Looking toward 2021, credit union members are going need a lot of love as they slowly return to a post-pandemic world. And what better way to fill this need than by creating a member center of excellence (MCoE).
While Centers of Excellence are not new, very few credit unions have one dedicated to members. A Center of Excellence is a formal structure where a (typically small) team of dedicated individuals explore new tools, techniques, and practices to strengthen a competency to evolve into a best practice.
In a credit unions application, a CoE can focus on the member. In an MCoE, a credit union brings together a small group of employees who are experts familiar with member experience to understand member frication and work to solve for it and create member experience standards that excel.
Successful CoE have the following drivers;
Provide focus and alignment to the data transformation priorities. This is traditionally expressed as 1) prioritize member needs across individual teams and provide a consistent member experience across the value chain, and 2) act as a new organizational approach to prioritize and facilitate successful delivery of member experiences initiatives across the organization.
Leverage knowledge cross-functionally. A CoE can encourage collaboration across functions to define and promote best practices. It can also leverage the member experience directly to provide knowledge sharing across the enterprise.
Distribute resources appropriately. The CoE can ensure resources are allocated efficiently across the credit union. In addition, it can act as a platform for developing and distributing new capabilities.
2021 might be a great year to build and strengthen a Member Center of Excellence formally.
Is there a book out there that can help me learn more about building Member Centers of Excellence?
Written for credit unions by a credit union expert, Big Data/Big Climb: A credit Union playbook for leveraging data and talent to achieve revolutionary member relationship has been hailed as a "must-have". The book cuts through techno-jargon and translates data transformation concepts into a playbook filled with real-world examples, assessment guides, and other tools needed to reduce member friction, analyze actual competition, and identify disruption to improve the lives of its members and gain competitive advantage.
What if I want something more interactive than the book?
For the same time that it takes to enjoy your lunch, you could be learning about the elements of a disruption analysis. Click here to learn how to access the recorded session on this topic.
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