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Filene Research Institute Launches Member Journey Program
Wednesday, January 27, 2016 6:40 AM

Increase member loyalty by reducing member effort


A new advisory program by Filene Research Institute, Member Journey, helps participating credit unions identify and eliminate member barriers to key credit union services such as obtaining a new membership, opening a new account, applying for a loan, or resolving an issue by focusing on the member journey, and ease of use. 

In a new Filene report, Member Effort Benchmarking: Measuring Ease of Use, researchers explore whether reducing member effort increases member loyalty. Measures such as Member Effort Score (in coordination with satisfaction or Net Promoter Score) can be used to track progress as credit unions seek to improve core lending and member engagement. Filene found significant variation in ease of use across credit unions.

“Credit unions generally enjoy strong market share in consumer lending, especially with auto loans, but mortgage lending lags at around 7 percent market share,” said Jenny Darroch, professor at Drucker School of Management and author of the Filene report. “One reason for this difference in market share might be a more streamlined process, therefore, a better member experience.”

The program leverages research and learning from other successful Filene programs to help credit unions meet their goals—whether that’s improving mortgage lending, problem resolution, or new membership processes. Filene advisors walk each credit union through a three-step process that is customizable each step of the way: Benchmarking Ease of Use, Journey Mapping, and Amplifying the Member Experience.

Learn more about Filene’s Member Journey program at filene.org, or contact Tansley Stearns at 608-661-3753 or tansleys@filene.org.

About Filene: Filene Research Institute is an independent, consumer finance think and do tank dedicated to scientific and thoughtful analysis about issues affecting the future of credit unions, retail banking and cooperative finance. Filene is a 501(c)(3) nonprofit organization. Nearly 1,000 members make the nonprofit’s research, innovation and impact programs possible.