In today’s fast-paced world, consumers not only judge customer service by what you and your competitors are doing but on every experience they’ve ever had with any business. They want the immediacy and simplicity of companies like Amazon Prime and Uber in every single business interaction, including banking.
It’s becoming a real challenge for credit unions. According to a recent study conducted by the CFI Group1, CU member satisfaction dropped to a four-year low in 2016. Your credit union can boost member satisfaction and engagement in the New Year with these three tips:
- Be where your cardholders are
Whether it’s through social media, mobile banking, or by having a presence at a community event, your credit union needs to be where you cardholders are. Connecting with your cardholders allows your credit union to start effectively promoting your connection to the local community, as well as your superior customer service.
Simply put, when your credit union is easily accessible to cardholders, your first-rate customer service will speak for itself.
- Provide rewards they actually want
Offering a rewards program is no longer enough. Today’s members expect relevant rewards, instant communication and immediate access to information. The right rewards partner will not only provide unique rewards for your cardholder but will also help your credit union decrease churn while increasing revenue.
The solution for this is local rewards. Since your credit union already has access to the local community, it makes sense to offer a locally-focused rewards program that will not only entice consumers but also create new conversations with local business owners. You’ll cultivate your brand as a community institution while further demonstrating your excellent customer service.
- Make it fun with gamification
Another way to improve satisfaction with your members is by making the banking experience more fun with gamification. With a gamified rewards experience, your credit union can encourage and incentivize desirable member behavior while increasing transaction volume in the process.
To improve satisfaction, your credit union shouldn’t be afraid to try new methods or adopt new technologies to promote your products and services. Don’t let your credit union fall behind by ignoring digital trends.
Want to find the right rewards program for your credit union? Download our latest case study “Choosing the Right Rewards Partner” to learn more.