Member experience is vitally important to credit unions and their industry partners. When considering which products or services to provide or how to best enhance offerings, the member experience is always a top priority.
At PSCU, the nation’s premier payments credit union service organization (CUSO), member experience is defined and governed by four key areas: ease of use, convenience, personalization and security. When each area works together, credit unions are able to provide their members with seamless, connected experiences – which are not only what today’s members want, but what they expect from their trusted credit union partner.
With the landscape constantly evolving and members’ needs rapidly changing, credit unions must lock down a strategy to ensure they consistently meet expectations. Consider these four ways to enhance the member experience:
1. Walk a Milein Their Shoes
Journey mapping is an exercise often used to help identify areas of opportunity from the cardholder’s perspective. Its purpose is to identify the tasks, thoughts and feelings of members as they engage with a particular process, tool or service. Done successfully, journey mapping reveals pain points and process disparities, as well as areas of opportunity to deliver a better experience for the member, all while providing a visualization of a cardholder’s experience that can be used to share their story and encourage change.
2. Embrace the Digital Age
These days, it is becoming increasingly common formembersto turn to digital channels to conduct transactions and interact with their credit unions. The COVID-19 pandemic accelerated this trend, which shows no signs ofslowing down any time soon. If your credit union does not already have a digital strategy in place, now is the time to establish a plan of action. Take inventory of current offerings, prioritize investments and build a strategy that is constantly and consistently taking digital innovations into account.
3. Top-of-Wallet Should be Top of Mind
Encourage members to choose their credit union-issued card by running enticingcard and loyalty programs across all of your payments channels. Promote incentives and special offers to encourage members to add their credit union-issued cards to mobile wallets, subscriptions, streaming services and other payments options over competing bank- or fintech-issued cards.Digital payment methods are on the rise and continuing to trend upward, and members choosing their credit union-issued card will become even more important as each purchase made through a specific channel represents a revenue opportunity for both debit and credit accounts.
4. Pick the Right Partners
Once a credit union has established its priorities, leveraging third-party partners can be hugely beneficial.An ideal partnerwilldeliver technology that integrates with multiple systems and channels with scale. Depending on your members’ wants and needs, it could be a partnership with a CUSO, fintech or both. Establishing these partnerships will allow your credit union to provide cutting-edge, advanced technology and tools, as well as focus your efforts on what matters most to members.
By relying on these strategies, credit unions can guarantee they not only meet but exceed member expectations through their tools and offerings. And,regardless of the solution – whether contactless cards, mobile wallets, fraud tools, card programs or others – the member experience is always top priority.
Brian Scott partners with industry leaders in payments and community financial institutions to create competitive payments programs. Brian helps credit unions position themselves competitively in their own communities and maintain profitability throughout their payments programs. He spent 23 years in the highly competitive consumer payments marketplace and is a recognized leader in payments solutions and innovative technologies. He is a frequent speaker on the future of payments, new payments trends, mobile banking, alternative payments, and how new payments technologies will transform the current banking space.