Credit Union Geek

Marketing, Strategy, and The Force by Joe Winn

Tag: member experience (page 1 of 16)

Advice Which Isn’t Great Advice

Originally published on CUInsight.com

Read this post to get a whole lot of bad advice.

You’re still here? Wonderful. Because I didn’t give up the whole story. I am giving bad advice, but then we will learn about the better alternatives. And, we will discuss why that advice was bad. Turns out, there’s a lot of it, so the discussion will be split into a couple of parts. To start…

…Let’s focus on your website, as it is the face of your institution for most of your members most of the time. It’s like a branch…does that sound familiar?

Bad Advice: Fewer clicks are better

In the early days of the World Wide Web, everything was slow. Browsers were slow. Modems were slow. Even turning on your computer was a timely process. If a website took under 20 seconds to load, things were great. And now I have to click to another one? Ugh. I have plans tonight, you know!

Today, your phone, computer, and internet connection are each hundreds, if not thousands, of times faster than those original setups. If a site doesn’t load in 4 seconds, the majority of people are gone. It’s easy to tap or click your way dozens of links down a rabbit hole of “10 best” or YouTube related shorts with almost no delay. Just ignore the fact you burnt 3 hours of your life watching a chameleon walking across a branch, then a cat wearing a hat of its own fur (this exists).

While we may waste time online, very little of it is dedicated to waiting.

Give your members the right information to set their expectations properly. If a banner directs to a program, have a page presenting what they can expect, then guide them to applying/shopping/registering. If you were on Amazon and clicking on a product took you to the shopping cart, it’d be off-putting. Don’t do that to your members. Embrace the clicks, within reason.

Bad Advice: Information Can’t Be “Below the Fold”

Back in the day, scrolling was miserable. If you were cool, you had a sticky, dirty gray wheel wedged in your mouse. Otherwise, scrolling meant clicking a tiny arrow on the side of the screen. What. A. Pain. As a result, websites were made to fit within the most common screen dimensions of the day (800×600 or 1024×768). This meant a lot of info squeezed in a small area. I’ll admit. Many of our company sites years ago were sticklers to this concept. We still try to make pertinent information immediately prominent, but if scrolling makes a cleaner, more explanatory process, we’ll do it.

Today, who doesn’t scroll? Touchpads allow easy scrolling. All mice have a wheel or swipe area. Phones and tablets are built on scrolling. It’s second nature now. Which means your members are accustomed to doing it. Your webpages can go down, it’s ok.

General rule: If it’s essential, put it up top. If it’s explanatory, let it go below.

Bad Advice: Changing Passwords Often Improves Security

Wrong. Wrong1. Wrong123. Wr0ng2017. Fido.

How many sites do you sign in with the same password? If the answer is “none”, then you’re obviously using a password manager, or they’re written down on your desk. If the latter, get rid of that list. More than likely, you reuse your favorite password everywhere. It’s ok. You’re not alone. Passwords stink.

This piece of bad advice is my biggest pet peeve. Until recently, it was the official recommendation of the Federal Government, and is still policy at many credit unions (kudos to VyStar, who only offered partially bad advice…smiles!). I actually got into an argument with one of the largest CUs in the US for suggesting it. I’m sorry for their members.

If I asked you to make a complicated password, what would it be? Random letters and numbers (impossible to remember)? A common word with a 1 at the end (possible)? A pet’s name (likely)?

Now, imagine I told you to change it every three months, “in the name of security”. Would you come up with a more complicated password, or a simpler one? Research has shown the latter to be true. If “MyPetIsTheMostAwesome2016” was your original, perhaps the new one would be, “MyPetIsTheMostAwesome2017”. Until they say it has to change more than that. So then you use, “Pet2017”. For the next cycle, you use “p3t2017”. And few months later, you just gave up and wrote it on a post-it note stuck under your desk.

Security experts” (despite being Norton, their advice is awful) claimed that changing your password ensured it was safe. As if passwords are slowly degrading over time. Wrong. They’re either compromised or they’re not. If you have a long, complicated, but easy-to-remember password, stick with it (unless that service said their data was hacked). My favorite comic, xkcd, has a popular post about this topic. Go there, then tell me your password doesn’t include a correct horse with a battery staple. Do it.

In the interest of time, let’s end part one here. Did any of this advice surprise you? Have you been told the opposite by your co-workers, superiors, or trade associations? Comment here, and I’ll help connect you with the resources to educate them the right way. Hey, we can all be wrong. It’s what we do when realizing.

What other bad advice do we have to look forward to? Option overload, one final point about password strength, and those annoying “are you sure you want to continue” pop ups on your website!

