Are credit unions ready for the 21st Century?
In the 21st century it’s imperative that financial institutions understand the nature of technology, branch formation and/or transformation, and service excellence. The problem is many institutions have been caught in the transition. For example, Retail Insight industry benchmark report, 94% of retailers, suppliers and logistics firms surveyed haven’t executed a long term Omni-channel strategy, and 37% don’t even have one. So how do you determine the best approach for the needs of your business and more importantly your customer? Infomercials are selling widgets, gadgets, and doodads claiming to guide your business into the next millennium. Which channel or technology is the best solution for your business? Is your message clearly understood? Are you sure?
Is there a method to the new millennium madness? Well, yes! Yes there is. First off, don’t jump head first into the technological abyss. Financial institutions are being bombarded with new innovation, new technology, and new retail delivery methods every day. Now don’t get me wrong, innovation is important; however the right combination is essential to communicating the institutions culture, customer expectation, and desired service enhancements. It actually comes down to a combination of integrated components that determine the best solution for your business case. “Bolt-on” attempts to improve service and provide expertise in many cases don’t meet the expectations given by those infomercials discussed earlier. Imagine that!
Clearly, it is human nature to jump onboard bandwagons like Omni-channel because well, everyone else is and you don’t want to be left behind! I get it; these are very important innovative solutions when looking for better ways of engaging your customer. No matter what channels you use whether branches, online, or mobile banking the challenge of creating a consistent customer experience and providing a single view of products and services remains.
It is essential to remember who you are by demonstrate the business’s core values in connecting effectively by driving solutions in support of customer expectations. So first, develop a strategic plan! It’s imperative to identify the strategic plan that best suits the organization’s goals. Who is your target customer? What adaptations are required to meet customer expectations? Do you know the unique qualities that garner new relationships?
Once you look past all the bells and whistles, it comes down to functionality which supports the business plan. The plan must be rooted in good market research to improve efficiency and enrich the customer’s experience. What makes you different in a time where consumers see all retail delivery as the same? Your businesses personality!
Here are a few questions to consider.
- What is the core value for the business? Who are you really?
- How is the business visualized by consumers living in the markets you serve? Do they know who you are?
- Operationally, what will it take to create the optimal products, service suite and deliver it to your market?
- Is the business running on a fully charged battery? Are there areas that need “charging”?
- What is the target markets personality? Who is the business serving and why?
- In reviewing the branch footprint which location should be closed, relocated or renovated to enhance market appeal, for better community visibility while meeting customer expectations?
- Is the business developing the right channels of engagement? Will the community accept the new experience? Is the business seen as the expert…really?
As you plan to jump into the 21st century several questions such as those listed above come to mind. A well thought out strategy is the key to creating an affective environment, enhancing customer loyalty, creating brand awareness, and becoming a vital part of the community. It takes knowledge and expertise to implement the right strategy that will engage your market. What’s the old adage? We don’t plan to fail; we fail to plan.
