Personalized, committed member service has long been the differentiator between member-owned financial cooperatives and for-profit financial services providers. The digital revolution has made it more challenging for credit unions to keep up that level of service and consumer expectations at the same time.
But there are advanced tools that can, in real-time, help your credit union understand your members’ financial needs and their experience with you on a granular basis and at a speed never before possible.
A great example is Member Interaction Monitoring (MIM) from Member Loyalty Group (MLG). MLG has integrated sophisticated tracking and analytics tools into its member experience management program.
Here’s more about that approach that is helping the CUSO’s 170 client credit unions stay ahead of the curve, anticipate member needs, and deliver exceptional experiences that can help them build strong, long-lasting relationships with their members.
What is Member Interaction Monitoring (MIM) and how does it go beyond simply surveys?
Michelle Bloedorn: Member Interaction Monitoring isn’t a product itself, but a process of actively observing and analyzing a wide array of interactions between credit unions and their members. It involves monitoring various interaction channels, including apps, websites, in-person interactions, phone calls, emails, chats, and social media, to gain knowledge about actual member journeys. This allows credit union leaders to identify common issues and pain points that members face in real-time so they can be addressed quickly.
While surveys are an important tool for gathering customer feedback, MIM goes beyond surveys by providing a more comprehensive view of the member experience. By analyzing areas of friction as well as tone, language, and sentiment of interactions, credit unions can gain insights into member challenges and preferences that may not be captured by surveys alone.
Please describe how MIM tools fit into your solutions for capturing, analyzing, and reporting data.
MB: Our member experience management program is an integrated suite of options, of which MIM tools are part, that allows credit unions to select and combine the solutions they need, including:
- Voice of the Member
- Voice of the Employee
- Digital Experience Analytics
- Contact Center Experience Analytics
- Social Media Analytics
Text analytics, artificial intelligence (AI), and machine learning tools work across the platform and allow credit unions to quickly understand structured and unstructured insights to uncover what members care about, prioritize actions and predict their behavior.
Here’s a bit more on some of these most salient points:
Digital Experience
The key to our Digital Experience Analytics (DXA) tool is the scoring of every member interaction across each digital property. The tool scores five different aspects of every online and mobile journey: Engagement, Navigation, Frustration, Technical issues, and Forms. It captures behaviors like mouse movements, clicks, speed, hovers and touches, scrolling, device rotations, pinches, and many more – all while associating these events with the underlying context of the content being viewed. This allows credit union leaders to better understand the quality of the members’ digital experience and develop strategies for improvement. It also provides an immediate opportunity to act on problems that surface.
Contact Center Interactions (Speech Analytics)
Within a contact center, every call can be automatically transcribed and analyzed for content through text analytics and AI to surface themes and real-time issues. This could provide the first alert of a service interruption (credit/debit cards are being declined), or a process that’s confusing to members. This solution can also help identify employee coaching needs.
Social Media Analysis
Social media analytics captures scores and comments from more than 25 social and review sites, including Google, Facebook, Twitter, and TripAdvisor. These can then be analyzed with text analytics and AI to uncover member issues and suggestions, as well as identify at-risk members.
Journey Analytics (coming soon)
Everyday interactions like new member applications, account openings, digital banking
registrations, and loan applications can be analyzed to find pain points and/or improvement
opportunities.
Even if journey doesn’t present with major challenges, there are still things to be learned – how long did the process take? Is there a way to shorten the number of steps involved? Do certain steps take longer than others, possibly indicating confusion or increased member effort?
Please describe how your MIM solution helps credit unions identify challenges and turn them into actionable opportunities.
MB: Here are four ways we accomplish that for our client credit unions:
Identifying Pain Points: Member interaction monitoring (MIM) solutions can help identify specific pain points that members encounter during their experiences with the credit union. For example, if the solution shows that members frequently abandon loan applications on the credit union’s website, the credit union can see exactly where members are dropping off and make adjustments to simplify the application process or provide additional support.
Improving the Customer Experience: MIM solutions can help credit unions improve the customer experience by identifying areas of customer frustration and opportunities for personalization. For instance, if the solution reveals that members often contact the credit union’s call center for assistance with simple account-related issues, the credit union can implement or better communicate self-service options and personalized messaging to guide members to the right resources and reduce the need for phone support.
Enhancing Marketing Strategies: MIM solutions can help credit unions enhance their marketing strategies by identifying the most effective channels and content. For instance, if the solution shows that members are more likely to engage with the credit union’s social media posts than email campaigns, the credit union can allocate more resources to social media and improve the quality of its social media content to drive more engagement.
Streamlining Processes: MIM solutions can help credit unions streamline internal processes to improve the customer experience. For example, one client credit union identified that new members often call multiple times before funding their new account. That launched an investigation to determine the root cause. If the solution shows that members are experiencing long wait times in a branch, the credit union can use queue management technology to improve wait times and staff scheduling to ensure that member needs are met more efficiently.
What is the competitive differentiator between your MIM solution and your competitors, and what IT infrastructure and staff are required?
MB: Our products are co-developed with clients and experts. We also use best-in-class tools from our partner Medallia that are then customized for credit unions. Our MIM solution works with most APIs and phone systems and requires no more than a simple snippet of code in Google Tag Manager.
How can my credit union find out more about MIM from Member Loyalty Group?
MB: Visit our website at www.memberloyaltygroup.com, submit a contact request, or request a demo to see our programs in action.
Michelle Bloedorn has been CEO of Member Loyalty Group (MLG) since its inception in 2008.
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