Because every Member is different, and every Membership base is different, it is not wise to develop cookie-cutter approaches to meeting the financial needs of your Members. So, you don’t, right? Instead, you ask them: What are your needs? What do you prefer? Right?
The marketing of financial services is changing. Not so long ago, transactions with the bank were largely completed at the bank – face to face. Then, things began to change:
- Call centers.
- Online banking.
- Price comparison sites.
- Mobile apps.
- Digital wallets.
- Live chat.
A basic Marketing perspective argues that – even through all of the disruptions – there are “functional needs” and “emotional needs” that must be met. Doing so will create Members who will be loyal to your credit union. Functional needs include attributes such as: speed of service, accuracy, a website that is easy to use, fast responses to loan applications, friendliness, and competence. Emotional needs involve a bonding between Members and their credit unions and are reflected in these two questions: “How close do I feel toward my credit union?” and “How much do I trust my credit union?” Emotional bonding is nurtured through proactive customer service, exceptional issues management, going out of your way to help, and delivering on promises quickly and conveniently.continue reading »