4 things high-performing credit unions refuse to do
Credit unions are constantly benchmarking their own performance against that of high performers in the industry and learning what makes these organizations successful. But what things do top credit unions refuse to do in order to remain successful?
High performing credit unions refuse to:
1. Let leads slip through the cracks
Lead generation is an area where many, if not most credit unions lack proper focus. High performing credit unions, not only charge front line staff with generating leads from branch traffic, but marketing is tasked with generating qualified digital, business, and community leads. However, the process goes beyond simply capturing leads. What is done with each lead is what separates the good from the great. The financial “buying process” is complex and requires more customization and personalization than ever. Proper lead follow up is crucial to the success of any lead generation or member engagement strategy. Top performers will ensure every lead is followed up with a phone call, inserted into an aggressive onboarding matrix and continuously developed until transformed into a profitable household.
2. Define success by a single metric
In an industry filled with so many statistics, trends, ratios and comparisons, it’s easy to become exceedingly focused on a single metric with which to measure success. More often than not, board members and executive leaders stress the importance of either growing membership, increasing asset size, or producing loans, yet they lack focus on the bigger picture. High-performing credit unions provide an industry benchmark to which other credit unions should aspire, but how do they themselves define success? These successful organizations are constantly managing a list of variables such as profitability, margin, efficiency, and income, with less focus on overall asset growth or net member growth. By focusing on the bigger picture, high-performers achieve organic growth as a result of managing risk and spreading concentration among metrics that have the most impact.
3. Go a day without monitoring member experience
From NPS evaluations and member experience mapping, to surveys and mystery shopping, high-performing credit unions always have a finger on the member experience pulse. Frictionless banking experience is a minimum expectation for today’s consumer, and unrivaled performers not only recognize this, but provide additional user experience luxuries such as live chat, instant approvals, customization, and personalization. Their efforts often pay off in the form of increasingly loyal members who produce higher product-per-household ratios, member referrals, and overall profitability.
4. Allow inconsistencies
Aristotle says, “We are what we repeatedly do. Excellence, then, is not an act but a habit.” Top credit unions place much emphasis on performing in a consistent manner when it comes to everything from culture and procedure to brand and workforce expectations. They are consistent in their application of strategy and future vision, year over year, consistent in measurement of member satisfaction, and steadfast in their accountability efforts at all levels of the organization. The last thing you will see from consistent high-performing credit unions is a frenzied rush to shift direction during challenging economic conditions or a rising-rate environment. Unwavering is their concentration on maintaining an innovative edge and developing profitable member relationships.