3 ways to help your members (and prevent delinquency) before they know they need it
"There is no greater loan than a sympathetic ear.” – Frank Tyger
With many credit unions closing their lobbies and opting for drive-thru transactions and electronic servicing to practice safe social distancing, remember that this is a great opportunity to deepen relationships and increase member loyalty through proactive advising and empathy. Many members are facing uncertainty with work, finances, and health. Now is the time they need an advisor or financial mentor the most. Being proactive with calling efforts to reach members before their financial bump becomes a financial hurdle can pay dividends not just for the member but for the credit union.
Below are some tips on providing next-level member service and how it can positively impact your financial outlook for 2020.
- Email Messaging. Many members will be looking at hurdles or financial struggles in the coming months. One of the worst things that can happen is feeling helpless or alone through trying times. Craft a message to your members expressing the desire to help them through these tough times with empathy and no judgement. Give them viable methods to reach out to your team to discuss their unique financial situation and options they can consider to be best for them. The majority of your membership want to make good, on-time payments and the worst thing that can happen is for them to try to manage their credit, bills, and obligations without an understanding of what the best path is through burdens outside their control.
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