David Eldred, CXOSolarity Credit Union presented "Member Obsession & Digital Transformation" at the 2024 CULytics Summit, focusing on leveraging digital transformation to enhance member experiences and streamline banking processes. Here's a summary of the key points:

  • Initial Challenge: COVID-19 lockdowns presented a unique opportunity for digital transformation. The goal was to address a fractured banking experience by enhancing personalization, attribution, fraud detection, modeling, and paid media efficiency through better digital identity management.

  • Segmentation and Data Challenge: The initial strategy involved analyzing member behavior through digital, self-service, and human-assisted transactions. A segmentation model was developed to categorize members based on their transaction behaviors, leading to the introduction of smart ATMs to replace traditional teller lines.

  • Communication Strategy: A PR firm was enlisted to help communicate the changes to members, ensuring clear messaging based on personas, which was crucial for easing the transition to more automated services.

  • Member Feedback: Feedback was generally positive, with members appreciating the ease and speed of the new digital banking solutions. However, there were initial resistances to change, which subsided as members became more familiar with the technology.

  • Results of Transformation: The transformation led to shifts in member segments, notably a decrease in traditional branch-dependent members and an increase in those preferring self-service or digital interactions. Overall membership decreased by 8%, with significant changes in the composition of member types, including increases in digitally engaged and disengaged members.

  • Refining the Model: Challenges with the initial model highlighted the need for a more nuanced segmentation approach. A new framework considered additional factors like loans, deposits, service usage, digital engagement, demographics, and more, leading to a 2x2 matrix categorizing members by engagement and sustainability.

  • Machine Learning Insights: Insights were derived from product usage, external demographic data, and Claritas P$YCLE segments, aiming to understand member behaviors better and target potential high-value prospects.

  • New Digital Dave Profile: The refined model identified a new profile for "Digital Dave" - a digitally savvy, family-oriented individual who values efficient and reliable banking services and represents the target persona for future marketing and service design efforts.

  • Strategic Focus on Target Persona: The strategy emphasized focusing resources on understanding and catering to the target persona across various teams (CX, DX, UX, and Marketing), ensuring that all business decisions and project impacts are evaluated concerning the target member experience.

This session highlighted the importance of understanding and adapting to member needs in the digital age, using data-driven insights and technologies to improve service delivery, marketing precision, and overall member satisfaction.

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