MEMBERS Development Co. IDs Areas of Focus Over Next Year

MINNEAPOLIS–MEMBERS Development Co. is reporting its owner credit unions have identified the areas in which it wants the company to focus over the next year, with refining data-analytics tools and making use of robotic process automation (RPA) on top of the list. 

Noting it represents a network of 60–plus top-tier credit unions, MDC said it annually solicits owners’ input about issues on the horizon, trends in the digital financial world and members’ increasing demand for banking convenience. 

The survey also tracks owners’ level of satisfaction with the R&D CUSO, according to the company. The newest survey results revealed more than 92% of owners were highly satisfied with the value provided by MDC.

‘Gratifying to Know’

“It’s gratifying to know we’re meeting MDC owners’ expectations, but the biggest marker for success is how well, collectively, we’re keeping pace with a fast-changing financial industry,” said Jeff Kline, CEO. “Working as a team, MDC’s credit unions are better equipped to research solutions, consult experts and share work processes that can help them thrive while still managing day-to-day activities.”

Kline Jeff

Jeff Kline

Learning What Worries Members the Most

An integral part of MDC’s annual owners’ survey is learning what worries owners the most as they look to the future competitive landscape, MDC said. The company added that staying relevant—especially to younger members—in the face of ever more sophisticated tech tools and outside players tops this year’s list. Other concerns include attracting talented employees and millennial members, as well as increasing efficiency and controlling costs, MDC said.

“Our goal is to help credit unions grow so they can compete in the crowded financial marketplace,” said Kline. “To achieve that goal, we focus on ways to attract new members, capture a bigger slice of their financial business and retain members by increasing loyalty through enhanced value.”

Two Current Projects

Sarah Lietz, MDC’s VP of Owner Engagement said two of the company’s current projects are keyed to helping attract younger members. Foremost among concerns is finding ways to help millennials reduce college tuition loans, she added.

“Student-loan debt has become a crisis in the United States, with total debt topping $1.5 trillion, second only to home mortgages,” Lietz said. “MDC and its owners have been exploring ways credit unions can help members meet this challenge as painlessly as possible. Furthermore, offering employees help with student loans is a valuable employee benefit that can help recruit top talent.”

Car Sharing

Another current project with potential appeal for younger members is car sharing, MEMBERS Development Co. said.  In this project, MDC said it is looking at ways credit unions can positively impact the communities they serve by providing alternative transportation through vehicle subscription services.

“Millennials are accustomed to using both ride-sharing and car-sharing services,” said Lietz. “In some geographic locations, experts predict that individual car ownership will significantly decrease. Credit unions need to know how this may affect their auto-loan volumes and what alternative products they should consider offering.”

MDC’s said its new survey showed owners are highly motivated to use data mining and predictive analytics to increase marketing effectiveness and enhance member experience. 

Enthusiasm Expressed

“Owner credit unions also are enthusiastic about using robotic process automation, or RPA, to decrease costs and improve employee satisfaction. RPA involves using automation to perform highly repetitive tasks, like moving information from one system to another,” the company said. “Automating these tasks not only increases accuracy but it frees staff to spend their time on more rewarding responsibilities.”

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Section: Standard
Word Count: 730
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Copyright Year: 2019
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