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6 Credit Union Lessons From My Favorite Theme Parks

Originally published on CUInsight.com

Theme parks are awesome, especially Disney and Universal. Combined, I’ve been to both more times than I can count…literally. Besides making me a de facto guest services agent for other visitors, I also study how they operate. Why yes, happy to point you to the nearest Hidden Mickeys (it’s not my first mention)!

Take Universal, for example. It’s owned by Comcast, yes, the cable company with a consistently lowest-rated customer service experience. Yet at the theme parks, you would never guess they’re affiliated (besides the ample NBC and Peacock branding).

At their best, it’s a “Disney-magic” equivalent. At their worst, it’s still light-years better than the smoothest interaction you’ve had discussing your internet connection.

What has their customer relations training understood that we can adopt into our credit union world, admittedly a very-different industry? (Disney literally has a business institute to train companies in their operating style, so there’s value here)

Learn from my time at these bastions of customer service excellence with 6 lessons:

1. Not every attraction is for every person, but everyone is welcome

Joe at Universal Studios Entrance
Trust me, a Jedi I am.

At Magic Kingdom, you can expect lots of kid-focused rides and experiences. Spending time with Winnie the Pooh in the Hundred Acre Wood is wonderful, but maybe you want thrills and spills! Well, the trio of mountains has you covered (Space, Thunder, and Splash).

Even though these are quite different, Disney makes sure you can bring your kids to the “wildest ride in the wilderness”. And if they happen to be too small to safely ride, there’s a child swap area to let everyone take the train through Tumbleweed.

No matter your preferences, age, or abilities, both Disney and Universal take care to ensure everyone is welcome (and I can speak from experience that they fix issues when made aware).

Your credit union can (and should) have a target persona, but it’s also essential to design your services and interactions to fit a wide range of needs, life stages, and financial situations.

Most credit unions already do this to some extent (it’s what they’re built on), but ensure it’s consciously done everywhere. Make everyone feel welcome, no matter their credit score or checking balance. Recognize that different products may serve members in specific ways.

2. Protection (from sun, rain, or financial uncertainty) is important

Joe in Poncho at EPCOT - Disney
“Don’t rain on my parade!”

My “home” theme parks are in Central Florida. Most of the year, the sun is unrelenting. At the same time, it can rain on any given day, too. Between burning in the heat or getting drenched, you need protection. Both parks provide ice water for free, because dehydration is no joke.

For the rest, bring (or buy) the protection necessary. From sunscreen to ponchos, they’ve got you covered if the need arises.

The same goes with financial uncertainty. It seems like the “new normal” we have is shifting from one type of uncertainty to another. So ensure all members can access (and understand) your range of protection products.

Too often, I have meetings with credit unions where we go off-topic and they start sharing some interesting financial empowerment tools available. Very cool, but why are they so well hidden, and if I’m just learning about them now, how many members are aware?

When things go weird (which is all the time lately), be sure to roll out those poncho, umbrella, and sunscreen stands.

3. Moments of magic are where loyalty begins

Joe and Spaceship Earth - EPCOT - Disney
#NoFilter

“Disney magic” is so oft-repeated, it’s almost a cliche. Yet their cast members are encouraged to deliver these experiences when possible. Recently, a team member at Universal made their own kind of magic for my mom and I. What they did wasn’t required, requested, nor expected.

We left the park that evening excited from our experience, improved by one small gesture. And, silly as it is, I have an improved perception of Universal because of it.

How can your MSRs deliver moments of magic to members? Solving problems when they arise is essential, but expand that brainstorming to bring smiles to those already satisfied. There’s a huge difference between, “yeah, they’re fine” and “wow, listen to what they did!”

Loyalty doesn’t just stem from doing things as advertised all the time. Take every opportunity to bring magic into their financial life, from fixing issues with a smile to making the good…great.

4. Queues stink, but if they’re essential, make them interesting

Joe Through Time at Country Bear Jamboree - Magic Kingdom - Disney
Same me. Same place. Different time.

Theme parks have two constants: Everything is expensive and you’ll be waiting in lines. Since your credit union drives financial empowerment, it’s probably not the most expensive choice in town. So let’s look at the latter.

For better or worse, both parks offer ways to reduce time spent on line for attractions, store purchases, and food. Like them, use the mobile tools available to assist members with their questions. Streamline processes to request the least amount of information.

If you’re in a top attraction queue, I can guarantee the line has all sorts of things to grab your attention. That’s probably not an option at your credit union, but if your phone support is overwhelmed, make sure members can save their place and get a call back.

