Recently, I had to get a decent volume of personal documents sent to someone. I called my local big box office supply store to find out how much it would cost to fax the materials.
Their first question was, “Is it long distance?”
Thankfully I was sitting when I got that query since I’m sure if I was standing I would have been picking myself up off the floor. Long distance was extra.
But that wasn’t the end of it. I went in to sort out an alternative and I was going to scan the items and email them. I went to pay and I was told I needed to put up a $5 deposit – not toward the cost of my project, but a vague $5 fee that would be credited back to me in a couple days.
My point here is, there were so many points during this consumer journey where I was getting the clear message that this company was more concerned about itself far more than the needs of their customers.
What’s more, it proudly announced that it was sticking to a business model that was outdated with the advent of the mobile phone. Holding my money for 2 days for no particular reason? These types of policies don’t inspire much brand loyalty.
Now, your CU might not have the latest or greatest tech or the fanciest buildings but the one essential thing you do have control over is showing your members that you are there for them.
You need to make it clear you understand that if it wasn’t for them, you would not exist.
Advocacy doesn’t need the latest and greatest fintech tools. But if you have an advocacy-focused organization, then fintech can take it to another level.
One of the greatest strengths of CUs is the fact that they are (or should be member focused). And this is the key ingredient for competing against larger institutions that may have more bells and whistles, but a less personal touch.
Finding ways to leverage your core advocacy role with technology is where CUs can make a huge leap in growing their base and increasing their business.
As the old Texas saying goes, “It ain’t the size of the dog in the fight, it’s the size of the fight in the dog.”
By leveraging your core competency for advocacy with new tools, you have a powerful advantage of building an experience that is member-oriented and member-focused, rather than the top-down ‘customer service’ of larger institutions.
Take advantage of it.