What’s More Important Than Member Service?
Member service and satisfaction have always been on the front line of fund office priorities. For the modern fund office, though, member service takes on a different meaning as member expectations shift toward a self-service model that allows for real time access to data and answers.
The first step towards establishing member self-service, however, is often in the form of platform and data projects. Technology projects can be intimidating in terms of size, scope, and cost but investing in vendor relationships, systems and data quality is always worth the expenditure.
One of the ways to ensure that you are getting the most out of your technology investments is to utilize the new systems and business processes to shift towards the member self-service model. Once you have brought your system into the future and you have purged your data, put it in the hands of the people who care about it the most – the members.
At MIDIOR, we have helped clients to maximize their return on investment in system overhauls by extending self-service functions to members. This principle can also be used to extend the life of your existing technology platform by bolting on a self-service platform. Our experience tells us that in either case, user adoption grows exponentially when a self-service capability is deployed. Moreover, members (almost) immediately try to interact with the data by reporting errors, reconciling hours and balances to personal records, and updating DOB’s and contact information. Typically, members are not only ready and able to handle the transition, but have high expectations of its implications.
So, get your member communications plans in place and put your system and your data to the test by meeting the members where they already are.
For more insights such as this, download and read our 2016 Study of Public and Taft Hartley Fund Operations report.