Improving your credit union’s member service

There is no business that can underscore the importance of member experience. Statistics show that a company can achieve 4-8% higher revenue with better member service. Up to 96% of members will choose or be loyal to a brand due to member service.

The financial sector service must give exceptional experiences to their members. With so much competition, it has become a key method of retaining members.  

With technology, members have access to innovation. It has led to a more conscious client who has so much choice. 

Credit unions must strive to continually improve upon the member experience. I will share some best practices that credit unions can put in place. 

• It Starts With the Team

Employees are the face of any company. They are the first brand ambassadors you have. They can break or make your organization with how they present themselves out there.   

Empower staff so that they can deal with any issues on time. Give them access to technology and information and encourage feedback. 

Management should show that they have confidence in the staff. This will increase productivity and satisfaction amongst the team.  

Eventually the credit union members will enjoy better services from happy employees. 

• See More Value in the Members

For many businesses, it is about attracting clientele and nothing else. Yet, building better relationships will keep them loyal. 

Credit unions need to see more value in the members. Have an open relationship with them. Encourage feedback through surveys or face-to-face interaction. 

Understand each member’s needs and assign the right staff to handle them. Understanding members better means you can personalize your offering to them. Keep up engagement through regular correspondence. 

Institutions can also offer training opportunities for members in financial literacy. It is an opportunity to enhance the socio-economic status of the members. Education opportunities can be through webinars, video tutorials and in-branch events. 

Some institutions offer mentorship opportunities. They target learning institutions, individuals, or small businesses. When members see that you care about them more than their money, you will gain loyalty. 

• Data Is Crucial

Collecting data is critical to understanding your members. Surveys provide an opportunity for improvement based on actual information. Collect the information immediately after offering a service for real-time feedback.   

You can also send emails, mobile or website requests for information. Take time when developing your questions. Format them in a way that yields the information you need without being intrusive.

• Understand the Member Journey 

To understand the member’s pain points, you must understand the journey. It requires you to place yourself in the member’s shoes. You get to understand their experience with the brand from their viewpoint.

It can be a challenge, yet an illuminating experience for any business. You get to remove the blinders by which you view your institution. It forces you to understand how your members experience your brand. 

You get to see the shortcomings and put in place measures to address them. You get better context and invaluable insights. You can then apply them to existing and potential members for a better experience. 

• Take Advantage of Technology

Technology has made it possible for credit unions to give members more choices. It allows for a level of self-reliance, which is convenient and saves time. A 2020 report shows that up to 22% of members can leave a financial institution due to lack of innovation.

A member will appreciate not having to go to a physical location to access services. With the use of a smart device, members should be able to search for products or services. They should also be able to access account information without visiting a branch.  

The institutions must invest in providing consistent and accurate information at all times. Technology will also allow for the collection of valuable member information. With proper analytics, such data can transform the member experience. 

Even with technology, staff members must be on hand to answer or interact with members. With all the convenience technology offers, it cannot replace the one-on-one human interaction. 

• Keep Improving

Credit unions should treat their member experience as ever evolving. Members keep on changing and so do their needs. What may have worked a month ago may not apply the next. 

Financial institutions must keep on testing and improving upon their offering.

Final Thoughts

Improving the member experience is the best way to build loyalty. It requires the credit union to better understand their members. Surveys can provide important firsthand information that a credit union can use to review common areas of concern. Taking advantage of data such as loan processing times can help with maximizing loan efficiencies.  

Utilizing a nimble & robust Loan Origination System designed specifically for credit unions will greatly improve the member experience.