HOW TO IMPROVE CREDIT UNION MEMBER EXPERIENCE

Credit union member experience directly impacts customer satisfaction, loyalty, and overall growth. As member-owned institutions, credit unions rely on strong relationships and trust with their members, who are also stakeholders. Providing a personalized and supportive experience helps credit unions retain existing members and attract new ones, setting them apart from larger financial institutions.

10 Ways to Boost Credit Union Member Experience

The data supports this; according to a recent survey by JD Power, credit unions routinely outperform larger financial institutions like banks, scoring ~11% higher in member satisfaction scores. Despite this, the line between high performers and low ones is shockingly thin; the same survey provides a 1,000-point scale breakdown of the top-performing credit unions which places the highest-observed performers at only ~110 points higher than those scoring the lowest:

With such narrow margins, providing members with quality interactions is an absolute necessity. A positive experience fosters deeper engagement, increasing demand for services and better financial outcomes for members while also augmenting long-term loyalty. As such, the following strategies for improving credit union member experience should be carefully considered.

10 Ways To Improve Credit Union Member Experience
#	Strategy	Description
1	Mobile & Online Banking	Provide mobile apps and online platforms for account management, transfers, and remote check deposits.
2	Tailored Financial Advice	Offer personalized financial products and advice based on members’ financial history and goals.
3	Process Automation	Automate routine tasks like loan approvals, account opening, and service requests.
4	Seamless Omnichannel Support	Provide consistent member support across mobile, phone, email, and in-branch services.
5	Loyalty & Reward Programs	Offer rewards such as cashback, lower interest rates, or points for using specific services.
6	Self-Service Options	Provide members with self-service kiosks, online account tools, and 24/7 customer support options.
7	Advanced Cybersecurity Measures	Implement robust security, such as two-factor authentication, fraud alerts, and identity theft protection.
8	Community Events & Initiatives	Organize community events, charitable drives, and volunteer opportunities that align with member values.
9	Member Feedback	Conduct regular surveys and use feedback to make improvements in services and products.
10	Workshops & Online Financial Resources	Offer educational resources like webinars, financial literacy tutorials, and budgeting tools.

Technology’s Role In Improving Credit Union Member Experience

Technology plays a crucial role in improving the perceptions of every credit union member. Credit unions offer greater convenience and efficiency, more personalized service, and amenities that promote positive feedback. With mobile apps and online banking platforms, credit unions of all sizes can provide members with easy access to their accounts regardless of time or place. Now let’s look more deeply into these methods for improving credit union member experience, with detailed analysis on how credit unions can implement these policies while maintaining a steady workflow.

Mobile & Online Banking

Credit union member experience is arguably much better than it was a few short decades ago due to cutting-edge technology that enables 24/7 access to banking services. This allows members access via mobile apps and online platforms for bill payment, loan applications and other banking-related tasks. These digital tools benefit smaller credit unions, who can then provide many of the same services their larger competitors offer without incurring large overhead costs. 

For larger credit unions, these banking apps and online portals allow them to improve speed of service and enable features like real-time alerts and automatic check deposits. Whatever the size of a credit union, member experiences from these platforms help build loyalty and strengthen engagement while also providing easy, quick and secure banking.

Tailored Financial Advice

Personalizing financial tools and advice goes a long way toward improving the satisfaction of many a credit union member. Experiences based on individual needs help build deeper trust, augmenting the purview that many smaller credit unions cultivate. 

Larger credit unions can offer targeted insights to members that help with managing debt, investments and savings, while it allows the largest to deliver complex and customized financial planning at scale through the pairing of personal advisors with fintech. Such personalized services enable credit unions to deliver products to differentiate them from the perceived impersonality of large banks.

Process Automation

Routine tasks like opening accounts and approving loans benefit from automation, streamlining service while reducing human error and wait times. For smaller credit unions, it frees up staff who can then focus on more complicated matters while for larger ones, it keeps labor costs down through streamlining credit union member experiences. Automation augments accuracy and speeds up processes, enhancing convenience and saving time while making members feel valued.

