It's easy to get caught up in the excitement of new technology. While pregnant with my daughter, I was in heavy planning mode. I talked to my friends who had young children. I read every book I could find. I created lists of all the must-have gear and gadgets. My baby registration included an electronic swing, a bottle sanitizer, the latest video monitor, and every other bright and shiny object that promised to make me a better new parent. Six months after her birth, the bottle sanitizer was still in use. Much of the rest of the gear was in a corner or in the basement. Some of it remained unopened.
The must-have gear remained unopened because it quickly became clear to me that the key to success in parenting had nothing to do with gadgets. (Although some were cool and a few were even helpful). Success came from the hard, time consuming and essential fundamentals: Holding her lots. Hugging her lots. Changing and feeding her when she cried. Reading her books. Making ridiculous noises that comforted her. In the witching hour when nothing else worked, I held her and danced until my legs hurt and my arm was numb because it soothed her.
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Your member experience is no different. In a time when 87% of American adults are online, 64% of American adults now own a smartphone of some kind, and holiday sales of consumer electronics are expected to reach nearly $34.2 billion in 2015, according to the Consumer Electronics Association, credit unions feel compelled to focus heavily on technology and provide their members with the latest mobile apps and newest suite of online options. We have to take care of our members. We must meet their needs.
The irony parallels my early parenting experiences. While technology definitely matters, any app, tablet, responsive design, drone or smart watch on its own is only as effective as the foundational elements that enable the technology to be effective. As Filene has worked with credit unions over the last year to create simple and easy member experiences, one of the key findings has been that the fundamentals matter. Here are five fundamentals that matter most:
1. Benchmark the member experience. Chose a metric or a series of metrics such as Net Promoter, the Wallet Allocation Rule, the Member Effort Score or even simply member satisfaction. Measure the current experience to benchmark where you stand through your members' eyes today. If you have a benchmark in place, consider adding elements to make that metric stronger. For example, if you are currently using Net Promoter, consider adding the Wallet Allocation Rule process.
2. Benchmark and shape the member journey. Select the top three to five most important experiences for your member. Examples might be the new member experience, mortgage experience or car buying experience. Once you've selected those, identify subject matter experts for each experience along with your best strategic thinkers. Get everyone in a room and create a journey map of a) the current experience and b) your dream state experience. It is critical to include subject matter experts that will help you see the true experience today (including the challenges). It is imperative to include your strategists and dreamers who can help create a vision, without constraints, of what the experience could be. The gap between the two journeys charts the course for your strategic priorities.
3. Comply without being overly cautious. Credit union leaders are typically conservative by nature for all the right reasons. We function in a highly regulated environment and are stewards of our members' money. However, Filene has worked closely with credit unions on perfecting their member journeys and, in nearly every organization, we find processes that are overly complex – full of paperwork and obstacles that limit member engagement simply because credit unions are being overly cautious or are tied to "the way we've always done it." Leaders must follow all regulations and remain in compliance, but I challenge you to not let your conservative nature add rules and processes that get in the way of creating simple and easy experiences for your members.
4. Bring down the silos. The key to omnichannel success goes well beyond using the right buzzwords. In order to create a seamless experience for members, marketing and IT must not only talk but be working closely together to create and integrate member-facing technology. IT, marketing and operations must align each member touch point. The path to engagement will often begin with an online search, so your website has to be well done. However, members will want help and support outside of their web experience – especially when opening new accounts or with products they have less experience with. Thus, all member-facing team members must be well connected to the online experience and ready to answer questions when the member is ready to move to the offline world. This internal dance requires leadership and sometimes even evolving organizational structures. Often, a channel may function well on its own, but the breakdown comes when the channels must integrate, connect and create a seamless member experience.
5. Rock the basics. There is no doubt that your team is friendly and accurate. Are you just as confident that they are consistent in their follow-up? Do you have the tools in place to ensure members do not have to repeat themselves when they are transferred? Are your branch team members as equipped to provide financial advice and guidance as they are to cash checks? Ensure your member experience fundamentals are in solid working order and you have the right leaders, metrics and accountability models to keep the fundamentals in place over time.
The world is changing fast. Technology surrounds us. Whether as parents or leaders of credit unions, it is hard not to be attracted to the latest, bright, shiny object that promises to make us stronger and better in our roles. Often it is the fundamentals that build the foundation for long-term success. Create impact for your members by leveraging technology to bring those fundamentals to life. The latest gadget might gather a bit of dust, but your member experience will be growing into a journey that makes you proud.
Tansley Stearns is chief impact officer for Filene Research Institute. She can be reached at 608-661-3752 or [email protected].
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