We have to ask, because every membership base is different

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.
  • Robo-advice.
  • 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.

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