Why My Credit Union Is No Longer My PFI

Originally published on CUInsight.com

A few months ago, I slipped a mention of my own credit union relationship. My CU of many years was no longer my PFI. Banking shouldn’t be an exercise in compromises and hassles, yet that was what it had become. My PFI is now an institution which is so seamlessly easy and tailored to my needs that I often forget what it was like to have problems (Anything that has come up was handled within a few minutes, no matter the medium).

So, not all credit unions are the same. Besides being designed for differing memberships, they can also have a varied capacity for improvement. It’s why I keep talking about finding the right partners. Maybe a dozen CUs can afford to keep up with innovations on their own; the rest must find strategic partners. However, I digress. My CU wasn’t doing either.

During my time as an active member, here’s some of the challenges I encountered:

  • My debit card was compromised. It happens. But replacement taking 2 weeks? I asked for sooner and they wanted to charge $25 for a 3 day timeframe. The Big Banks replace overnight. Build the cost in; the alternative will only upset members.
  • A $100 member reward program failed to deposit funds when promised. Noticed a month later and had to speak to them to get it resolved.
  • Customer support hold times have never been less than 5 minutes. Typically, it was up to 45 minutes, with no system for callbacks in place.
  • No service on weekends after 1
  • Poor support on their mobile app (see post about the security issue, still unresolved)
  • Hard limit on mobile check deposit amounts less than 10% that of competing institutions. Their suggestion was to visit a branch to deposit instead.
  • Online secure contact form takes 48 hours to get a reply

I’ve actually had a number of other issues, but have forgotten the details for inclusion here. The credit union mission is special amongst banking institutions, but it’s not the only thing which matters. You still have to be a top-quality solution for your members. And, if your members have a problem, your resolution process needs to be seamless. It’s as if I’ve written about these things before.

After sharing some of these things on Twitter, I had more than one credit union trying to gain my membership. Unfortunately, I was not eligible by geography or work. However, they were on top of member recruitment and ensuring they were serving not only their members, but potential ones anywhere. Alliant still wants my loan for that Tesla I’m totally getting eventually. 🙂

What are you doing to ensure your members adopt you as their PFI, and not, as I did, fall away from the relationship?

Gaming & Your Credit Union

Originally published on CUInsight.com

“Savings aren’t a game!” In many ways, you’re right. Given the abysmal level of deposits for most Americans, comparing it to Mario Cart (N64 version, obviously the best) doesn’t seem proper. But what if you did treat it like a game?

It’s not a new concept. Known as “gamification”, the idea is that by making it more akin to a game rather than a chore, users are more likely to participate. Think of going for a run. Many people don’t enjoy putting feet to pavement and will make any excuse to avoid it. But what if you were part of an adventure and needed to outrun a hoard of zombies? Their rotted fingers are nearly scraping your back…pick up the pace!

Come to think of it, I’ve written about this before. Here. And here. That app, by the way, exists. It’s called Running with Zombies. I don’t use it, because everyone knows the best way to deal with them is a shotgun, shovel, and old records. Bonus points if you got that reference (no, I’m not a Walking Dead fan).

So instead, as the previous post discussed, of puzzling your members through a convoluted rewards program or other service, get them in the game! Just by reframing their credit union relationship as levels in a game, you’ve upped the excitement and understanding levels. They’re no longer a Double Platinum Diamond Preferred member, they’re a Castle Defender! Defenders serve the crown, so they pay no ATM fees and reap the highest interest rates available. Of course, the proces of getting there has to be evolved as well.

For this, I’d suggest a brain storm session with your team. And a copy of Legend of Zelda: Ocarina of Time. Why this game? Because it’s the best puzzle adventure/level growth game ever made. Also, your staff will have fun. And the N64 will probably remain in your branch. Tell me that won’t encourage people to stick around.

How do you create a gamified credit union without it being tacky or feeling like an afterthought? That brings us to (cue deep announcer voice): Big Data! Yep, that essential concept emerges again. This time, it’s going to help empower your members with useful analysis of their own data. Combine the appeal of sports stats (as in, their own financial relationship’s metrics) with playing a video game (as in, progressing through towards goals). Interestingly, it has to be their own data, and not estimated metrics. A recent study found that some Fitbit users actually gained weight while using the activity trackers. It is believed that participants believed the averaged metrics so strongly that they didn’t just listen to their bodies. If you provide useful data, useful suggestions can follow, ending with beneficial results.

Look at that. Once again, we come around to the inescapable conclusion: When you frame your services around the specific needs of your members, engagement, excitement, and loyalty will increase.

Image credit: http://www.digitallydownloaded.net/2012/05/review-mario-kart-64-wii-virtual.html

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