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Focus on answering this question to create the most positive member interactions possible.
Research from Forrester shows that companies that lead in customer experience produce a much higher return than those that don’t. And in fact, those that underperform in customer experience lagged about 46 percent in the market.
“Customers reward a strong customer experience and so do markets,” said Michael Neill, CSE, president of Michael Neill & Associates, Franklin, Tenn., at a CUES Regional Event last week hosted at $1.5 billion Andrews Federal Credit union, Suitland, Md.
The question you want to ask members—and score high on—is: “How easy do we make it to do business with us?”
This question is more significant than Net Promoter Score, said Neill, because, “there’s almost nothing more you can do to keep your members from leaving you and to recommend you to friends and family than member experience.”
Be warned: Member experience does not equal friendly tellers. Of course, employees are a huge component of member experience, but if you stop your journey at friendly and helpful staff, you’re not creating a stellar experience, Neill stressed.
“Are your processes designed from the compliance side out?” he asked. Compliance is important, of course, but it should not be what your credit union’s practices and procedures are based upon. Do you design your credit union’s procedures for opening a new account or applying for a loan based on what’s easiest for compliance or what’s easiest for the member?
“Does this make for a better member experience?” should be the question you ask about everything your credit union does.
“Credit unions are in a unique position to dominate in the area of member experience because it ties directly back to your mission,” Neill said.
Theresa Witham is CUES’ managing editor/publisher.
ServiStar, in partnership with Michael Neill and Associates, focuses on developing a member-centric team of employees to exceed member expectations and grow profitable relationships.
Vertex Management Development Program is a new offering from CUES and Michael Neill that provides a low-cost, research based, year-long program, customizable to each manager’s assessed needs.
