If you view members as account holders, you’re blowing it

Every once in awhile I hear or see something in the trades, from a conference or in a suppliers advertising, that really annoys me. I’m not sure who writes the headlines or determines proper terminology, but they can project sheer ignorance about credit union needs and the cooperative nature of the industry. As such, this post will be short and to the point.

If you or your business partners label your members “account holders,” you’re/they’re doing them and your credit union, a tremendous disservice. This term is simply horrific, and goes against what many of you preach and even fight against. To use the term openly shows complete ignorance.

The definition of an Account Holder: Individual or entity which is authorized to perform transactions on behalf of an account, such as a bank account. Authorization is provided through signatures placed on file with the bank or company managing the account.

This is 2015, so by now you’re supposed to think beyond the transaction. First of all, you’re in the relationship business, and it’s ideally for the long haul. Your goal is not to simply amass a pile of nameless, faceless “account holders;” you and your Board are smarter than that. You are out to attract members and member households with an offering that shows you’re different  and you value a lasting relationship built on trust. If your employees or suppliers don’t understand this, then, well, you work with the wrong people.

Would Starbucks view their guests as simply coffee drinkers? Of course not. They’re not just about the coffee. And you’re not just about the “account.”