars for being polite or 1 star for being late?  Or should you just give him a 3?  What if it wasn’t his fault the pizza was late?  Maybe the baker was slow or messed up the order the first time.

The problem for Domino’s is that they’ll never have a clear understanding of the driver’s performance or of possible flaws in their process by asking this question.  Not only does it ask about two separate aspects of the employee’s performance; it also asks about a possible process issue.

Here’s what that would look like in a credit union member experience survey for a teller named Annette:

Was Annette quick and friendly in assisting you with your transaction?

Annette might very well have been quick, but she had the personality of a potted plant.   Or maybe she was perfectly pleasant, but the system was slow and she had trouble processing the transaction quickly.

We find that in those cases, most members will split the difference and give her a “3” or “4” on a 5-point scale and then add a comment explaining why the question was frustrating.  Given that the score then gets aggregated with lots of other survey results, the credit union gains very little understanding of where specific problems with the member experience lie.

So what’s a better way to ask without creating survey fatigue?  Disguise two questions as one with a grid:

Sample Question

Follow up Annette’s rating with our MXEasy Member Effort question, i.e., “How easy did we make it for you to complete your transaction?” and “What could we have done to make it easier?”  That will take care of getting feedback on processes.

By crafting more targeted survey questions, you not only get better feedback on the member experience, you reduce the risk of punishing good team members for process flaws.

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