If your credit union is seeking new ways to deliver exceptional member experiences that drive revenue and build loyalty, it’s time to put your member data to work. By 2020, Gartner predicts that more than 40 percent of all data analytics projects will relate to an aspect of the customer experience. (1)
Given how critical member satisfaction has become to credit union success, it’s important to understand just how deeply analytics can impact the member experience while boosting engagement. Making it a priority to improve member service now means using advanced analytics and insights to further add value and offer uncompromising service. Here are some insights into how your credit union can use member data to build long-term relationships, reduce attrition, and remain competitive.
Insight #1: Personalize for Maximum Engagement
Understanding the products and services that are right for your members is crucial during their life-cycle or journey. Without the proper data mining protocols in place, it’s impossible to provide a custom-tailored experience and accurately understand the services your members need.
Data allows your credit union to create the ultimate personalized experience, which is a key component to build loyalty. By leveraging a strong data and analytics competency, organizations can deliver the right product or service to the right member through the right channel(s) at the right time. This includes knowing: what channels your members prefer, how to best engage with them, what products do they need, and when do they need these products or services. Tapping into various data points allows you to find out these critical personal touch points that will appeal to your members while driving a higher ROI. As the credit union drills deeper using data discovery tools and analytic models to better understand the member’s purchasing habits, these insights provide the foundation from which further personalized member experiences can be made.
Insight #2: Gain a Single Member View
Data analytics allows credit unions to gain a holistic, 360-degree view of their members and gain a tremendous competitive advantage in earning loyalty. It allows the FI to offer products and services that members really want, instead of what we think they want. The key is having a centralized platform for all users that integrates everything from core, LOS, CRM, mobile activity, branch visits, social media engagement, and more. When your credit union has a single view of the member, you can dive deep into knowing member interests, purchasing trends, and communication preferences. All areas within the FI should have access to that same single-view so the member is engaged in a consistent manner. This single view of each member will help your FI answer a critical question: “Who are our most valuable and profitable members?”
Insight #3: Anticipate Their Next Move
Leveraging data analytics can help you seize opportunities today, but you also need to predict what your members need and want tomorrow (before the competition does!). Understanding your members and their expectations is crucial for delivering the best personalized experiences. Every experiential decision should be backed by data helping to refine messaging and increase conversions. Staying on top of member trends and at the forefront of members’ minds starts with understanding the audience inside and out. This means collecting incoming data across all campaigns, platforms, channels, and devices.
From identifying ways to improve member engagement to discovering member pain points to enhancing cross-sell opportunities, the possibilities for improving member service are endless when data analytics strategies and programs are deployed. Leveraging data can make all the difference in achieving the relationships credit unions are seeking to create with their members.
Are you capitalizing on these opportunities to improve member service and loyalty? At The Knowlton Group, we believe that every organization – no matter their size – can become data-driven. The best data and analytics program starts with a great strategy and clearly defined roadmap and implementation plan. Our personalized approach to each engagement ensures that the specific needs and goals of your credit union are captured for maximum results. Want to know how you can further improve your members’ experiences? Let’s talk. Contact me today at [email protected] or call 860-593-7842.
1. Gartner Group: The Member Experience in 2020