Enterprise Feedback Management Touted
Taken from The Credit Union Journal
Increasingly, measuring “member satisfaction” is becoming Old School. While still important, how a credit union integrates what it learns in getting member satisfaction feedback into its operations, product offerings and member interaction is where the emerging focus is, according to several analysts.
Case in point, Allegiance, a South Jordan, Utah-based company that specializes in taking member feedback to a deeper level. “In the old days the talk was of customer satisfaction then of customer loyalty,” said Chris Cottle, VP-corporate marketing. “We believe engagement is a better term. It’s more proactive. Ultimately, if someone is really engaged, they will go out of their way to have association with your company, such as people do with Apple Computer or Southwest Airlines. What we are able to do is enable a credit union to measure, manage and act upon the information.” Cottle pointed to the emerging field of Enterprise Feedback Management (EFM). “Most companies are in the print survey space,” Cottle said. “Those are just data collection tools. But what do you do with it? There is no management, no analytics.” Cottle said credit unions have spent considerable funds to acquire member data, but they’re unsure how to increase lifetime value for the member. It is in doing that that Allegiance says it delivers ROI to client CUs. “We’re able to take the data and put measurements around it,” he said. “It lets you make the management decisions.”
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