Member Experience Meter
How
effectively is your web site providing a meaningful and
satisfactory experience that will enable your financial
institution to meet its business objectives?
The
objective of the Member Experience Meter™ is
to provide executive management teams with insight into the
customers’ perception of how your web site meets their
needs, benchmarks for comparing performance to industry
standards and correlations between customers’ satisfaction
and internal performance measures.
The
Member Experience Meter™, on which the
Member Experience Excellence Award is based, is the
first and only measurement product available today which
incorporates financial institution customer website feedback
and relates it to other key benchmarks. These benchmarks
include:
-
comparisons to best practice online companies today and
-
internal operating metrics.
The
benefit from implementing this program is it enables
financial institutions to make better decisions based on
hard data from member or customer feedback and ultimately
increase revenue while decreasing operating costs.
How well does the Member Experience Meter™ predict
differences in real ROA terms?
Those scoring the highest on the Member Experience
Meter™ had twice the number of active
home-banking users, 25% higher bill payment usage,
35% higher average time spent on the site, and most
importantly to financial institutions of all types, over
150% higher monthly loan applications!
The
conclusions are simple:
-
There’s plenty of room for improvement, and
-
Benchmarking, monitoring, and making changes guided by
user input to directly impact the areas covered in the
Member Experience Meter™ WILL positively impact
the ROA from your site.
“In
building this model of online performance for financial
institutions in general and the credit union industry in
particular, we relied extensively on our past experience
with leaders in the online world. Specifically, providing
measurement metrics that have a direct relation to the
return on investment for a financial institution’s online
performance,” reported John Burshek, creator of the
Member Experience Meter™ and principal of Reflection
Point Research, LLC. “Many firms can ask questions of site
visitors but there are no other firms offering the financial
institution industry 1) the ability to ask the right
questions and 2) relate site users’ answers to an expected
financial performance of a site.”
Using a
methodology developed in working with leading companies such
as Amazon.com, Real Networks, and leading financial sites,
the Member Experience Meter™ provides credit
unions with meaningful information to benchmark their sites
against some of the best sites on the internet today.
“As with
most web sites, there is a significant gap between what
members expect and what any financial institution web site
delivers… We call this the ‘Customer Experience Gap.’ We
have put together the Member Experience Meter™
to help address the Customer Experience Gap,” states Glenn
Christensen, President of Reflection Point, Inc., and
Principal of Reflection Point Research, LLC.
“Just as
you may use a mystery shopper program to monitor and improve
service in the financial industry, the Member
Experience Meter™ program is designed to provide
credit unions with information to enhance their members’
experience on the web. You’ve probably heard the saying:
‘You can’t manage what you don’t measure.’ Well, the
Member Experience Meter™ provides the missing link
for executive management to know and understand how their
online positioning and experience is perceived!
The
Member Experience Meter™ measures members’
perception of brand positioning, ease-of-use, content, and
retention value and then correlates this with member
demographics and internal productivity metrics. Our goal is
to institute a common set of measures that leading financial
institutions can use for evaluating and promoting their web
site’s performance.
The
Member Experience Meter™ provides the following
specific benefits to participating credit unions:
-
Recognition among members, board and peers for excellent
work based on measures that are significant and meaningful
-
A
baseline measure of your online performance, which you can
use for measuring future progress
-
An
understanding of how member satisfaction impacts internal
productivity measures
-
Insightful member input to use for allocating resources to
site redesign and improvement
-
An
opportunity to enhance industry knowledge about web site
performance thereby strengthening the movement’s
competitiveness.
As one
credit union President stated upon seeing his results, “We
knew customer experience problems abound and have a tangible
impact on our organization and all organizations. You know,
that gut-feel that things might not be right or not working
the way they should. More importantly than giving us
confirmation of this feeling though, this program set a
direction for long-term, meaningful improvement.”
The Member Experience Meter™ is a first
for the credit union industry in a number of areas:
1)
the
first to provide a benchmark against “world-class”
member experience metrics,
2)
the
first to provide Credit Unions an opportunity to
benchmark their web site against other pioneering credit
unions,
3)
the
first to correlate member satisfaction with
credit union internal productivity measures such as
unique visitors, applications processed, home-banking users,
etc.,
4)
and
perhaps most importantly, the first to recognize
those Credit Unions who are able to achieve “best of” status.
If you are a credit union and
want to be part of this next wave, please
email us at
mem@reflectionpoint.com.
If you
are a bank or insurance company and want to be part of this
next wave for your industry, appropriately titled the
Customer Experience Meter™, please
email us at
cem@reflectionpoint.com.
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