Member Experience Challenges for 2019

CloudCherry | Featured | February 11, 2019

Speakers: Ralph Cumbee from Solarity and Rose Bentley from CloudCherry  

GENERAL COMMENTS by Ralph Cumbee, Chief Experience Officer, Solarity Credit Union  

This was a short webinar that went on for about 45 minutes and the majority of the issues presented by the speakers and the questions raised by the host revolved around ‘Member experience challenges’ and how to create solutions for the current year- 2019.  

An Overview  

Back in 2015, Solarity was looking at ways to differentiate the organization. They saw financial services has an area of focus and there were just so many ways to differentiate their Credit Union in the market. The Credit Union space is rapidly growing into digital. In 2016, when Ralph Cumbee was named the CXO, he realized the potential of ‘Member Experience’ in the fast-developing digital world. He and his team of experience enthusiasts changed the strategy to focus more on home loans along with running a traditional credit union for their members and keeping up with most of the services that allowed. They have believed in the “recency effect” for quite some time now that states that the customer may have been frustrated for a very long time due to various reasons, but he/she, by the end of their journey, should have their expectations met.  

The Challenges  

  • Silos  
  • NPS  
  • Survey Fatigue  
  • Rapidly increasing member expectations  
  • Journey mapping  

Silos  

The main challenge for all credit unions is “Siloed Data”. “Breaking down relevant silos and bucketing them well, is the biggest task for us”- says Ralph  

The Solution  

Ralph recommends, “Silos not specific to any one industry or any one type of business, but it certainly affects everybody, and I think financial institutions may have a little more susceptibility because we tend to be siloed anyway, and silos are absolutely the bane of a great cx program. The only way to get through that is this is that it has to be used to its true potential. Resources need to be invested and teams need to analyze this warehouse of data as it can be of utmost importance to understand your customer’s want and enhance his/her experience.”  

NPS & Other Metrics  

CX is an immature and growing field. It goes beyond saying that a lot needs to be tracked, understood and stored for the future. But currently, NPS- Net Promoter Score is one of the only ways people track CX. There’s a lot of work around that, but it has some major shortcomings and you’ve got to find other ways to measure satisfaction.  

Survey Fatigue  

The other thing that we really are facing now, is survey fatigue. It is getting tougher and tougher to get surveys back and people are just getting surveyed from everywhere and it has really created an issue with getting a measuring where you are.  

The Solution  

Make the amount of questions small, this gives the customer less fatigue vs one with endless questions. Ralph recommends: “Ask really just these four questions. Would you recommend this? Was it easy? Did you get what you needed done? & How do we make you feel? And then we do ask for the comments around each of those and I can tell you that the comments are the most important part of that. You get all of your goal and the customer is still there to complete your survey.”  

Rapidly Increasing Customer Expectations  

The expectations of customers are increasing with each day. They keep asking for better products, services and with the break of the digital media, everywhere, this has become a major problem. Everything tends to get better with communication and therefore, Ralph’s strategy is simple- ‘surveys on every digital and offline channel is the way to communicate the best with your customers.’  

Journey Mapping  

Every customer has his/her own journey with a brand or product and as individuals, they have various expectations and satisfaction levels. To have better understanding of a customer’s journey with the product/service, credit unions/brands need to understand the journey of each customer minutely. Journey mapping is integral.  

So Where Does CloudCherry Fit into Solarity’s CX Strategy?  

“Well, it’s our whole VOC, Voice of the member program. It is absolutely fundamental. We have, that’s where we started. That’s where we continue to work hard. We’re getting that feedback. You can have a conversation if you’re not listening and that listening part is crucial and that’s where cloud comes in for us. What we like about cloud cherry too is we have the flexibility to launch a survey on the fly, to be able to get it to the different channels as we expand channels and we go to texting and we go to our website and we go to our mobile APP and we go to all the ways we can interact with members. We’ve got have a system that will accommodate only because of CloudCherry.” – Ralph Cumbee.  

Come watch this webinar to find out more of how Solarity Credit Union tackles the challenges Credit Unions face. There is nothing better than knowledge from experts in the space. Follow The Link to Watch The Complete Webinar