In today’s market, it is all about the element of experience and being able to evoke emotion in consumers. For credit unions, it ultimately comes down to the quality of experience you deliver to your members…on every channel, with every interaction. An exceptional and consistent member experience will lead to higher member loyalty and increased member engagement.
What makes your experience standout? It’s your ability to connect with members at an emotional level. Member success stories, our purpose, our values, financial education and community impact are at the center of our brand messaging. This doesn’t mean we don’t advertise or market our products, it simply means our brand building initiatives are focused on purpose and we leverage technology and business intelligence to segment and personalize product marketing. When explaining our why internally and externally, we often say we’re “in the people business” not the money business. We live and breathe member-centricity and strive to provide members with experiences that will make their lives easier.
Businesses that are winning understand the dynamic and ever-evolving world of technology, including artificial intelligence and machine learning, and innovation and work to apply what’s right for their members. By applying AI to our MX/UX we are able determine how we can enhance our member experiences, which in turn leads to increased member engagement and helps us to reduce our costs.
A key factor in the success of any growth strategy is keeping up or catching up with product, service and technology demands of younger members. Research shows that younger consumers want brands to stand for something bigger than profits and many are willing to pay more, advocate for and align their purchasing behavior with brands whose values align with their own. We’re experiencing the positive business and community impact of this in leading with our purpose.
Source: CU Times
Submitted by: Donna LoStocco, President & CEO of First Commonwealth Federal Credit Union