Seamless Omnichannel Support

Whether making contact via email, messaging app, phone, or in the branch, every channel should be available to members of a credit union. Member experience benefits from the stronger relationships developed by meeting people where they prefer at smaller credit unions, while larger ones can utilize omnichannel support to ensure personalized service at scale across many platforms. This approach allows members to resolve issues more quickly while interacting on their own terms, which in turn boosts engagement and loyalty. 

Loyalty & Reward Programs

Fintech makes it easier to offer special programs to build loyalty and long-term relationships through the provision of rewards like cashback, more favorable interest rates, or points for using certain services. This in turn enhances credit union member experience, with smaller organizations deepening loyalty while setting them apart from large banks. 

For larger credit unions, rewards may be more tangible, such as offering competitive interest rates for credit cards or loans. Some of the largest credit unions utilize fintech to personalize rewards programs to create tailored incentives based on financial needs and spending habits.

Self-Service Options

Whether via online tools, self-service kiosks or other means by a credit union member, experiences in the 21^st century require 24/7 access to banking services. While large credit unions use these to provide consistent service for transactions across multiple channels, smaller credit unions make themselves more competitive by offering more services without needing to hire more staff. 

By offering viable self-service options, credit unions provide members with greater flexibility to improve efficiency, reduce wait times and streamline operations.

Advanced Cybersecurity Measures

Fraud alerts, identity theft protection, two factor authentication, and other cybersecurity measures improve credit union member experience for any size organization. Fintech that supports robust security measures demonstrates a commitment to safety for members of smaller credit unions while also reducing the risk of fraud. 

For larger credit unions, it helps protect their data, which is often the goal of cyberattacks. Regardless of the size of the credit union, member experiences are improved through stronger security protocols.

Community Events & Initiatives

Fintech allows credit unions to better organize charity drives and other civic events that connect the organization with the greater community. It helps credit unions of all sizes deepen engagement and enhance brand awareness. This in turn helps enrich overall credit union member experience. 

Member Feedback

Understanding members’ needs through regular feedback in the form of surveys is easier with fintech. The actionable insights they provide via the garnered data helps larger credit unions enhance customer service, streamline operations, and innovate, while for smaller ones it helps nurture personal relationships. 

Regardless of the size of the credit union, member experiences are buoyed by regular feedback, which drives continuous improvement and shows members that their opinions are valued. 

Workshops & Online Financial Resources

With fintech, it’s possible for these financial institutions to easily provide educational resources like online webinars and other means of digital teaching that promotes economic literacy to every credit union member. Experiences by members in larger credit unions could focus on improving the financial health of their diverse membership, aiding member retention through the provision of accessible and relevant resources. 

Through the use of budgeting tools for their members, smaller credit unions can strengthen relationships and build trust by providing tailored fiscal guidance. All credit unions benefit from encouraging continuous financial education among their members. 

Here are just a few examples of the tools found in defi loan origination systems, to give you an idea of what’s possible:

Key Features of defi Loan Origination Systems
✔ Scalable cloud-based platform	✔ Built-in APIs and quick integrations with third-parties
✔ Automated underwriting, decisioning, deal structuring, and funding	✔ Data analytics capabilities
✔ No-code configuration for workflows, rules, policies, features, and admin functions	✔ Fully integrated mobile apps
✔ Customer-facing portals and other customer service tech	✔ Support for advanced features like AI and machine learning.
✔ Support of complex pricing matrices	✔ Quick implementation of business decisions

Automation in loan processing and account opening can significantly reduce wait times, making the overall experience faster and smoother for members. In addition to improving operational efficiency, technology enables credit unions to offer more personalized experiences using data analytics. Credit unions can successfully leverage technology to boost members’ experiences by deploying an industry-leading lending platform. defi SOLUTIONS loan origination solutions offer these advanced capabilities and more.