Don’t fall short on the basics

Last week we introduced the idea that imagining a hierarchy of member needs might help you understand your members – and your role in members’ lives – on a deeper level.

In turn, you might use these insights to visualize, prioritize and communicate more effectively.

But where do we begin?

Maslow’s original Hierarchy of Needs begins with the basics. Basic needs include biological or physiological functions like eating, sleeping and breathing. In financial terms, basic needs might equate to basic transactions: shopping, paying bills, getting paid or squaring up informal debts. In the same way you can’t aspire to be successful or enlightened if you’re struggling to meet basic biological needs like breathing and eating, your members can’t establish fulfilling relationships with your credit union if they aren’t able to perform the basic transactions they need to function day to day.

The challenge: Meet your members’ basic needs with a robust menu of transaction options.

The toolkit:

• CO-OP ATMs – The cash members need, whenever they need it.
• CO-OP Debit  – Fast becoming the default for payments.