OVERLAND PARK, Kan. – MEMBERS Development Co. earned high scores from participating credit unions and partners, according to its 2016 Annual Owner Survey, which received a record-setting response rate of 83%. For the third time in five years, 100% of survey respondents expressed satisfaction that the CUSO is moving in the right direction and aligned with their needs. Further, 84.0% gave high satisfaction marks for MDC’s accomplishments and the value it has provided in the last two years.
Over the past year, MDC and its Innovation Council (comprised of owner credit unions’ staff) have undertaken initiatives such as enhancing members’ experience, member engagement, and personalization, as well as mobile tools and trends, and channel maturity.
“It’s gratifying to receive positive marks from our owner credit unions and partners, but there’s more to do,” said Jeff Kline, Chief Executive Officer for MDC. “Our industry faces digital disruption from all directions: giant tech companies, like Amazon, Google and Apple; fintech startups, like Kabbage and TransferWise; huge banks like Wells and Chase; and retailers, like Wal-Mart. It’s vital for credit unions to sharpen their digital tools and enhance member engagement efforts, and that’s where our collaborative R&D, shared knowledge, and attention to trends and member behavior patterns can play a key role.”
MDC’s owner credit unions clearly agree, citing the importance of staying relevant in a digital world.
What keeps credit union leaders up at night?
High on respondents’ list of current issues that credit unions must address are the digital channel and need to offer convenient, easy-to-use mobile banking services; ability to consistently provide a first-rate member experience; and growing the loan portfolio.
Participants also rated cybersecurity as a key area of concern, particularly in light of escalating data breaches and the rise of malware that takes over business and personal systems.
Asked how MDC brings value, respondents in 2016 were consistent with surveys over the past several years. The highest scores were given to MDC’s semiannual Owner Meetings, which offer structured opportunities for networking and developing relationships with fellow owners, and sharing research conducted and paid for by MDC.
Kline says the cross-pollination of ideas and joint work by all participants are at the heart of MDC’s success. “Ultimately, we can take pride in knowing that everyday members reap the benefits when credit unions work together to share expertise and resources, and to turn ideas into action,” he said.