This article previously appeared on CUinsight.
“Wow, what a great experience.” Those five words should be at the top of members’ minds after every interaction with their credit union. Whether they’re engaging in person, online or over the phone, members should be guaranteed a positive experience. In fact, it’s what they expect.
For three out of five Americans, getting a better experience is a reason to try a new brand or company (or credit union). First Technology Federal Credit Union, a $10 billion institution based in Silicon Valley and serving technology-driven companies, wants to ensure its members don’t feel that need to switch. Creating member loyalty involves three key steps at First Tech.
- Recognizing who the competition is. It’s no longer banks and other credit unions that pose the biggest competition. Members now rank their credit union experiences based on all of their experiences with brands and companies. “They’re comparing us against Facebook, against Netflix, against Amazon,” said Michael Upton, chief digital and technology officer at First Tech. “As a financial services company, we believe it is absolutely vital we benchmark ourselves against the type of experiences our members have come to expect, whether they’re online or on their phones.”
- Investing in data analytics. Delivering the relevant, personalized experiences members demand begins with data. Once a credit union has a plethora of member data on hand, though, the next big question is what to do with it all. That’s where a data warehouse and dedicated analytics team can help. By investing in both, First Tech has taken control of its data. Upton noted, “If you understand what’s happening, you can then start to design products and actions.” Already, members are beginning to expect their credit unions to proactively fill needs they don’t know they have.
- Focusing on omnichannel. A member’s credit union experience should be seamless from one channel to another. This is what’s known as omnichannel. First Tech launched an omnichannel experience initiative about two years ago. “Whether our members call us at the contact center, come into our retail branch or choose to come online, the omnichannel is aware of those interactions,” said Upton. “We can create an experience that allows a member to start at one part of the company and complete any of their tasks at any other part of our company.”
To learn more about optimizing member experiences, register for the “Jobs to Be Done” webinar – the latest in CO-OP’s Digital Transformation webinar series.