MDC has wrapped up two of our recent projects, Member Experience: Small Business and Personalization, and published their final case studies on MDC Connect. Below are some key takeaways from these two projects, but owners should be sure to visit the projects page on MDC Connect to get full updates on these and other projects we have developed and delivered for our owners.
Member Experience: Small Business
- Small business accounts represent an attractive and important member segment for credit union owners. On average, they contribute higher revenue margins and a greater propensity to purchase more services from their credit unions.
- Survey results revealed that, while two out of three small business owners choose a large bank as their financial institution, those who bank at a credit union are 32% more satisfied with their experience.
- When asked about what they wanted most from their financial services, small business owners cited international wires, technology, and business education. Low rates and personal care were top needs.
Read more about our findings and research, including recommendations for what your CU can do to compete for the small business market share on MDC Connect!
Emails with personalized subject lines are 26% more likely to be opened. The practice of personalization has been and will continue to be an important strategy for credit unions as they look to serve members and communities effectively. As rules of engagement change and member needs shift, personalization can be used to powerfully connect with and communicate to dynamic member populations.
- The three credit unions in our pilot saw the value of using the third-party vendor data to improve their personalization efforts.
- They agreed that the project offered a new perspective on how to personalize communications for members using specific data sets, imagery, and language based on member interest and affinities instead of just names or locations
- The three credit unions developed a list of six recommendations for credit unions to pursue as they engaged in personalized marketing campaigns.
Read more about the findings from these projects at MDC Connect!