6 brilliant ways to make your members feel valued

A recent study found that nearly 50% of Americans think banks offer more products and services than credit unions. To add to the shock, only 61% of consumers believe credit unions care more about their members than banks do. This is a positive sign, but shouldn’t this number be higher? Isn’t it a “no-brainer” that credit unions care more than banks? That’s what the credit union difference is all about, right? It’s time for credit unions to market better and demonstrate they value their members.

Helping your members feel valued is one of the intangible ways to retain current members and attract new ones. When members feel important, their loyalty grows. It is a proven fact that retaining a member costs less than trying to acquire a new one. 

Here are a few tips and tricks for ensuring that your credit union places proper emphasis on member services:

1. Attention to Detail.There are countless factors that create the member experience. From behavioral marketing to MSRs dressing professionally and addressing members by name. It’s the attention to the little things that leave members feeling valued. In the article, 6 Things MSRs Should Remind Themselves of Daily, it’s discussed how body language by your MSRs is all-important when it comes to gaining members trust. The 7%-38%-55% rule points to three elements that inform first impressions and earn trust: Words are 7% of the message, tone of voice is 38%, and body language is 55%. Remind MSRs that, while what they say is important, 93% of their interactions are perceived by tone, attitude and nonverbal cues.
2. Personalized Service.Personalizing a member’s experience shows them they are more than just an account number. Your core system holds valuable member data that can help you determine saving and spending patterns, and identify products that would benefit them.  If you know they have a child about to graduate high school, providing information about student loans will show you have taken note of important changes in their life.
3. Anticipate their Needs. This is essential to all valued relationships. Your members shouldn’t have to tell you what technology and products are going to make their lives easier. This is where you need to practice some forward thinking and implement services that anticipate their needs of convenience and efficiency. This includes products like mobile banking and e-Signatures. Anticipating the needs of your members keeps you one step ahead and in control of their experience.
4. Think of the Bigger Picture.Thinking of the bigger picture ensures that every surprise or outcome is covered. If your office is located in the city, do you offer free and convenient parking? Do members receive reminders to engage with their account before a dormant fee is charged? Each small interaction is a touch point in the member experience. Keep these interactions in perspective and step back to view the entirety of their experience with your credit union.
5. Respect their Time.Be understanding of your member’s time to show that you respect them and their personal lives. Respond to customer service inquiries in a prompt manner and warn members of the wait time when they arrive at the branch. Give them access to tools that make traditionally slow services, faster and more convenient, like eSignatures, remote deposit capture and mobile loan applications.
6. Listen.At the end of the day, members want to feel understood. If 50% of your members fill out a survey and indicate that they want an easier way to pay their bills, invest resources into a bill pay solution and show members you care about their ideas and concerns. Listening to your members can be the data you need to convince your board to upgrade member services and technology.

Make your members feel valued by acknowledging the fact that the credit union wouldn’t exist without them. Remind them that they are members and consequently owners. If your members feel valued, they will not only return to your credit union, but they will bring their friends and family with them.