Don’t go breaking consumers’ hearts

I know what you’re thinking – “I couldn’t if I tried!” But sadly, the financial industry isn’t the upbeat world of an Elton John song.

In fact, community institutions are breaking quite a few hearts lately if data is anything to go by. A 2022 “American Banking Journal” report showed credit unions falling behind bank’s service ratings for the fourth year in a row. And community banks aren’t spared on the financial side. The mega banks are absorbing more than 80% of deposits these days.

What are credit unions and community banks doing wrong? Answer: they’re getting complacent and not aligning all their efforts – branding, consumer experience, leadership development and more.

You can’t pick out a rose here, another there and expect the same effect as a whole bouquet. Or only leave the cream-filled chocolates in the box and expect it to be as delicious. Similarly, you can’t pick and choose where to improve. Your competition certainly isn’t.

 

continue reading »