Seez President Michele Stone recently presented insights at the Marketing Association of Credit Unions (MAC) Conference in California. During Michele’s presentation, she explained how credit unions thrive when they prioritize member-centricity, focusing on personalized, value-driven services.
To truly excel in this focus area, partnerships are essential for providing the tools, insights, and resources that create that enhanced member experience. Here’s how credit unions can achieve increased member-centricity with the help of strategic partners:
- Own and Leverage Member Data
Owning your member data is critical to understanding their needs and driving growth. By partnering with data and analytics experts, credit unions can transform raw data into actionable insights, helping to define and better serve target members. Stop assuming and start knowing.
- Targeted Growth through Personalized Solutions
Evaluate the impact of adding new members versus increasing the participation of existing members. Credit unions can enhance member engagement by offering thoughtful and personalized financial products like new credit cards, money markets, and HELOCs to the right members at the right time leveraging AI solutions. Giving the right offer, at the right time, to the right person.
- Streamline Operations for a Better Member Experience
Operational efficiency is key to member satisfaction. By outsourcing non-core tasks, such as IT management or payment processing, credit unions can focus more on member-centric services. This creates a seamless experience, improving satisfaction and loyalty. Focus on your core products and services, and outsource the rest.
- Invest in Growth for Long-Term Impact
Growth strategies (through new member acquisition or increasing member engagement) should be data-driven and supported by all stakeholders. The potential for increased net income, as shown in scenarios where credit unions increase participation or add new members, makes a compelling case for long-term investment. Growth is an investment – not an expense.
- Financial Wellness and Educational Partnerships
Credit unions can collaborate with financial education platforms to provide members with the resources they need to manage their finances better. This not only improves member trust but also positions the credit union as a partner in their financial success. Trusting that you can help members spend, save, and borrow smarter is a solid foundation to grow from.
- Tailor Services to Target Personas
Leveraging partnerships to define member personas allows credit unions to tailor services and communication strategies. Focusing on specific segments can drive immediate results, from higher open rates to increased engagement with financial products. The product-centric focus is focused on pushing products, while the member-centric focus is focused on pushing solutions.
Member-centricity isn’t just a buzzword; it’s a strategic approach that credit unions must embrace to stay competitive. By working with consulting partners to harness data, streamline operations, and personalize services, credit unions can create a member experience that not only meets but exceeds their expectations.
Ready to get started? Let’s talk about it.