3 Steps to Creating Meaningful Member Experiences in a Digital World

We all have a relationship with a financial institution, so it’s easy to put on the hat of your members and think about that credit union member experience.

Do your members feel you understand them, and that they are the center of your world? Do you have a clearly defined, data-informed plan for success, so that you show up at the right times, with the right message in the right channel – providing the guidance and education they need? How do you celebrate your members when they win, making them the hero of your brand story?

Your members knowing that they are at the core of your business – that is true success.

But what does that look like? In today’s digital world, communication channels are constantly evolving and members’ financial situations are dynamic. As your members navigate economic hardships and embark on major life events, you can use digital tools and technology to stand alongside them with personalized attention, guidance and recognition.

Here’s a three-step path to building deep, meaningful relationships with your members.

Empathize: Listen to What Your Members Need

To really understand your members, you need to know their heaven and their hell.

Heaven represents your members’ goals, and the ways you can make their lives better, easier, more productive and more successful. Do you really understand what your members want to accomplish in their lives, and how you can help them get there? (Hint: Their “heaven” isn’t the act of opening a new share account – it’s the dream behind it, such as budgeting for a wedding or special trip and setting up an easy way to save.)

Hell, on the other hand, is your members’ pain points, challenges and frustrations – the obstacles that stand in the way of buying their dream home or starting their own business. Once you understand their hell, you can start finding solutions.

To get to know what makes your members tick, make sure you have a thorough orientation with every opened account. Don’t just record new members’ financial information – ask them about their goals, their plans or the problems they haven’t figured out how to solve. And don’t stop there – use digital tools to continually ask your members those questions over the life of your relationship. Just like with personal relationships, communication and “checking in” must evolve and continue.

Your members’ heaven and hell includes their communication preferences, too. Do you know what channels work best for your members, and how often they want to hear from you? Every single interaction with your members can either build or erode trust – so if you do not know, ask.

Analyze: Create a Comprehensive, Data-Driven Plan for Success

Every good relationship or partnership has a plan for success. So once you know what your members need, you can build a guide for your team to ensure you have a comprehensive and well-documented plan that will help your members succeed.

It doesn’t need to be complex – start with mapping out all the great things you are doing right now, and you will quickly be able to identify the gaps that may need to be filled. Always track key metrics and interactions with your members, which will allow you to continuously refine and improve your member success plans.

Your guide can and should be powered by member data and information. You can then analyze and leverage data to create digital success journeys for every member persona – for every heaven and every hell.

Over time, you’ll be able to put together member journey best practices so that you can show up at crucial intersections in their lives with the support they need. Your data can help to inform on when it’s the right time to reach out to a member about an auto loan, preparing to buy a home or college planning.

Celebrate: Make Your Members the Stars of the Show

Just like in any other personal or professional relationship, celebrate the wins! When your member wins, celebrate them and share their story. People naturally love stories – and when you make the member the hero of your credit union story, and another member can see themselves in the story – everyone wins.

But this is an often overlooked part of the member experience. When you’ve helped your members reach their goals, get their permission and showcase what they’ve accomplished. Make them not only the hero of their own story, but the hero of your brand story.

Credit unions can celebrate their members by sharing their stories on social media or in newsletters, or inviting them to tell their success stories at a virtual event or via video. You’ll be surprised at the impact it has on them, and on others too.

Affirming your members’ wins shows that you’re invested in their long-term well-being. It’s also an incredibly effective marketing strategy: Future members might just recognize their own stories in your star members. They’ll want to find out how you can support their financial goals, too.

Strengthen Member Relationships with a Relentless Focus on Experience

Whether it is connecting in person, online or through digital tools and technology, a relentless focus on the member relationship will drive meaningful member experiences in an increasingly virtual world.

Show your members that you are listening by asking explicitly for their hopes and fears throughout your digital communications. Show your members that you are here to help by leveraging data and crafting a comprehensive plan for success. Finally, show members that you care by celebrating their wins alongside them.

And of course, lather, rinse, repeat – never stop looking for ways you can improve your process to better support your members and turn their dreams into reality.

Sue Woodard is the Chief Customer Officer at Total Expert, a fintech software company based in Minneapolis, Minn.