Recently, we wrote about the importance of regulation compliance in the credit union industry. Now it’s time to discuss another factor credit unions must pay attention to: member experience. The experience a credit union provides determines whether or not someone remains loyal, or if they take their business elsewhere. Here are 7 ways credit unions can offer a consistently exceptional experience.
Pay Attention to Negative Feedback
Credit unions need to see where improvements can be made when a member expresses dissatisfaction with a product or service. They can follow up with that member, as well as analyze interactions such as calls to pinpoint pain points. Plus, credit unions can see if this grievance applies only here, or if it is part of a larger problem.
Give Better Financial Advice
A recent study shows 70% of members wish their credit union gave them better advice. Members should leave each interaction feeling more secure in their credit union than when they went in. Credit unions must be sure their entire staff can confidently address a variety of questions and situations that may arise with superior know-how. They can also gain insights on how to improve the member experience from different branches and staff levels.
Avoid Obsessing Over the Competition
Being aware of the competition and the services they offer is important, but credit unions shouldn’t become fixated on how they compare to one another. They need to remember it’s their members’ opinions that matter the most, and that is what their KPIs should measure. Especially since not all members are alike, and those who use one credit union may have different expectations than those who use a different credit union. Keep the members happy, and rising above the competition will be a lot easier.
Offer Multiple Communication Channels
There are a number of different ways people can contact a business these days, and credit unions should offer as many of these options as possible to its members. But no matter which communication method is chosen, the same exceptional member experience must always be provided. Plus, credit union members should always have the ability to speak with a live person if needed.
Closely Monitor the Member Journey
From the moment they research a credit union, a member’s journey has begun. And each step of that journey is a vital part of the member experience, no matter how big or how small. Credit unions must be aware of the experience members have with every decision and every interaction. This information can be used to make informed business decisions that result in a smooth and pleasant journey for both current and future members.
Make the Experience Personal
People expect a personalized experience from businesses, and credit union members are no different. In fact, 43% of people don’t renew membership with a credit union due to feeling a lack of a personal connection. Credit unions can gain in-depth knowledge of members’ expectations and behaviors with an automated quality monitoring solution. They can then turn this data into extra personalized service for all members.
Be Open to Progress
While regulatory compliance is non-arguable, credit unions can find other ways to think outside the box. Credit unions that are willing to change are more likely to provide a better member experience. This can include adopting new technologies, as well as being open to constructive criticism from its members. Nothing stays the same, and credit unions must be able to keep up with the changing times.
Credit unions generally see 20-25% new account attrition in the first year, and with each new member acquisition costing up to $400, it’s no wonder credit unions strive to keep their members happy. These 7 tips can help credit unions develop the tools and skills needed to always ensure an excellent member experience.