In-branch, observe if you have busier times. When that happens, can you repurpose other staff to address certain member requests instead of having them wait? The Universal Banker has a basis in this concept.

5. It’s easy to get overwhelmed

Joe at Tomorrowland Speedway - Magic Kingdom - Disney
Please do not bump the car ahead of you. We’re very serious.

Theme parks are big, sensory-stimulating places with tons of options. Frankly, even for regulars like me, they can get overwhelming. Do we stop in for this show or set up early for the parade? Wait, then we might not make it over to the new roller coaster!

Not to mention remembering to find someplace to eat. Oh good, you brought snack bars.

Your credit union has a lot of products. Unlike us, the typical member isn’t immersed in it day-to-day. So what we consider a normal span of offerings might be overwhelming for them.

Design your website, app, and train your team to recognize this fact. Theme parks have paper and digital maps that break down everything you can do during your day. Consider emulating this approach with your own services.

Seriously, is there a single place I am able to see every way you can help members? (Our company has a PDF guide to our Mission-Focused Toolkit that drives awareness and interest.)

I guarantee you have members right now who don’t know about products that can improve their life. How can you give them a map to the nearest restroom…I mean, to enhance their financial wellness?

6. If it gets to customer service, you’ve already missed something

Joe Hugging Truffula Tree - Universal Islands of Adventure
Go talk to the tree-hugger.

None of us want to call, chat, or visit guest services. It’s good they’re available, but that I had to go to them means something was missed. My experience or knowledge is lacking in some way that needs fixing.

Why do members reach out to your customer service channels? Could you redesign the site, app, or branch to answer these questions preemptively? Are these account-specific issues?

Did they really need to talk to a live person (or does that open the door to new conversations?)

A good FAQ is fine (though not one I saw recently with over 50 answers), but that’s not where you answer questions, paradoxically. Those are your fallbacks.

The main content should address the pains, opportunities, and common inquiries. Flowery and clever marketing content is a lot of fun, but if you can read/watch it and still have basic questions, there’s room for improvement.

Bringing the (Credit Union) Magic

Joe and Figment During Half Marathon - EPCOT - Disney
“One little spark”

Stop and think about credit unions for a moment. That they exist at all is pretty magical. These member-owned places where you can safely store and borrow money, while also working to grow everyone’s finances for the benefit of the community…pretty cool, right?

Disney loves to call itself “the most magical place on Earth”. But can they help drive community financial empowerment? Ok, maybe through their credit union, Partners FCU. Theme park affiliated or not, credit unions have magic of their own!

How will you bring that magic to your members?

“We all have sparks, imaginations.
That’s how our minds, create creations.
For they can make, our wildest dreams come true.
Those magic sparks, in me and you.”

Figment, One Little Spark

“I am Groot. I am Groot…I AM GROOT!”

Originally published on CUInsight.com

By now, every tree, raccoon, and 80s-mixtape loving space traveler has seen the newest Guardians of the Galaxy. And, if by some chance, you missed that ship as it soared past, explosions trailing in its wake, then I’ll lay off the spoilers. They’re fun movies. Go watch.

One character became everyone’s favorite: Groot. But that might be our human weakness for puppy trees. Or baby stalks? Saplings? Yeah, that’s it.

So Groot is interesting. What does he say? And what else? That’s all? Yes, here is a character which has now gotten through three films (and years of comic books) with a three word vocabulary: “I. Am. Groot.” But you can always tell what he means.

There’s a science to his communication. You might have heard of a study which showed 93% of communication is non-verbal. Wax washing Dumbledore patio furniture sounds pen computer! Yeah, that’s ridiculous. Dumbledore would never use a computer. So words still matter. Like most science, it was more complex than reported, unless, apparently, you’re Groot. It’s possible they excluded talking trees from their research.

Here’s the reality: What you say is important. But how you say it means the difference between ending the conversation right there or continuing onward.

It’s the difference between someone who cares about talking and one who can’t wait to get away. You see it at networking events, in stores, and on some phone customer service lines. The person who is expressing with animation garners more interest. Seems pretty obvious. If you don’t care about what you’re saying, why should I? Likewise, if you cannot contain your excitement about a new CU initiative, the smile becomes contagious.

Staff who express themselves in this manner create excited members. Excited members are engaged members. Staff who feel obligated to mention products or services do so…in…a…monotonous…and…disinterested…style. The member thinks, “if they don’t care about it, why should I?”

Don’t be teenage angst Groot. Be saving the galaxy for the second (third?) time GROOT!

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?

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