The single greatest challenge for credit union CEOs is figuring out how to stay relevant to a member base that does its banking using their phones.
Credit unions need to connect data to breakdown silos and create a member experience that feels like the credit union understands your life and knows just what to recommend at the right time. Fitness/health apps have become masterful at creating impactful user experiences that provide detailed and precise information to the company. The end result is predictive and prescriptive product offerings that create personalized user experience that promotes trust, retention and advocacy.
To help explain why this is important and how it can be achieved, Anne Legg of Thrive provides an experience of hers as a consumer, in which a company used her data to provide her with a very positive and impactful experience. In this video, Anne discusses the potential for member engagement through new technologies. Fitness apps have become a very popular way for apparel/fitness brands to engage with their customer and prospective customers and learn all kinds of new insights about them. This provides businesses like Nike and Under Armour with not only data about their customers such as age and weight, but it also helps these businesses better understand how and why consumers are interacting with their products.
Free socks in the credit union industry
As Anne explains, engagement in the financial services industry is different than the fitness industry. However, credit unions can learn a lot from this example. For example, what if credit unions had an app for auto loans? This would allow credit unions to frequently interact with members and even help them save for things like new tires based on the make, model, and age of the car. Through the use of data, there are lots of opportunities for credit unions to create “free sock” moments to provide value and engage members.
To learn more, check out Anne Legg's whitepaper here: Creating Member Experience 2.0
Anne Legg was a keynote speaker at the 2016 AXFI conference and helped attending credit unions understand the importance and opportunities for member engagement. Anne will be back at AXFI 2017 and ready to discuss the innovations in member engagement and credit union growth of the last year. Learn more about the conference at http://www.axficonference.com/.