Amplify Credit Union: A Case Study in Understanding and Meeting Customer Needs

By the Editors

Based in Austin, Texas, Amplify Credit Union is a large financial cooperative with 42,000 members. When it began looking at ways to improve member retention and boost revenue, it quickly became apparent that their efforts to understand and meet customer needs were sporadic and very disjointed. Branches were tracking different data and using different tools to analyze and respond to it. It took a monumental effort to consolidate all of the disparate data into a company-wide report. Yet these were extremely important given the effects of the economic slowdown on the banking industry. Here’s what the company did to turn this situation around.

When Amplify decided to overhaul those systems into a comprehensive customer retention plan based on understanding and meeting customer needs, it knew that each and every “touch” with customers was an important source of data. The company also wanted the Net Promoter Score (NPS) to be an essential feature in the plan – a more recently developed metric of customer satisfaction developed by Fred Reichheld that classifies customers as either promoters or detractors. Amplify also knew it would need a robust technical partner to achieve its objectives.

After a comprehensive search for the right solution, it selected a provider. The program they chose allows companies to efficiently gather and manage customer feedback, then effectively respond to and leverage that feedback into solid business results. The solution they chose was comprehensive in terms of the channels through which data may be gathered, including web, print, email, phone, text/SMS and social media. Another significant element was real-time analysis of data that allows for immediate action to be taken. In essence,  the selected program provided Amplify with a 360-degree view of customer relations.

Employees view customer feedback data every single day, allowing them to quickly respond to any problems that arise before they have a chance to become a crisis. Weekly executive team meetings are held to review the aggregated data and see how the NPS is changing over time. Employees are also given incentives tied to improvements in their own scores and data.

The results have been nothing short of impressive. Checking account retention has increased by 15%, which translates into 6,300 accounts and nearly $2.27 million in saved revenue. Overall membership retention has resulted in 840 members retained, representing $415,800 in saved revenue. In addition, the company is saving money on the previous cumbersome data aggregation process. Most importantly, however, its NPS score has improved 12% in just over three months. With results like that, it is clear that businesses who want an edge on their competition will do what it takes to track customer needs and meet them through superior customer service.