A novel approach to epic CU service: Treat your members like they own you!
As I travel around our great land and abroad visiting and interacting with credit unions, business organizations, retail outlets, airlines, restaurants, hotels, and a host of other “service providers” what is it I most often encounter? Bad/apathetic service!
Why is that? After years of hearing about customers being the most valued part of any interaction with an organization are not you tired of being put on hold by companies and listening to 20 minutes of My Heart Will Go On or being prompted to go online for another website visitation, or going on a scavenger hunt in a big box retail store to hunt down a sales associate!? Or hoping a service counter staff member will put down their smartphone, make eye-contact and really listen to your needs?
Enough already!
The reason so many organizations (even some of our credit unions) are missing the boat regarding great service is they are concentrating on one shot training programs instead of focusing on developing staff to take a long-term approach to member service. In addition, credit unions must understand the value of creating life-time, life-stage needs relationships with our members. When members are viewed only as a transaction, the result is often a quick one and done with marginal service.
It is also crucial that credit union staff realize that credit unions are member-owned financial cooperatives and have MEMBERS NOT CUSTOMERS like other financial organizations.
And as a member/shareholder owner of the Green Bay Packers Professional NFL Team, I truly realize that being a member owner is special. That same special-status feeling must be conveyed to your members for being true owners of your credit union. I suggest credit unions should consider including a “Certificate of Member Ownership Card” for all new/current members to help reinforce the uniqueness and privilege of belonging to a credit union. And start serving them as your owners!
It is vital for credit unions to identify what you want the special member experience (MX) to be and weave the outcome into everything that impacts members and employees. The fundamentals of the credit union’s culture of member service should be woven into the hiring process, new hire on-boarding, ongoing training, and everyday accountability processes.
In a post-COVID world, staff/members should be appreciated even more and training should be ongoing because the credit union culture/philosophy (People Helping People) should be constantly reinforced. It is important to get as close to the member as possible because they are relying on the credit union to be there for them and they have alternative financial services choices. Employees should always work in the present and treat each member as special. Staff should be trained to look for opportunities to create unforgettable member service experiences in-person and online.
How we treat our members should be looked upon as our key competitive advantage in the financial services industry. Credit unions should leverage local ownership, and personal, friendly service to the max to improve member satisfaction, loyalty, and business growth outcomes.
Becoming a “member-centric” credit union is what it’s all about in terms of great service. Valuing the member more will deepen the relationship and keep them doing more business with your credit union.
But what is often overlooked here is this – it all starts with how credit unions treat their employees. If you pay well, train ongoing, value, and treat your employees in a caring way, they will care for and serve your members in a world-class fashion.
The secret to being a world-class service credit union is no secret at all—treat your employees like you would like them to treat your members!
My road to credit union member-centricity maxims to ponder:
Drive organic growth: Deepen your sales/service culture & training.
Focus on the member relationship: Adapt a holistic view to member information/interaction/reward relationships by being value driven through incentives.
Design /develop flexible products: Offer new/richer channels to give access to information/transactions/package sell member defined options/features.
Create valuable member experience (MX) interactions: Create unique member experiences through all channels/touch points/form a habit of communicating meaningfully/relevantly/frequently
Member owners are the source of all prosperity!
