Credit Union Geek

Marketing, Strategy, and The Force by Joe Winn

Tag: member experience (page 2 of 20)

Member Relationships Which Could Be

Originally published on CUInsight.com

This is part of the “CU That Could Be” series.

You pride yourself on amazing member service. If anyone has an issue, your entire team is equipped to handle it promptly, politely, and with a minimum of effort for everyone.

E-mails are answered within a few hours, and members get only personalized replies. No one deserves a generic response! If an issue will take longer to resolve, your team sends out a quick message informing of that fact, along with an estimated timeframe for the next reply.

Your credit union embraces a phone platform which automatically routes calls to keep hold times low. And, if someone needs to be transferred, it’s always done while the original agent remains on the line. Having to start over with the 2nd (or 4th) person stinks! This also ensures no one gets disconnected and left for a lurch. On top of that, the menu system never says, “please listen carefully as our menu options have recently changed.” That’s old school. Your system lets members press a number or say a simple word (which it recognizes easily) to accommodate those driving or otherwise occupied.

All social media platforms are centrally monitored 24/7 so complaints and compliments alike can be answered within a few minutes. Sure, you’re not solving a detailed account issue on Sunday, but you feel it is important to let the member know you are ready to help at any time. And Yelp reviews? You’ve seen how many people view your credit union’s business pages (yeah, you check the stats); every single review gets an answer. You’re not going to be part of the 98% who never reply. If it needs follow-up, that begins right now.

Then there’s the interactions which don’t involve a person. Your member is looking to do something on your website, or in your mobile app. You realize they’re using those systems to make life easier. So everything those platforms do is easily shown in device-specific interfaces. They’re fast, secure, and updated regularly. Feedback is encouraged, and suggestions are embraced in future revisions.

You may notice I didn’t discuss in-branch interactions. There are a few reasons. One, branches are no different from other lines of communication. Sure, you are face-to-face, but waiting there stinks just as much as being on hold (depends on if you listened to a previous post and set up Mario Kart 64). If you treat people well “virtually”, you’ll treat them fine in person. Two, with web-based everything, there’s nothing a member can do which can’t be done online or over the phone. Three, I’m not sure branches will be a standard feature of the credit union that could be. In my mind, if physical locations stick around at all, you might eventually see an extension of the “shared branches” concept take hold. Instead of banking at any credit union, there will be an unbranded CUSO operated “branch” where physical-contact holdouts can go to accomplish the same thing. Branches simply cost too much for every institution to maintain them. A credit union near me just expanded their membership into new counties and stated they have no plans to extend their branch footprint to match. They are no longer necessary to provide the member relationship of the future, or, that could be.

We will continue expanding on the “CU That Could Be” case study with technology integration. Stay tuned!

The CU That Could Be

Originally published on CUInsight.

Think of all the greatest parts of your credit union. You know, the things which stick out in comparison to the entire industry. If none come to mind, look to others you have recognized for their leadership. Now go back and immediately implement at least one of those innovative concepts.

I could actually end this post right here and have still provided some useful information. But I’m all about exceeding expectations, not barely meeting them.

The reason I asked about a great idea was to begin building a picture. One which goes beyond any single institution. You see, there’s a credit union which doesn’t yet exist. In the future, it may never be. But it still thrives in the hearts and minds of a lot of people. It’s the credit union that could be.

What do I mean? It is the product of every amazing member service strategy, financial solution, loan growth effort, and much more. To quote one of my favorite films, it’s the “best of the best of the best, sir!” Only, banking services, not potential alien-policing agents. They’re clearly similar.

Imagine if every hurdle to improvement at your credit union could be removed. No regulations slowing new product introductions. No board overstepping their role to dictate day-to-day activities (most are great, but I’ve run into some who just stifle all forward movement). No middle management seeking credit or blame for some effort. Just pure action of the most innovative ideas, using the latest technology, supported by a 100% all-in team.

That’s what this series will be. I want to look at a variety of areas of traditional credit union operations and imagine what the best version of that would look like.

Think of it as a case study. Of a credit union which could be.

Giving Back Has ROI, Too

Originally published on CUInsight.com

Does your credit union give back? That’s a silly question. But does your community support program intricately tie in with member engagement?

A friend of mine used to work for the local chapter of the American Heart Association. After a few years there, she started her own company. It brings non-profits together with companies whose mission aligned with theirs. Essentially, she is a charity to corporate matchmaker.

At first glance, this seems pretty simple. Find company with money (usually through a foundation), bring together with non-profit which needs money. Now pay me a small consultant fee. Not so fast. It turns out, companies started looking at their give back campaigns differently. Instead of just “doing a good thing”, they wanted said good thing to do more. If we’re spending money, the thought process goes, why not have it improve employee satisfaction? Or serve as cause-based marketing to our current and prospective clientele? And charities began to have the same thoughts.

Just as two random single people are not necessarily a good match, the same goes between companies and charities. My friend learns about the core mission and motivations of every client before recommending a pairing. That way, everyone is more engaged, supportive, and excited about the alignment.

Take your credit union. Say you offer a need-based mortgage assistance program. Partnering with a pet rescue charity is fine. Woof. Meow. But imagine if you aligned with a non-profit which helps place struggling and displaced families into low-cost and subsidized housing? Their mission and that of your credit union are the same. You’re a match. And it shows with staff who are excited to volunteer and talk about it to their members (who are then encouraged to help where they can). Heck, some of those members might even be beneficiaries of the charity. Think of the legen-wait for it-dary social media campaign you could set up. So much good can be done for so many, and your credit union can grow in the process. I think it’s safe to say all the families helped by the charity would become members of your credit union. And based on how you treat them like family, they’re not likely to leave. In fact, they’ll probably tell their friends and family about you.

When you get out of the daily grind and remember why you exist, these types of alliances seem so obvious. And it can give your entire team the motivation to serve at their peak abilities. Giving back really does have an ROI.

Since this post is already too long, a future one will dive into some stories of credit unions following this path. Spoiler: Their staff and members love it. So does the bottom line.

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