Credit unions like to make their members happy, and it shows: the sector has historically excelled in measures of customer satisfaction when compared with other financial service providers, but that gap has closed recently. To deliver value to members, a credit union needs to balance a challenging series of competing demands. Members want good value, friendly service, low-friction technology, and convenience, which forces the organization to make trade-offs when allocating resources and deciding where to focus—especially while maintaining financial sustainability and growth.
There are successful strategies and practices that credit unions can borrow from other service-oriented industries. In this second report of a three-part series on improving the credit union member experience (MX), we explore the effectiveness of three of these strategies: making use of MX data, focusing to better fit member compatibility, and providing operational transparency.