How to Truly Transform the Member Experience

Financial Services contact centers, especially Credit Unions, must work smart to stay ahead of their competition. Technology and consumer demands are changing rapidly. Meeting those demands is crucial to a superior member experience for winning new business and creating member loyalty.

Make it easy…

Members want it easy. They want it easy to open a new account. Easy to manage their account information. Easy to get a balance. Easy to get a new loan. And, easy to speak with someone who knows about their account. How do we make it easier for the customer to do business with you? By understanding the customer journey and shaping it for a more positive outcome.

Interact on all channels…

Omnichannel communications has opened many options for consumer interactions. No longer is it just a telephone call or visit to the local branch. Today’s “journey” often starts with a digital interaction. Many consumers are members of credit unions that they have never personally visited. As consumers are often shopping for financial service online, credit unions must capitalize on the opportunity to turn those visitors into members.

Map the Customer Journey…

By mapping the customer journey, credit unions can win and retain members with greater ease. Journey Mapping has been around for some time. Yet, with the advance in today’s technology, we can gain greater insight with more accurate predictions about the customer experience. Leveraging this data to the extent available is what puts a financial services company ahead of their competition. According to research from MyCustomer and Quadient, about 2/3rds of financial services companies are using customer journey mapping. However, only about 1/3rd of those have been doing so for less than a year.

Get on board…

If you aren’t leveraging the data constantly provided by your visitors and members, you are missing out. It’s that simple; Journey Mapping works. Some obstacles commonly faced are understanding, available technology, project ownership, available skills, budget, and executive buy-in. You must assemble your team of stakeholders, get educated on the solution, create a strategy, take ownership, apply a budget, and get sign-off. This happens through a relationship with a partner who you trust understands the solution and can guide you to success.

Benefits of Customer Journey Mapping…

According to the same research from MyCustomer, 85% of those using Customer Journey Mapping are reporting a positive impact on business and the customer experience. Some of the benefits reported were:

  • 71% increase in CSAT – Customer Satisfaction Scores
  • 53% increase in NPS – Net Promoter Scores
  • 48% fewer customer complaints – a reduction in customer effort
  • 40% reduction in customer churn – member loyalty increase
  • 31% less calls to the contact center – first call resolution without even needing a “call”

Solution…

Separate yourself from the competition by partnering with someone you can trust. Contact AVDS today! We understand the customer journey and can help you create a winning strategy to drive more business, engage more buyers, increase profits, and provide a greater level of member satisfaction and loyalty.

 

 

Written by:
Brian Barnett
Director of Marketing, CX Aficionado, Engineer, Photographer, Family Man…
www.avds.com

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