Summit CU Shifts Focus From Member Experience to Member Engagement

The terms member experience and member engagement are often confused, conflated or used interchangeably. The terms are not synonymous, and failure to recognize the key differences can have extensive consequences for credit unions that may lead to member attrition and stagnant growth. Recognizing and understanding the key distinctions between experience and engagement is fundamental to building long-term relationships with members and ultimately the key to sustainable growth and business outcomes.

Singular member experiences – such as ATM withdrawals, call center contacts, online interactions and face-to-face meetings – are transactional in nature. While important, transactions are not the end game for building long-term relationships. Member engagement, in contrast, is the sum of all member experiences, the culmination of every interaction regardless of channel or touchpoint including direct, indirect, online, offline, face-to-face and employee-assisted. An exceptional and consistent member experience builds trust, loyalty, confidence and ultimately, increased member engagement.

Case in Point: Summit Credit Union

The most successful credit unions focus on both member experience and member engagement, but strategically prioritize member engagement because it underpins the trust on which relationships are built. An exceptional and consistent member experience builds trust, loyalty, confidence and ultimately, increased member engagement. Headquartered in Madison, Wis., with more than $6 billion in assets and 54 branches, Summit Credit Union is a premiere example of a credit union that prioritizes member engagement as one of its top strategic initiatives.

The goal at Summit is “to create a very personalized engagement” by providing a frictionless user experience, regardless of where, when or how the member chooses to engage – thereby cementing the member relationship. According to the credit union, “The member experience directly affects member engagement, but it doesn’t work in the opposite direction. If we make the website easier to use, we are likely to raise engagement. If we provide a poor member experience by creating inconsistency from channel to channel, we are directly impacting member engagement and therefore jeopardizing that relationship.”

Intelligent Online Appointments

In December 2016, Summit incorporated appointment scheduler technology into its revamped website. Summit’s appointment scheduler application gives members the ability to choose how and when to interact with their credit union, improving the experience for members and staff alike.

With the help of the appointment application, members have the option to instantly schedule at the click of a button and based on their convenience, removing barriers such as having to make a phone call or head into a branch. Additionally, by having information about the purpose of the appointment and member ahead of time, staff better understand and are prepared for their member’s needs, strengthening relationships. The appointment scheduling solution provides a frictionless way for members to interact with Summit’s staff, across all of its branch locations, and also ensures members are meeting with the right person at the credit union, every time, whether they start digitally or in the call center.

Summit System Administrator Jack Gretenhart estimated that about half of the appointment requests now come from the website scheduler. “When someone is looking for something like a car loan or a home equity loan, we want to be at the top of their mind,” Gretenhart said. “As soon as they have that thought, we hope their next step is to go to our website or schedule an appointment. We want them thinking: ‘I’m going to get ahold of somebody at Summit.’ That’s the kind of perpetual engagement we’re looking for.”

Create Experiences That Make Lasting Impressions

Great relationships are built on trust. Developing trust requires credit unions to consistently offer frictionless member experiences. This means every interaction must be easy, fast, consistent, convenient and seamless. By building experiences that lead to positive member engagement, credit unions will come first to mind when considering where to find help for their financial goals.

If an experience was unpleasant or inconvenient, the banking relationship is strained – or worse. “They’re just not going to come back,” Chad Draheim, Summit’s digital experience architect, said. “They’ll recall how difficult things were and conclude that it may be easier to work with another bank and go there.”

The member experience, he said, directly affects member engagement, but it doesn’t work in the opposite direction. Providing the right member experiences, for instance by improving the website, can improve member engagement.

Engagement Is Everything

Credit unions that can incorporate member engagement principles stand a good chance of member loyalty and easing the anxieties of their members. Engaged members commit to long-term relationships with their credit union, and with smart engagement strategies, credit unions, like in the case of Summit, build stronger relationships across every channel. Summit’s 12-month loan growth rate in 2021 was greater than the average for all U.S. credit unions, and it’s beating industry metrics with a more efficient workforce.

Mario DiNitto is the Enterprise Customer Success Manager at Engageware, a provider of customer engagement solutions based in Tewksbury, Mass.