Mountain America Credit Union's (MACU) 'Place Members First' motto empowers employees to work continually to understand consumers' priorities and match them with quality products and services. But, in 2012, the leading credit union recognized that it needed a common system and process for gathering both solicited and unsolicited member feedback in an effort to quickly analyze responses and create action plans to improve brand experience.
MACU, which operates 84 branches across the Intermountain West, sought to define a successful service model that would help the entire company gather member feedback and close the loop in order to provide a world-class member experience. Thus, in its efforts to grow membership, build loyalty, and increase the number of products per household, MACU launched its Member Development/Member Experience initiative in 2013, which allows the credit union to measure the relationship between employee engagement and member loyalty, as well as identify the drivers that foster member engagement and satisfaction.
"By achieving natural buy-in throughout the organization, we're all now focused on the same thing," says Dennis Bromley, senior vice president of member development and engagement, sales/R&D for Mountain America Credit Union. "The ball keeps rolling in the same direction at the same speed, allowing us to serve members better, grow, and operate more effectively. From our CEO to part-time employees, everyone wants to accomplish the same goal. Otherwise, it'd be difficult if we weren't all on the same page."
From random surveys to social media, MACU now gathers all solicited and unsolicited member feedback together into one common repository that everyone across the company can monitor and study thanks to its partnership with MaritzCX. The software allows for instant access to results, which are then reviewed daily to ensure members are heard and to enable constant quality improvement Concerns and suggestions are automatically categorized and routed to the appropriate business unit for response and resolution. MACU also underwent an extensive journey mapping process to identify critical points within the process that required special attention. Such data and reports empower MACU to remedy threats to member loyalty with speed and efficiency, while also enabling the credit union to uncover insights that help the organization boost business operations. For instance, member feedback led to an alteration in branch hours so MACU could better serve consumers' needs.
MACU also understands that engaged employees are essential for better member experiences, as these individuals interact with members regularly and offer unique insight into pain points that may arise throughout the customer journey. This, in turn, leads to happy, loyal members. Therefore, MACU also monitors employee feedback in order to empower staff to make suggestions and present quick resolutions in real time. Such behaviors positively impact members' ability to achieve their financial dreams, further strengthening the correlation between employee and member engagement throughout their journey.
Since its inception, MACU's member-centric initiative has triggered exceptional growth and satisfaction. In 2014, MACU added 50,000 members-an 11.6 percent increase over 2013-thereby exceeding its goal of 36,000 new members. MACU also increased its products per household ratio from 6 to 6.5 during 2014, signaling a 7 percent annual increase, while also maintaining length of tenure at 8.45 years. MACU's greatest achievement, however, was its NPS score of 64, as this number exceeds the credit union average NPS of 50, as well as the banking industry average NPS of 17. Such results exemplify MACU's continued success and the credit union plans to see this type of improvement and growth persist in the future thanks to the organization's steady focus on placing members first.