There are c-level positions that are popular over the decades like CEO, CFO, and COO – but there are also ones that evolve or even come and go as the market, economy, and workplace change.
One great example of this is the CXO – right now, the Chief Experience Officer is a role that is becoming more and more crucial to a business’s success.
A Chief Experience Officer, or CXO, whose primary job is to ensure a business is generating positive interactions with its customers. Credit unions and other organizations may have this same goal as a company, but not all of them have a c-level executive whose sole purpose is to keep their finger on the pulse of all member interactions.
So, what does that mean for your credit union? Here are our top reasons why your CU needs a CXO.
You Can Collect Data, But You Can’t Quantify Your Member Experience
Just as CFOs and CEOs are tasked with looking at the big picture, your CXO is looking at the whole of your members’ experiences and using data, tools, and member-facing conversations to create that picture.
Your credit union has a staff with varying degrees of experience with your member base. And your loan-specific roles will likely be experiencing something very different than your drive-thru or online banking associates are encountering.
The Chief Experience Officer is the aggregator of all of these experiences and many more. Your digital insights into your members and their banking habits are just the tip of the iceberg. There could be long-standing, institutional pain points that you have been missing with a more granular approach. A CXO offers a comprehensive review and strategy for the whole of the member experience, not just specific services or products.
The CXO Facilitates Internal Integration
By creating and hiring for a role that must talk to all departments and specialties within your credit union, the CXO is primed to create more opportunities for meaningful integration.
While it’s often easy to understand when an outside consultant tells you that you have a single high-level area that needs work, it’s hard to see that for yourself when you and each of your employees are a piece of a puzzle that you are trying to put together.
The CXO coordinates cumulatively with all areas of your credit union – both internally and externally. In fact, many CXOs have found that the same parts of a process that frustrates employees is also not working optimally for members. But if those frustrations aren’t being discussed because the employees with the issues and the unsatisfied members are never directly interacting or even aware of one another, that pain point sticks around.
But by implementing a CXO role into your operations, your credit union will see an uptick in cross-department collaboration.
CXO Has Oversight of the Entire Member Journey
No matter where you work in a credit union, your interaction with the member experience is tied to that specialty. From IT to customer service to marketing, your view of the member’s journey is truncated.
For a Chief Experience Officer, however, it’s truly about the entire journey. Your CXO can see the member’s journey from start to finish. There aren’t any blind spots that leave out the member’s experiences with online lending or account opening – this eagle-eye view can really highlight some of the biggest and most impactful member trends that are helping (and hurting) your business.
By monitoring member interactions as part of a whole member journey, CXOs aren’t just optimizing one product journey. They’re studying the complete life cycle of your members.
CXO Is the Member’s Highest Advocate
By working closely with the member’s experience, rather than using member data as a template to create marketing or revenue growth, your CXO becomes the person at the executive table who represents your members’ voices.
In a rapidly more personalized business world, your members don’t want c-suite executives pitting their needs against the bottom line – they need someone who truly understands how each member is using your credit union’s services.
The CXO is the role that is tailored to searching out members’ concerns, big and small, and finding solutions that quite often please the member and simultaneously satisfy other business operations-minded initiatives.
Strong member relationships will weather storms and disappointing experiences. But no matter how great your products and services are, you can’t out-tech or out-market a bad member experience. If there is no trust built throughout the onboarding and member experience, you can’t expect those members to rely on you when they are in need of financial counseling, loan options, or other banking services.
Enhance Your Member Experience with IMS Integration
The CXO position was created to help businesses meet their members and customers where they are. The same is true with IMS Integration.
We offer digital services and solutions that were curated by credit union experts. Whether you are a CXO liking for ways to digitize your loan application process, or you just want to expand your online self service forms offerings, IMS Integration shares your goals and wants to help you and your credit union achieve greatness.
Check out our elegant, member-facing web solutions today or request a consultation and let us answer your questions!