Across every industry today, we’re seeing a shift where all organizations are competing less on products, services or rates and more on customer experience.
In fact, customer experience is so crucial that 66% of companies primarily compete on it today, and that includes credit unions. For James H. Gilmore, co-author of “The Experience Economy,” the focus on experience brings newfound meaning to the adage that time is money. According to CUNA News, Gilmore believes that credit union success “hinges on whether it can join that experience economy and create time well spent – and well invested – with its members.”
Just how important is that time well spent? “Customer experience is such a powerful part of building brands that are going to be able to meet the future,” says Adrenaline’s Senior Director of Strategy Juliet D’Ambrosio. “Even more mind-blowing is that when you look at all industries, financial services is the second highest industry that competes on customer experience – even higher than hospitality.” In her recent session at the CUNA Marketing & Business Development Council Conference, she explored how customer experience and resonant marketing work together to build deeper member and customer relationships for financial institutions.
Watch the On-Demand Webinar “Future-Proofing: Building a Credit Union Brand That Drives Tomorrow’s Growth” here:
While marketers may think their organizations are delivering excellent CX, the reality – according to consumers – is that there’s real work to do. A Harris Poll on the gaps in customer experience finds that 49% of marketers say they’re delivering excellent CX, while only 23% of consumers report the same. Even more, the survey finds that 65% of people says experience is more important than great marketing. And when you get down to how the financial industry is doing, less than 30% rate banks or credit unions as being a customer or member-centric, and even fewer say they feel heard and understood. So, what can be done about this CX gap?
The good news for the credit union sector is that the majority of the CU leaders recognize the need to focus on member experience. Data from Cornerstone Advisors finds that 81% of credit union executives rank improving member experience as their top objective. So, marketing leaders don’t have to be in the convincing business with their credit union’s leadership… But simply prioritizing it doesn’t automatically result in better CX, especially without a change in internal processes. To build and sustain good member relationships, “it does require a radical shift in the way that we think about experience,” says Juliet D’Ambrosio.
To drive success into the future, FIs must embrace a customer-centric mindset. “That means putting the member at the center of all decision-making,” says Juliet D’Ambrosio. “When your institution has a priority, that priority has to be linked to a member need, so all decisions – from products to channel strategy – come down to looking at it from the members’ point of view.” From a practical standpoint, that translates into investing in employee experience, designing customer journeys around customers’ lead and personalizing the approach. Finally, reframe metrics to go beyond net promoter scores and measure retention and attrition to truly pinpoint needed areas of improvement.
Stay tuned to Adrenaline’s Insights channel for brand to branch best practices and to Believe in Banking as we track the big trends impacting financial services. To learn more about customized strategies for your bank or credit union or to speak to one of our experts, contact us at firstname.lastname@example.org.
Adrenaline is an end-to-end brand experience company serving the financial industry. We move brands and businesses ahead by delivering on every aspect of their experience across digital and physical channels, from strategy through implementation. Our multi-disciplinary team works with leadership to advise on purpose, position, culture, and retail growth strategies. We create brands people love and engage audiences from employees to customers with story-led design and insights-driven marketing; and we design transformative brand experiences across branch networks, leading the construction and implementation of physical spaces that drive business advantage and make the brand experience real.