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How CloudCherry help Credit Unions deliver amazing Member Experiences
CloudCherry | December 1, 2018
Investment in Member Experience Management has been gaining momentum over the last few years in the finance industry. Credit union executives are seeking feedback and learning to listen to the voice of their members and their needs. They obviously want to provide supreme and excellent service on a daily basis.
But even though the desire to improve MX is there, building an MX program from scratch is hard. Most teams usually start by sending out a few ad-hoc surveys to start collecting feedback from members. You’ll get a few numbers in, and then what? It’s really hard to drive change that impacts the business from just a few customer responses.
This is because survey responses are only describing the current state of your member’s experience – it doesn’t tell you what you need to do to get to where you really want to be.
What credit unions need is a CEM that moves beyond describing the member experience to start providing the insights and driving the actions to improve it.
CloudCherry uses very specific journey mapping, reporting, and analysis from a beginning-to-end member experience to show how data can drive change, improve employee action and delight the member, whether it be a normal visit to withdraw or deposit funds or a new customer obtaining a new checking account or opening a business loan.
Here are three areas from the CloudCherry CEM Platform that provide valuable and useful data to drive change.
Credit unions need information at-a-glance to help understand how their member base feels and acts across multiple branches and touchpoint. Without being able to identify trends, credit unions can’t react quickly to provide a consistently excellent experience. But compiling surveys from multiple branches can be time-consuming and almost impossible without the right technology to help.
Within the CloudCherry platform, our CrossTabs reporting feature provides snapshot data from multiple touchpoints. For example, if you have multiple branches, CrossTabs can report the NPS (Net Promoter Score) of all branches in one go, as well as break it down by location so you can spot outliers. Further, it will let you know which age group, gives what score, at which branch location. Having this information all in one easy-to-read place makes it easy to see where the opportunities for improvement are – and what your team is already doing well.
It’s even more powerful when you can dive into the interrelations between two variables. For example – are younger people less likely to recommend a specific branch? A contingency table (also known as a cross tabulation) is a type of table in a matrix format that displays the frequency distribution of the variables. These are heavily used in survey research, business intelligence, engineering and scientific research. They provide data and insight of the interrelation between two variables and can help find interactions between them.
Contingency tables can help your credit union answer questions like “what is our average response time?” and improve the member experience by providing tips on what changes will have the biggest impact, for example: “greeting customers by their name.” It’s simple, but effective information.
How well do you know the experience your members have when they walk into your branch? The reality might be much different than what you picture.
For example, do you know how many steps it takes for a new member to obtain a loan? If the last time you walked through the processes of your members was a while ago, you might be surprised at the hoops you make them jump through.
Member journey mapping can help discover gaps in your MX, expose operational inefficiencies, and provides suggestions to improve these areas with goals. But, almost half of the customers we speak with have not mapped out their members’ journey.
CloudCherry is equipped with an in-product journey-based feature that aids your Member Experience Management. As part of our Consultative MX services, we go through a journey mapping exercise with every new credit union we work with and then bring this journey map into the product. By combining the journey map with member touchpoints like a post-transaction survey, measuring the member experience includes context around the lifelong relationship you have with your members – and less about one moment in time.
It starts by defining member journeys and mapping them with each of the touchpoints your members interact with. Each set of touchpoints and channels are assigned to different stages. Stages could be a defining moment such as a member joining your credit union or obtaining a loan. Within the touchpoints of each stage is where you decide to collect responses.
Member retention sounds complicated. Not knowing if people will keep their membership with your credit union is unsettling. Even if members might appear satisfied, it’s all too easy for them to walk out the door when something goes wrong. Just because a member is satisfied – doesn’t mean they are loyal to your credit union. It’s because of this that figuring out why people leave and how to improve loyalty metrics like NPS are common questions with many businesses.
But we can help with that. CloudCherry’s Path Analysis is an interactive model that assists in untangling the complicated interdependencies between different attributes such as service quality, branch experience and product. Uncovering these dependencies helps credit unions to predict member retention, establish financial linkages and determine MX ROI.
By using the insights we derive from Path Analysis, we develop interactive forecasts using both direct and indirect relationships between experiential aspects. These forecasts, called Predictive Analytics, help with forward thinking and change management by applying past experiences with recommendations in the optimization process and by maximizing desirable outcomes while minimizing others.
For example, a common concern of credit union members is the speed of service at a branch. But increasing the number of tellers available at each branch could potentially be an expensive investment. Will it pay off? CloudCherry can answer this question by looking at incoming member experience data and determining how wait time directly impacts member loyalty. If members wait 30 seconds less during each visit, do they invest 5% more? What about 1 minute less? At what point does the return start diminishing? Using Path Analysis can help executives justify investments in improving MX by predicting the financial impact before even starting the experiment.
Exclusively done within the CloudCherry platform, this decision logic is based on the impact of the outcomes, thereby enabling data-driven, knowledge-based decision making.
Credit unions have a natural sense of pride in what they do, because members collectively decide what best to do with their money. The members expect a lot from their credit union. There are a lot of banking institutions to choose from, but they have chosen your credit union. And that means something.
This puts big pressure on credit unions to deliver a well-designed and executed member experience. In order to do so, your credit union needs access to easy-to-understand reports and dashboard that let you review collated experience data from across a number of branches. You need to be measuring the experience from across the entire member journey – not just at specific moments in time. And finally, you need an analytics platform that decodes and untangles the interactions between member actions to help you maximize desirable outcomes.
CloudCherry does all this and more. And we’re doing it better than anybody else because we take pride in what we do, just like credit unions.
Learn more about building a modern member experience with our free e-book, designed to give every member experience team the tools they need to delight members.