EASY DOES IT: THE FREE GUMMY BEARS GONE WRONG HOW STREAMLINING PROCESSES ENCOURAGES MEMBER LOYALTY. Volunteer Leadership Institute February 6, 2019

Transcription

1 EASY DOES IT: HOW STREAMLINING PROCESSES ENCOURAGES MEMBER LOYALTY Volunteer Leadership Institute February 6, 2019 THE FREE GUMMY BEARS GONE WRONG 1

2 HELLO AGAIN! ANDREW DOWNIN Vice President, Marketing & Communications Vantage West Credit Union REMEMBER WHEN 2

3 WHEN WE RELIED ON THIS FOR NAVIGATION? OR WHEN THIS WAS HOW WE BROWSED FOR BOOKS AND MUSIC? 3

4 WHERE ARE WE HEADED? EASE OF USE IS OUR FUTURE 4

5 IF KFC CAN MAKE EATING CHICKEN EASIER, CAN T WE MAKE BANKIKNG EASIER? 87% of customers think brands need to put more effort into providing a seamless experience. Source: Top 10 Customer Experience Trends for 2016, fonolo.com 5

6 EASY IS THE KEY REFINANCE DRIVER Source: PwC Financial Services Institute, % of consumers expect a response within one hour of an inquiry. Yet, in the last three years, 65% of all online mortgage inquiries went unanswered Using Old Technology Is One Way To Drive Away Mortgage Customers, Mortgage Orb,

7 CREDIT UNIONS STRUGGLE 7 in 10 credit unions find keeping up with technology challenging WHAT ABOUT THE LATEST BUZZWORD? OMNICHANNEL 7

8 LOADING UP AT THE BUFFET INDIVIDUALS AND CHANNELS MAY BE EXCEPTIONAL, BUT THE ENTIRE EXPERIENCE OFTEN IS NOT Member 8

9 STUCK IN ONE CHANNEL MOVE TO ANOTHER CHANNEL THRASHING WHAT COMPETITORS HAVE SET THE BAR SO HIGH? 9

10 YES, WE RE COMPETING AGAINST PIZZA ROCKET MORTGAGE LARGEST MORTGAGE LENDER BY VOLUME 10

11 LIFE MADE EASY (AND PRACTICALLY INSTANT) Source: Filene Research Institute, Member Effort Benchmarking: Measuring Ease of Use,

12 EASE OF USE TRUMPS SATISFACTION Source: Harvard Business Review, Stop Trying to Delight Your Customers, ACTUAL AND EXPECTED MEMBER EFFORT SCORES MEMBER EFFORT CLASSIFICATION Source: Filene Research Institute, Member Effort Benchmarking: Measuring Ease of Use,

13 Source: Filene Research Institute, Member Effort Benchmarking: Measuring Ease of Use, Source: Filene Research Institute, Member Effort Benchmarking: Measuring Ease of Use,

14 EFFORT AUDIT DON T ASSUME! Watch out for: Repeat calls Transfers Channel thrashing Repeat requests The people in this room can t test this 14

15 DON T ASSUME OTHERS THINK IT S EASY LIVE USER TESTING 15

16 JOURNEY MAPPING THE IN-BRANCH EXPERIENCE STILL MATTERS 16

17 BRANCHES DRIVE GROWTH AT LARGE CUs Source: Filene Research Institute, Factors Contributing to Credit Union Asset Growth, , TODAY S BRANCHES ARE SMALLER 4,000 3,500 3,000 2,500 Average Square Feet for New Branch Avg Bank 2,400 Avg CU 3,100 2,000 1,500 1, ,500 3,000 2, Source: Bancography,

18 MATCHING INTERACTIONS TO CHANNELS High-Value Transactions and Advice Low-Value Transactions Information Opening/closing accounts Investment and retirement planning Fee inquiries Complaints Deposits Cash withdrawals Balances and transfers Statements, bills, and loan payments Learning about new products or services Loan payoff amounts Transaction histories Alerts Employee assisted Automated EASE OF USE ON THE HORIZON AT CREDIT UNIONS AND ELSEWHERE 18

19 BASIC BANKING WITH AMAZON ECHO Check balances Review recent transactions Pay bills Alexa, ask ABC FCU to pay my credit card bill The future: Investment advice? P2P payments? Account optimization? THE DEATH OF THE DRESSING ROOM? 19

20 WHO NEEDS A MIRROR? LIFE MADE EASY TOP OF WATCH? 20

21 DIGITALLY STANDING BESIDE YOUR MEMBER HAPTIC FEEDBACK AT THE DEALERSHIP? RECOMMENDATIONS TO IMPROVE EASE OF USE Improve digital-to-employee handoffs Keep an eye out for channel thrashing Consider measuring member effort score Conduct user testing and journey mapping Match interactions with channels 21

22 QUESTIONS? Thank you for your participation! 22