Consumer habits continue to evolve. Options for financial services have expanded well beyond what I would have ever imagined when I began my career. Today billions of dollars are invested in technology to improve the consumer experience. Yet with all of the attention being paid to digital channels and mobile banking strategies, one aspect of the equation remains vital to successful member engagement — consistent, quality service experiences.
According to a study by PwC, while price and quality are generally top of mind for consumers as they make purchasing decisions, 75 percent of respondents cited positive interactions as influential in their banking choices.
Since the beginning of the credit union movement in the early 1900s, quality service has been a touchstone of the industry’s philosophy — “People over Profit” — impacting every aspect of the business model. As a result, credit unions routinely surpassed banks in consumer satisfaction rankings. But with recent efforts to transform the customer experience, banks’ satisfaction rating overall has reached the same level as credit unions at a score of 81, according to the American Consumer Satisfaction Index (ACSI). Credit unions get slightly better scores for in-person service, service speed and call center satisfaction.
Attracting and retaining membership continues to be a top priority for just about everyone. As service expectations change, here are a few things that can create exceptional experiences to reinforce your “people first” reputation.
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