RANCHO CUCAMONGA, Calif.– A detailed report on the member journey has been published by CO-OP Financial Services and Mastercard. The report is based on a nationwide survey of 1,200 credit union members this past spring and analyzes 2,000 individual member journeys to get detailed insights into the member experience.
The objective is to try to uncover opportunities, strengths and pitfalls in the daily interactions credit unions have with the people they serve, according to CO-OP.
Among the highlights of the research:
Member Interactions Can Build (or Erode) Loyalty
The survey measured the performance of 13 key member journeys, such as applying for membership, making a service complaint, initiating a balance inquiry or starting an investment account, CO-OP said. It also considered impact: how both positive and negative performance influenced future behavior. “One of the key takeaways across virtually every member journey was that a good experience can build loyalty while a bad experience can significantly decrease it. For instance, 58% of members who experienced high levels of stress or anxiety from a negative member journey said they would decrease their business with their credit union. Conversely, 64% of members that experienced an exceptionally positive experience said they felt increased trust with their credit union.”
Emotions Fast-Track Results
Perhaps most interestingly, the research reveals how emotions affected usage and trust, CO-OP said. “Feelings of excitement and happiness, or anxiety on the opposite end of the spectrum, enhanced both positive and negative impacts on future business and trust. For example, when member journeys went well, 47% of members who were experiencing mid-to-low emotional levels said they would increase their business with their credit union; 50% said they felt increased trust. Negative journeys led to similarly “enhanced” results. One of the lowest performing member journeys across the board was a credit union’s response to a survey complaint. Not only did that lead to some of the highest levels of negative emotions reported but 85% of members reported that they had told someone they knew about their bad experience.”
CO-OP said mapping the member journey can be illuminating, even “inspiring” for any credit union.
The full results of the survey – including a downloadable 50-page report – are available at www.coopmemberjourneys.org