There are many benefits to being part of MDC—an energetic network of people passionate about credit unions, our future-focused Innovation Council, and high-energy bi-annual owner meetings. Now you also have the opportunity to complete your dream project at deeply discounted prices with results custom-fit to YOU—with a little help from your friends at MDC.

These joint projects came about as a request from our owners—people wanted distinct, individualized results, but some couldn’t afford to do a full-scale consulting project on their own. These are not projects with general results—rather, these projects are specific to you and immediately actionable. Your staff is directly involved to ensure maximum learning and knowledge transfer. Even better, participating credit unions essentially get two price breaks—MDC contributes some money, and our partner consulting firm (Baker Tilly) discounts their standard fees for MDC owners. The typical project is up to 50% less than what a credit union would pay on your own! We just ask that you share the results of your project as a case study for the rest of our owners.

Member Loyalty and Satisfaction

Is there a better way than NPS to measure loyalty? During the Discovery Phase of this project, we produced four different models (primarily a combination of different metrics) for measuring member effort, engagement, loyalty, and satisfaction:

  1. Wallet Allocation Rule (measures performance compared to competitors)
  2. Advanced NPS (a combination of NPS, CES (Customer Effort Score), CSAT (Customer Satisfaction), FCR (First Contact Resolution))
  3. NPS Advocacy (NPS plus an open-ended question)
  4. Member Engagement (ME (Member Engagement), plus FCR (First Contact Resolution))

These models were presented via webinar and at the most recent owner meeting. (Please see MDC Connect for additional details.) The next step is to pilot these models with our credit unions and track and report results out to all MDC owners. As requested by our Advisory Team, we will also produce a set of requirements for our owners to use in vendor selection, if they so desire.

Here’s what we plan to do:

  • Familiarize the participating credit unions with the four core measurement models
  • Assist each participating credit union in selecting the measurement model that best fits their goals
  • Test and validate the member loyalty and satisfaction models through a pilot deployment
  • Review and analyze model performance after the pilot
  • Hold a workshop with each credit union to review the model survey results with specific recommendations for each credit union
  • Develop vendor requirements for credit unions to use in vendor evaluation

Your credit union will receive:

  • Model assignment recommendation
  • Data collection metrics and process
  • Data collection mechanism and cadence (survey)
  • Analytics approach
  • Analysis presentation
  • Model performance findings report
  • Final vendor requirements

This project promises high impact and value unique to your credit union. As a bonus, we will also look at ways to measure loyalty without directly surveying members, but rather identify options for alternative analytical approaches. So, participating credit unions will learn the benefits of traditional survey models, and also define an approach to loyalty using advanced analytics.

Normal fees for this project would be approximately $68,000. However, as an MDC owner, your fee will be only $20,000 and MDC will subsidize the rest—a savings of 70%! If you are interested in learning more about being selected to participate in this pilot, please contact Sarah Lietz.

Member Experience—Small Business

Research shows most financial institutions focus on providing solutions for small businesses (SMB) making only $1 million or more in annual revenue–about 16% of the market. This leaves a huge opportunity to approach the 84% of SMBs currently underserved by restrictive consumer or large commercial solutions.

Here’s what we plan to do:

  • Perform market research to create a business case for Small Business members
  • Analyze new and existing Small Business members
  • Identify member experience strategies to retain and grow Small Business member accounts
  • Identify opportunities for process improvement
  • Complete member interviews and possibly focus groups to gather VOM data, specific to the Small Business account segment
  • Complete Small Business member experience roadmap for participating credit unions

Your credit union will receive:

  • Market research report
  • Current state understanding
  • Current state member journey map
  • Journey mapping workshop
  • Future state member journey map
  • Deployment roadmap based on gap analysis

Normal fees for this project would be approximately $82,000. However, as an MDC owner, your fee will be only $25,000 and MDC will subsidize the rest—a savings of 70%! If you are interested in learning more about being selected to participate in this pilot, please contact Sarah Lietz.

Contact Sarah at sarah.lietz@membersdevelopment.com for more information on how to get started.