Client background

The largest Florida-based credit union with over 700,000 members and $8 billion in assets.

The business challenge

• Diverse member expectations –The credit union needed to understand from each member segment, the experiences they expected and what they viewed as most important
• New account process – New regulations that required certain policies to be established made signing up for a new account tedious and time consuming
• Innovation overload – Open to innovation, the credit union needed to understand the priority of activities that its members viewed as truly beneficial
• Complexity of tasks – Simple but important member driven tasks, such as bill pay, required multiple and counterintuitive steps to complete

The Baker Tilly approach

• Current state analysis – Gathered and analyzed existing member data, conducted member and staff interviews, and directed ethnographic interviews at branches
• Current state journey map – From the results of the data analysis and staff and member interviews, created a journey map that reflected the current state analysis
• Innovation workshop – Facilitated an innovation brainstorming session to further develop the member experiences identified in the current state journey map
• Member experience survey – Conducted a survey soliciting feedback from members about the top ideas generated during the Innovation Workshop and whether they thought the ideas would improve their current experience
• Future state journey map – Plotted results from the member experience survey against the Kano Model to determine experience “delighters” and created an actionable future state journey map
• Project charters – Developed project charters to align need, urgency, resources (human, systems, processes, etc.) and plan out next steps for each determined project

Business impact

• The credit union now has an actionable list of innovative ideas and enhancements to integrate into their member journey
• A “no guilt transfer,” whereby a member could break the relationship with their current financial institution and any penalties or fees for transferring would be covered by the credit union, was identified as new delighter in the member experience during the innovation workshop
• Credit union members surveyed brought to the forefront ideas they thought would enhance their member experience. This resulted in the development of 12 member experience initiatives and a prioritized 12 month actionable road map and project charters for the credit union team to implement
• Upon implementation, the credit union will be better positioned to exceed its members’ expectations, personalize member connections and simplify the member experience

For more information on this topic, or to learn how Baker Tilly specialists can help, contact our team.