The Value of the Member Experience in FI

Financial institutions must reimagine the experience they provide their customers to deepen their relationships. And, the effort is worth it: a 2020 report showed that 89% of companies that prioritize the member experience perform better financially than their competitors.

Yet, while many financial institutions already understand the importance of member experience, they view it as a complicated and time-consuming endeavor. Let’ s look at how banks and credit unions can turn a once-complicated process into a streamlined capability

1. Leverage engaging marketing communications

Even before the sign-up, engaging marketing communications will command attention and drive sign-ups for your products and services. By crafting experiences that directly convey the benefits of your brands, you can strengthen the transition from a prospect to a member. And conveying clear, compelling messages highlighting your product or service benefits will go a long way to setting proper member expectations.

2. Streamline the onboarding process

Making onboarding more user-friendly helps drive sustainable behavior change and sets the tone for a better overall experience. And an efficient onboarding process helps members quickly get insights into the features and benefits of your offerings to get the most out of their relationship.

3. Ensuring a strong website experience

Once your customer is on-boarded, brand websites do the heavy lifting in the initial interaction. First impressions are important, so removing friction in the user experience is crucial. Ensure your website is cleanly designed and easy to navigate. Aim to anticipate the needs of your customers as they explore by providing a website experience that is both responsive and intuitive. Frequently review web analytics and existing member feedback to make continuous improvements

4. Utilize data to improve the experience

Capturing data on individual needs and preferences creates robust zero-party data that provides an extra level of personalization for all downstream communications.

5. Make it easy for members to find what they need

Most financial institutions offer dozens of products and services, including checking accounts, savings accounts, credit cards, reward programs, certificates of deposit, mortgages, home equity loans, auto loans, and more. With all of these options, it is essential to make it easy for members to find what they need as quickly as possible. A streamlined experience makes it easier and faster for members to get the answers they ’ re searching for: account information, contact information, or FAQs.

6. Leverage behavioral science principles to make choosing easier

Choice architecture can be leveraged to nudge members in the most beneficial direction. Behavioral science can be used to design communication and programs that are easier to understand and more motivated to act upon. Showing gratitude also goes a long way in building a positive customer experience.

Whenever a customer chooses to do business with you, creating a memorable and positive customer experience should be every company’s goal. Making sure your website is easy to navigate, providing clear instructions, being available to help, and showing appreciation are all essential factors in ensuring customers have a positive experience with your company

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