Putting the Member First in a Digital World
An emphasis on the member experience is more important than ever for credit unions and, in turn, CUSOs.
The credit union philosophy of “people helping people” is an age-old motto that has driven credit unions and the credit union movement for decades. Members are at the heart of each and every credit union, and as such, are paramount to the operations and values of credit unions and credit union service organizations.
CUSOs play an integral role in the financial ecosystem by acting as true partners for credit unions, providing credit unions with the tools necessary to flourish in the ever-changing financial services industry. CUSOs add additional value that leads directly to credit unions’ financial success, including scale buying power, partnerships with payments industry leaders, and direct access to services and solutions. But it is not just about providing necessary technologies and solutions to credit unions – CUSOs also strive to deliver services that enable credit unions to provide their members with unparalleled experiences.
Delivering Unparalleled Experiences
In today’s increasingly digital world, an emphasis on the member experience is more important than ever for credit unions and, in turn, CUSOs. As digital and mobile engagement continues to rise and digital payment methods increase, the human side of the credit union narrative is as relevant today as it was 100 years ago. Members expect answers at the click of a mouse or at the tip of their finger through mobile apps. If they place a call to the contact center, they want quick authentication and rapid responses. CUSOs are committed to helping credit unions navigate the member journey in a digital world to meet these member wants, needs and expectations.
So what can credit unions do to improve the member experience in the digital space, and how can CUSOs help? Here are three simple steps to help maintain a positive member experience:
1. Focus on the Experience
While some companies may view service as a “cost center,” CUSOs should view it as a tangible desire: Something they want to do, not something they have to do. CUSOs encourage credit unions to share this view, knowing that a shift in perspective can alter outcomes. While efficiency has its use, it is not always well-suited to solving members’ problems.
2. Be Proactive, Not Reactive
At their core, CUSOs want to help credit unions solve problems and exceed members’ expectations. And in many cases, a CUSO acts as an extension of a credit union’s own staff through its commitment to delivering outstanding member service support. CUSOs can help credit unions keep a pulse on their members to ensure credit union staff is prepared to help at a moment’s notice. One of the quickest and easiest ways to exceed expectations is to identify and resolve member issues before they become problems. Credit unions should stay engaged in members’ lives, whether it is via FAQs and online messaging, knowledge-based and instructional videos, or simply picking up the phone to call and check on members when certain events within the community are likely to have an impact on them. These approaches connect the member and the credit union in a way that decreases support calls and builds loyalty.
3. Put Members First
Most importantly, never forget that members always want to feel valued when they engage with their credit union. As a member-centric institution, it is vital to deliver that experience. Gone are the days of interacting with members exclusively at the point of the problem. To truly enhance the member experience, credit unions must engage with members before issues arise, as well as following the delivery of a solution.
At PSCU, the nation’s premier payments CUSO, we have made it a priority to put the member experience first in all we do for our owner credit unions. We have a team dedicated solely to experience, as well as multiple executives on boards committed to amplifying and elevating the credit union movement – including America’s Credit Union Museum and the National Association of Credit Union Service Organizations. We know that growing member engagement and interactions through an unparalleled member experience is what creates the credit union difference.
Anyone can do the big things right. But it is the small things that differentiate credit unions from their competitors. Partnerships with CUSOs empower credit unions everywhere to offer competitively-priced and innovative products and services that make a real difference in members’ lives – at critical moments when their members’ needs for help are at their greatest. Across the credit union industry, members always have and always will come first.
Dean Young is EVP, Chief Experience Officer for PSCU. He can be reached at 727-571-7982 or dyoung@pscu.com.