MADISON, Wis. – One of the best ways for CU staff to improve cross sales and perform better at their jobs? Play games.
CUNA Mutual Group has introduced a new tool designed for the company’s Lender Development Program that employs game mechanics, better known as gamification. In a pilot, credit unions are seeing employees’ productivity, profitability and interaction improve with a new, real-time engagement tool that utilizes gamification, according to the company.
The new engagement tool features leaderboards, peer-to-peer rankings relative to progress goals, as well as rewards, coins and badges for high achievers in employee duels. In addition, credit unions have access to real-time metrics, online coaching and training interaction, and team building through online competitions.
Early results from a pilot with a small group of Lender Development Program credit unions are promising, said Patrick McElhenie, director, Lender Development Program, CUNA Mutual Group, during a session at the company’s seventh annual Discovery Conference.
“Pilot participants indicate a 5% to 11% improvement in protecting members’ loans with payment protection products, such as credit insurance and debt protection,” he said.
Real-Time Feedback
Moreover, 78% of loan officers in the pilot stated that seeing real-time feedback helped them feel more engaged and motivated to accomplish their goals, and nearly three-quarters of the pilot participants reported that their rank against peers helped improve their performance.
“Today’s Millennial workforce has grown-up with online gaming and real-time interaction via mobile devices,” said McElhenie. “Bringing technology into the workplace to improve participation levels translates into better employee recruitment and retention, and ultimately, creating better connections with members.”
To learn more, watch McElhenie’s Discovery Conference breakout session, “Credit Union Gamification: Why the Future of Work is Fun,” on-demand.