Filene Fill-in Episode #60 |
Ep. 60: Competing and Winning on MX
Credit unions historically excel in member satisfaction. To maintain this edge, Filene hosted a research event on redesigning organizations and improving member experiences. Dr. Dennis Campbell of Harvard Business School shared key insights during the live keynote. Click the sound bar below to listen to the podcast in its entirety.
- Focus on Exceptional Member Experiences: Historically, credit unions have excelled in member satisfaction compared to banks. In this episode, Filene explores how credit unions can maintain this advantage by focusing on creating exceptional member experiences.
- Focus and Customer Compatibility: Dr. Dennis Campbell highlights three key ideas. The first two are the concepts of "focus" and "customer compatibility." "Focus" involves having clarity on what the member experience should be from the customer's perspective and aligning operations to deliver that experience. "Customer compatibility" emphasizes that it's challenging to serve multiple customer segments with a single operating model.
- Operational Transparency: To differentiate and create great member experiences, Dr. Campbell introduces the concept of "operational transparency." This involves making the work that happens behind the scenes and the efforts of employees on behalf of members more visible, particularly in technology-driven channels.
- Managing Compatibility: Dr. Campbell discusses the challenges of managing customer compatibility. The more incompatible customer segments an organization has, the higher the costs and lower the overall performance. Managing compatibility is essential but can be difficult.
- Empowering Members Through Transparency: Dr. Campbell explores the idea of decentralization and operational transparency. Instead of organizations deciding who to serve, they empower members by providing information, allowing them to make their own selection decisions. Operational transparency can improve members' perceptions of value and lead to better appreciation.