MDC's Annual Owner Survey Provides Insight on Large Credit Unions' 2019 Priorities
Members Development Company targets "white-collar" robotics and data analytics
MINNEAPOLIS - Sept. 3, 2018 - PRLog -- Among MEMBERS Development Company's owner credit unions, refining data-analytics tools and making use of robotic process automation (RPA) top the list of key R&D areas to pursue in the next year. Representing a network of 60+ top-tier credit unions, MDC 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. The newest survey results revealed more than 92% of owners were highly satisfied with the value provided by MDC.
"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."
An integral part of MDC's annual owners' survey is learning what worries owners the most as they look to the future competitive landscape. 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.
"Our goal is to help credit unions grow so they can compete in the crowded financial marketplace,"
Sarah Lietz, MDC's VP of Owner Engagement says 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.
"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."
Another current project with potential appeal for younger members is car sharing. In this project, MDC 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 new survey showed owners are highly motivated to use data mining and predictive analytics to increase marketing effectiveness and enhance member experience. 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. Automating these tasks not only increases accuracy but it frees staff to spend their time on more rewarding responsibilities.
To learn more about MEMBERS Development Company, visit www.membersdevelopment.com or use the links below.
ABOUT MEMBERS DEVELOPMENT COMPANY
MEMBERS Development Company (www.membersdevelopment.com) is a network of more than 60 industry-leading credit unions that conduct R&D initiatives focused on delivering meaningful solutions to the 21st Century demands of consumers. MDC Owners pool their resources to perform relevant research, develop innovative products and services, create valuable vendor relationships, share knowledge, provide economies of scale and keep a consistent focus on the horizon. At MDC, we believe our research must be driven by our owners for our owners. While we do the heavy lifting for them, our credit union owners both advise and participate in our work, making them not just investors but also partners.
Margaret Blankers, Media Liaison
MJB Public Relations Group, LLC