At MDC, we love working on meaningful projects for our owners—right now, we have a lot of compelling initiatives in the works and we’re excited to tell you about them! Haven’t had the time to look at MDC Connect in a while? Freshen up on some of our hot topics and learn how to get involved.
Here’s a snapshot of some of our current projects:
Channel Traffic Allocation. We recently took a look at our owners’ channels (branch, call center, mobile, online, ATM, and social) to assess capabilities and consistency. From our owners’ survey results, we created a matrix to illustrate our findings and identify areas for improvement. Next up—identifying best practices, researching resource allocation across channels, and evaluating the impact of shifting channel transactions on member loyalty. Our survey indicated strong interest in this topic, and a strong preference that we focus on the impact of shifting transactions on member loyalty— there was also some owner interest in the other two areas as well (best practices and resource allocation). Please contact Jeff Kline if you have any questions about this project.
Innovation Council. Our champions of creativity! Our innovation council meets twice a year with one purpose—let’s not react to what’s going on in the financial industry, but rather anticipate what’s ahead. We meet. We ideate. We make things happen—many of our MDC projects have been a result of an idea that came out of an IC work session. We are currently looking for the best in business of credit union innovation to join our 2017 Innovation Council. If you or someone you know is interested in this opportunity to ideate groundbreaking ideas, network with brilliant peers, and present homerun ideas, contact Kent Zimmer.
Innovation Skills Project. We want to analyze the characteristics of groundbreaking companies, identify gaps within our credit unions, and bring on partners and tools to enhance our innovation skill sets. We have completed secondary research and practitioner interviews, including innovation experts from Intel, Xerox, ACT, Lowe’s, and from our own MDC credit unions. Tying this together was a panel of innovation professionals from Viacom/MTV, iHeartMedia, and others at a recent owner meeting. Next up—a competitive market analysis and content design. Have you participated in an Innovation Program both within the credit union industry (i.e. Filene’s i3), or outside of the industry? We want to hear about your experience as a part of our current Innovation Audit. We’re looking for about 30 minutes of your time to chat, and would love to hear from you—please contact Krista Boyum with your enthusiasm.
Member Experience – Onboarding / Engagement. This is another joint project to add to our deep MDC library on member experience. We’re working with two of our credit unions to focus on the short window of time that credit unions have to onboard new members. This project will determine the current state baseline by interviewing staff, members, and outsiders. The team will use the Kano Model around voice of customer research to develop a future state journey map. Interested in learning more about the benefits of Joint Projects with deliverables that are personalized to your unique credit union? Contact Kent Zimmer.
Mortgage Buddy. This idea came out of our 2015 Innovation Council meeting in August. The project team for this initiative is working on identifying a vendor for an app to help track and notify members of where they are in the Mortgage Loan Process. Think Domino’s Pizza app, but adapted to meet the needs of credit union members—where tasks are fully communicated every step of the way. This app will include alerts as well as the ability to share documents back and forth between members and their credit unions. Look for an update on this project at our Summer Owner Meeting or check out the current progress in MDC Connect today!
Payments and Wallets. We are keeping an eye on this ever-changing environment, specifically around developments such as Apple Pay, Samsung Pay, PayPal, Facebook Messenger, Bitcoin, and Blockchain. We bring in experts and report findings to our owners on a regular basis. For more info about this topic, please contact Jeff Kline.
Personalization. Is the practice of using member information to deliver a relevant and engaging experience across channels and devices. Essentially, it is being willing and able to change your behavior toward an individual member based on what you know about them. It’s quickly moving from a game-changer to an expectation of the American consumer. We’re giving our credit unions the must-knows for being leaders in this space. Look for an update on the next phases of this project at our Summer Owner Meeting and contact Sarah Lietz with any questions.
Big data, predictive analytics and lending. We are working with experienced partners to create predictive models to help our credit unions better market loan products. We are excited to help credit unions become more data-centric. We are in the very early stages for a couple of projects in this area. Please contact Jeff Kline if you would like to discuss some focused projects that could help you grow loans or other products at your credit union.
Small business and mobile tools. We are hearing about the demand for tools to serve small business, especially on the mobile side. This project is too new to even have a scope, but the possibilities are numerous. Contact Sarah Lietz to learn more.
It is an energetic time for us at MDC as we continue to put all of these critical ideas into motion for our industry-leading credit unions. In addition to viewing project information in MDC Connect, you will also get an up-close view at the key takeaways of these initiatives at our upcoming Summer Owner Meeting August 3-4 at theWit in downtown Chicago! Mark your calendars—registration for this event will be opening up very soon on June 6.