How To Reduce Friction In The Member Experience (And Why It Matters)

How To Reduce Friction In The Member Experience (And Why It Matters)

Article from: CreditUnions.com

Advancements in technology and changes in consumer expectations have prompted many a retailer, including more than a few credit unions, to redouble their efforts toward improving the customer experience. 

At conferences, during roundtables, and in strategic planning sessions with credit unions across the country, leaders at Callahan & Associates have noted several recurring themes that the firm has identified as opportunities for 2019. One of those themes: How can credit unions reduce friction in their member experience?

Why Does Friction Matter?

Members compare their credit union experience to all the unrelated, best-in-class service providers they interact with on a regular basis. When a member expects an Amazon-like experience, even the slightest perception of friction with the credit union can have a dramatic impact on the relationship.

“When members hit roadblocks in the user experience, the credit union is more likely to lose them over time,” says Alix Patterson, partner at the Washington, DC-based credit union consulting firm Callahan & Associates. 

Patterson herself has experienced friction in the member experience and, despite being a credit union advocate and an active member, understands why consumers don’t always choose one for their personal needs. 

“It’s not always the rate or even the mobile channel,” Patterson says. “It boils down to the personal experience. People are willing to pay a premium for experiences. The longer it takes to complete an online loan application, for example, the more likely a member is to abandon it. Other providers can poach members by helping them through a process or making something easier — even if that provider’s rates or fees are slightly higher.”

  

CLICK HERE TO CONTINUE READING

Privacy Policy