How Credit Unions Can Provide a Great Member Experience in a World of Instant Gratification

by | Jun 22, 2021

Self-serve Is Essential, But Credit Unions Can Enhance Member Experience Through Employee Empowerment

We live in a world of instant gratification. Consumers are exposed to great digital customer experiences from many other organizations, such as Amazon, Apple, Netflix that address their immediate needs – and they fully expect to receive an equivalent experience from their credit union.

It is now taken for granted that an online request or action results in an instant response or reaction. So much so, that a delayed response from a business lead to dissatisfaction, causing friction in the customer experience that can escalate to the loss of a member or prospect.

So, let’s look at how credit unions can provide a great member experience in line with current consumer expectations…

Talk to members where they are

Everyone has a personal preference as to how they engage with their financial services providers. Some prefer traditional methods of interaction, such as face-to-face branch meetings or telephone calls. Others have embraced online and digital channels and are happy to be served through a portal or mobile app.

Whatever the member’s channel preference, the important thing is to offer is choice.

Credit unions need to ensure their members get the response they need, immediately and on the platform or channel of their own choosing. This requires providing them with a choice of channels, and then empowering employees to interact with members on their selected channel/s.

Self-serve is essential, but members still want and need assistance

One of the consequences of the pandemic was the rapid shift away from in-branch to digital interactions. A lasting effect of this is that customers want to self-serve for transactional type requirements, but still want to speak to a person when they get stuck.

Credit union members are no different; they want to be self-reliant for certain tasks, but still want to get advice, information, or assistance from a human when they need it.

Credit unions that have not enhanced their self-service options risk losing prospects due to them dropping off during a customer journey, such as a mortgage application or onboarding.

Empower employees to provide fast and efficient service

No matter how easy it is to self-serve, having access to personal attention from a staff member will always be required and appreciated. Credit unions must empower employees to serve customers faster and more efficiently, by providing the right information, on hand, when they need it.

This is essential, not only during a live customer interaction but also so that employees can support members as they go through an online or digital process. For example, employees need to help members complete applications, collect missing data, as well as provide product details.

Helping members go through online or digital processes contributes towards strong relationship building. But it is also in the credit union’s interest to ensure the process is completed. To illustrate this, consider a potential mortgage customer busy completing an application, but they get stuck on something that is unclear or confusing and thus abandon the process.

If employees do not have easy access to information about the abandoned application, getting the process to the finish line involves a lot of manual work.

Credit unions need a customer engagement solution that enables a human to quickly identify an abandoned online application and communicate efficiently with the prospective member to assist them in completing the process.

Credit unions can provide a great member experience by giving employees access to the complete conversation history and the ability to pick up the conversation where it was left off. If members switch from interacting over text or email to visiting the branch in person or calling in, there must be complete oversight into that conversation.

How Doxim’s New Customer Engagement Management Platform Release Enhances Member Experience through Employee Empowerment

Designed specifically for financial service institutions like credit unions, Doxim CEM delivers a suite of integrated solutions that span the customer lifecycle to create an engaging, modern customer experience.

The Spring Doxim CEM platform release includes key features that help credit union staff serve customers faster and more efficiently, as well as several usability enhancements that reduce friction points for users and introduce operational efficiencies.

Find out more about Doxim CEM. REQUEST A DEMO

3. Expansion of digital products

As banking customer behavior shifts, banks must move with the times, or risk getting left behind. Many banks today are exploring the power and potential of open banking, which can allow them to offer more innovative products and services to their customers, as well as to better compete with fintech companies and other non-traditional financial service providers.

As you shift your banking business model to reach new segments or provide an enhanced array of services, communication becomes even more pivotal to your success. After all, if your customers don’t know which new services they qualify for, or how those services will help them meet their goals, then they are unlikely to explore them further. CCM technology can be leveraged here to provide personalized on-statement messaging that directs customers to the right products and services, as well as 1:1 personalized “explainer” videos to help them get started.

Adjusting your bank’s priorities to thrive in 2023

In an era of constant change, the key to successfully transforming your bank’s business model will be to stay attuned to the changing needs and preferences of customers, and to be open to exploring new opportunities and technologies that can help your FI stay competitive and relevant. But these new opportunities are doomed to fail if you do not clearly communicate their benefits and make it simple for customers to access them.

That is why transforming your customer communication strategy is the best first step to broader digital transformation. By updating your approach to communications to meet omnichannel customer needs, you also position your bank to communicate the benefits of changes in your broader organization, like new or enhanced products and services. The pace of change in banking has never been brisker – but with the right strategic approach to these changes, the future is bright.

Investing in a modern customer communication management and engagement platform is an essential part modernizing your banking strategy, as it can provide the personalized digital experiences that will keep your bank or credit union ahead of the competition. It helps provide a great customer experience, and builds rich relationships, which in turn results in customers for life and a competitive advantage in the rapidly evolving financial marketplace.

How Doxim can address the banking customer communications trends identified and help future-proof your digital banking strategy

banking customer communications trends

Doxim’s experienced consultants and omnichannel platform can help transform your customer experience in many ways, including:

  • Gathering and utilizing customer data to continually improve the personalization of communications.
  • Building trust with customers via communication (via print, PDF, HTML, email, text, and online interactive experiences).
  • Leveraging interactive video to drive personalized digital customer experiences, such as interactive statements, bills, or reports, that offer visual engagement and real-time interactivity
  • Putting customer data, including customer statements, at the fingertips of your service representatives for immediate and personal service.
  • Making a meaningful connection with value-added content, like information about philanthropic activities, on customer statements.

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