In an age of rapid digital advances, credit unions are committing significant resources to improve their members’ online and mobile experiences. With so much focus on implementing the latest and greatest in technology, it can be easy to overlook the less expensive and simpler strategies that can have a significant impact on your members’ experience—but it’s important not to let those opportunities go by the wayside. According to a 2017 report by McKinsey & Company, a global management consulting firm, improving customer experience from average to “wow” can increase the likelihood to retain or acquire new business by 30 to 50%.
Members that leave credit unions typically do so without any prior indication. In fact, almost three quarters of members won’t tell their credit union they are thinking of leaving. This means credit unions must be proactive in their approach to providing exceptional customer service. Here are some top strategies you can apply today to begin wowing your membership.
Make It Easy to Be a Member
Reduce repetitiveness. Perhaps nothing is more frustrating to a member than having to repeat themselves to multiple CU employees to solve a problem. This tells members your staff is not communicating with each other and can reduce member confidence in your branch. Your data processor and forms should be integrated with members’ best interests in mind. Develop processes to provide for the systematic flow of information between employees before transferring phone calls or other member hand-offs.
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