Amazon has been casting a long shadow over much of retail, even before the pandemic. The Amazon Effect is two-fold. First, it has given the consumer an incredible amount of choice, and second, it has raised expectations for speed in delivery. The consumer now has expectations of 24/7 service and fulfillment.
Attempting to respond and meet this marketplace expectation is incredibly tricky for credit unions. While credit unions have more data than Amazon, they are challenged to connect their 60-100 data systems to create a holistic view of the member journey and create metrics to assess, measure, and retain member value.
Credit Union Actions
Take a moment to replay a successful engagement experience and how seemingly effortless it went. Now, think of a friction-filled engagement experience and how impactful it was in the decision to leave or re-engage. A credit union member is doing the same exercise.
The actions a credit union should take to quickly gain insight on the member experience is to perform a friction assessment include:
Assess the current condition with a simple survey of leadership and member contact staff to gain a perceived list of member frictions.
Create a member journey map to determine the prioritization of actions.
Build a friction-less road map.
Is there a book out there that can help me counter the Amazon Effect?
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.
Does someone teach a credit union how to build innovation as a capability?
Of course, we do, and so much more. To learn more, please review our consulting services.
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