Tips to Optimize Member Experience in a Digital Banking World

Written by Devon Wilson

 

Happy 2023! Digital banking and open banking are big topics in the finance industry right now, and a lot of the innovations within them are spurred by the promise of better CX (customer experience).

Optimizing member experience at your credit union will be a pillar upon which your brand’s success is built over the next several years. And we wanted to offer some insights and tips to help you optimize member experiences in your branches and your CU technology like apps and other online offerings.

Here are some of our favorite tips you’ll want to embrace in the new year.

Meet Members Where They Are

There’s a common saying about meeting your members where they are in their own lives and member journeys, and we think it’s so common because it is always true. No matter what kind of economic, political, or generational climate your members are facing, you can’t help them if you don’t understand where they are and what they need.

For example, in the past few years, rising costs and industry issues stemming from the COVID shutdown days have created tricky situations in several different industries. But something that can optimize member experience for nearly every member you work with currently is the notion of financial education and money management.

On average, Americans are experiencing higher amounts of debt, higher loan amounts and interest rates, and other increasing expenses. Even your most savvy members may be struggling to see opportunities at a time like this.

But your credit union can be a calm port in the storm when you offer classes and resources that are aimed at truly and effectively helping your members make the most (or begin to dig themselves out) of their current financial situation.

Focus on Member Experience via the CXO

The CXO (chief experience officer) is a growing role in many credit unions and banks around the world. Adding a CXO to your staff can help create cohesion when it comes to implementing new member-facing technologies and initiatives.

You can also use the CXO role and supporting staff or team to get a clearer picture of what your members want. There are tons of studies and analyses happening in the world of banking and personal finance, but not all of the insights gleaned from these will resonate with your own member base. In order to truly optimize member experience at your locations, you have to know what will (and won’t) be helpful to your members.

Digital Membership Will Rule

There are tons of digital transformation initiatives happening right now across banks and credit unions. But, statistically, credit union leaders don’t always see the correlation between digitizing member services and an optimized member experience.

That traditional view of the customer service side of credit union member services is something that can be both preserved and expanded with the right digital tools. Through customization, personalization, and ease of access, you can all but replicate your member-first in-house practices in ways that offer more value and efficiency to your members.

We’ve also talked before about how you can boost member loyalty at your credit union using customized technologies, outreach, and other member-first initiatives.

There’s also been a lot of positive change being made by those credit unions that are embracing the omnichannel member experience – where your members are interacting on a variety of platforms including chat, phone, in-person, and other interactions with your brand.

Monitoring Member Touchpoints Is a Must

The omnichannel member experience approach that we mentioned above also requires you to know your end-to-end member journeys extremely well. This falls in line with many of the other insights we’ve shared in this article. Many of these tips and innovations help to bolster the member journey at different points along the way.

There are many ways to review and monitor your members’ journeys.

The first and most important is to conduct a thorough and regular review of your digital channels. IMSI has several Keystone solutions that work to improve these channels.

You also need to take a good look at the feedback you are receiving from members. Yes, all the feedback is important – if you are getting short messages from several members because they’re irritated about a new technology’s functionality, don’t brush them off as people who “just need time to adjust.” Optimize your member experience based on the feedback you’re getting from those who are in different stages of their member journey.

Adopt The Right Tech: IMSI’s Keystone Solutions Were Built for Credit Unions

We’re focusing a lot on how to optimize the member experience in the new year, and you have to have tailored, supportive technology behind those efforts to ensure the continuity and success of your latest engagement and retention programs.

One of the best ways to optimize member experience right now is to focus on your Online Account Opening. By streamlining this process using IMSI, you are not only able to piggyback on one of the biggest member experience trends of 2022 and 2023, but you can also boost brand trust and create forward momentum for other member-forward and self-service items to grow and succeed at your branches.

Businesses in all industries are struggling right now, and weathering the economic downturns gets easier with well-created solutions that keep your operations running smoothly, for you and your members.

You can use our Infuzion software to streamline complex functions without developing scripts, and Web Loan Applications software reach directly through your operations and allow your members to take their banking experience into their own hands.

Take a closer look at some of our IMSI Keystone Solutions today.

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