Last week, we had the opportunity to introduce Vertice AI as a finalist at the 2023 Callahan & Associates, Inc. creditunions.com “Innovations in Member Experience” event (Watch the replay here). It was one of the first times we shared our vision with the credit union community at large: to help credit unions better serve their members by letting them know, grow and measure each member. The competition was an impressive set of companies with interesting and compelling solutions for creating more impactful member experiences to support the credit union movement. SundaySky was especially impressive!
We shared three questions during my presentation that we are focused on answering at Vertice AI.
· How do you know your members today?
· Can you quantify their economic participation and economic potential with your credit union?
· Do you know which members can help you grow new deposits this year?
We believe that knowing each member means understanding their economic participation today and their economic potential for the future. By understanding each member’s financial journey, credit unions can tailor services and products to meet the specific needs of members. When credit unions have a clear understanding of members’ financial goals and challenges, they can provide personalized guidance, which ultimately leads to more satisfied and loyal members.
This idea of quantifying member participation and potential may seem to some like reducing members to a number. We don’t believe this. We believe it gives you a way for everyone and every process in your credit union to align on how best to serve each member’s needs. Some members may have no or very low growth potential. Those members likely don’t want to hear from you, and you don’t want to invest resources (marketing dollars and time) in them. That may change over time and that is why we believe the financial journey must be measured and quantified continuously. It’s a journey, not a destination. This alignment allows the entire organization to focus on how best to serve each member.
The quantification of participation is not easy. We believe it should leverage many aspects and attributes of each member and of the entire membership, but we also believe you can’t wait for every attribute to be perfect. Winston Churchill wisely said, “Perfection is the enemy of progress.” We encourage credit unions to start somewhere with some way to align on member participation. Vertice AI was created to help. Once credit unions have understood participation, it’s time to think about potential. This is where predictive modeling creates an impact.
We spoke about identifying which members of your credit union can help you grow deposits. Having an analytical understanding of each member will allow you to identify the subset of members you should engage with for deposit products, and how best to do that.
Quantifying member participation is the first step to growing it. We know there is significant opportunity to help credit unions understand their memberships deeper so they can serve their members’ needs better.
Innovation in member experience is crucial for credit unions to remain competitive and relevant in today’s financial landscape. We at Vertice AI are excited about the future of member engagement innovation in the credit union industry, and we look forward to continuing our work with credit unions to help them better serve their members.