Your members value their experience. So let’s talk about how you can start improving member experience for your credit union. Here’s what you’ll find in this article.
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What is Credit Union Member Experience and Why Does it Matter?
Member experience is the relationship your members have with your credit union from the moment of first discovery to every subsequent interaction. An excellent member experience means that at every touchpoint, your member is walking away feeling that the interaction was smooth and helped to solve whatever problem they were looking to resolve.
Here’s why you should care about member experience: members are at the core of your organization. Serving the needs of your members not only helps fulfill your core mission but also helps to create happy members who promote your credit union to family and friends.
4 Ways to Start Improving Your Credit Union Member Experience with Birdeye
Remember, the first step to improving your member experience is collecting feedback. This will give you the information you need to find which touchpoints need the most improvement. Here are four ways you can start getting the data you need to improve member experience.
Monitor Your Reviews
Remember, your members are leaving feedback publically every day through review sites like Google and Facebook. The feedback in these reviews isn’t just for potential members to decide which credit union is best for them. It’s also valuable feedback that you can use to improve your own operations.
The first step is to start collecting more reviews from your members. To get more reviews, send review requests to your customers. These reviews are not only valuable feedback but can also serve as authentic social proof. Remember, 92% of consumers consult reviews before making a purchase decision.
Next, be sure that you’re monitoring and responding to these reviews. Seeing the issues that your members care about and engaging with help to paint a better picture of the member experience. You might see that your members are complaining about specific areas in every review and that can be an indication that your credit union can make some improvements in these areas.
Net Promoter Score Surveys
Asking your members to answer some quick questions via a survey is a great way to understand the problems that your members may be having with your business. So let’s talk about a quick survey that can help you collect great feedback: Net Promoter Score (NPS) surveys.
Include a rating question on a scale of 0-10 asking how likely they would be to recommend the credit union to friends and family members. Cumulative responses from your members will help you determine the Net Promoter Score (NPS) of your Credit Union. Higher NPS indicates loyal and happy member base. On the other hand a low or negative score indicates that there are issues that you need to address or you would risk losing your members to competition.
At a member level, your survey can also inquire about the reason behind the score that your member gave you. So if a member gave you a score of 2 on the rating scale, the reason for a poor score could help you take action. On the other hand a high score with a reason would shed light on what you are doing right. Both these pieces of information are vital to make important course corrections to ensure member satisfaction in the long run.
Keeping track of your Net Promoter Score helps you gauge and manage the overall customer experience.
To be the best credit union in your area, you need to make sure that you’re doing better than your local competition. Competitive insights help you understand your member experience relative to your competitors.
So how can you get data on your competitors’ members? It’s simple: check out review sites. Your competitors’ members leave reviews on sites like Google and Facebook just like your members do. Pay close attention to both your competitors’ overall review rating and what customers are saying in the review text. This is valuable information to help you pinpoint areas where you might be lagging behind.
At Birdeye, we’ve seen that credit unions have success when each branch has access to the feedback from reviews and surveys. It’s a great way to ensure that all of your members can have a great experience no matter where they choose to go.
How Park Community Improved Member Experience
Park Community Credit Union is a 16-location credit union based out of Kentucky. Park Community realized that to improve member experience, it needed a tool that could help both collect customer feedback and analyze the data.
The first step to improving member experience is collecting feedback. Park Community collected more reviews automatically with Birdeye. The impact was immediate. The credit union went from getting around 10 reviews a month to getting around 300 reviews a month.
In the Birdeye dashboard, Park Community could keep track of reviews on over 150 sites. Each branch manager was given access to the Birdeye account so member feedback could be tracked closely.
Birdeye also helped Park Community analyze what customers were saying in reviews. With Birdeye’s advanced insights, Park Community was able to see the issues that members were talking about the most in reviews. When areas like “customer service” were lagging behind, the credit union could take immediate action to improve the member experience.
How Can Birdeye Help Your Credit Union
More than 90,000 businesses across all industries use Birdeye to both collect feedback and improve overall experience.
Here’s how your credit union can benefit from using Birdeye.
Get More Member Reviews
Remember, the first step to improving your member experience is by getting the feedback that you need. With Birdeye, it’s easier than ever for credit unions to collect reviews from their members. Birdeye integrates with your business systems so that you can automatically send review requests to your members after a loan appointment.
Birdeye protects member information through every interaction. The platform is rated as Enterprise-Ready by the prestigious Skyhigh Networks CloudTrust™ program.
Analyze Member Reviews
While reviews can give you valuable insights into what’s working and what’s not, it’s hard to make sense of this information on your own. Different members might have different opinions. Different branches might have different problems. It’s tough for a human being to find a clear story from all these different opinions.
Birdeye’s Natural Language Processing (NLP) engine Athena takes out the hard work of manually analyzing review text. In the Birdeye dashboard, you can see the categories that your members are mentioning the most, whether that’s “customer service” or “wait times”. Athena will give you grades on each one of these areas. It’s easier than ever for you to say how your credit union is performing on a variety of different categories.
Customer surveys are another way you can get authentic feedback from your customers. Birdeye’s all-in-one dashboard allows you to send out surveys to your members.
Send Net Promoter Score surveys, member experience surveys, and many more. Birdeye’s surveys are fully-customizable and easy-to-use, so you can design surveys around different areas of your member experience.
Try Birdeye, the #1 Member Experience Software
Don’t fall behind in your member experience. Make sure that you’re giving every one of your members the experience they deserve. More than 90,000 businesses across all industries use Birdeye to collect feedback and improve customer experience.
Originally published Nov 01, 2019 4:19 PM, updated Nov 21, 2022