A quick review of any trade publication or online news portal will show multiple articles regarding leveraging the benefits of AI —Artificial Intelligence. While I’ll admit all those college papers I wrote would have been much easier to create using ChatGPT and a laptop instead of my old Smith Corona and hours of research in the library, I have to wonder how our teams feel about the future of member service with AI promising to revolutionize every interaction.
Change is intimidating. And it can be scary if team members feel like their jobs might be on the line because they’ll be replaced by a computer. Dealing with the human side of change is for another article. For now, let’s help our teams focus on what we can do better than any computer.
Building a highly connected experience with your members takes a more human touch than a computer can offer alone. A survey conducted by HubSpot.com says that 78% of customer service reps agree that customers expect more personalized experiences than ever before, and 95% of consumers are more loyal to brands that offer those experiences.
As a consumer, I love proactive support. That doesn’t mean that I expect you to call me and find out how my weekend went. However, there are times when a follow up makes a lot of sense. So what does being proactive with member outreach look like? Following up with members when they don’t even realize they need help is the key to becoming a memorable service provider.
1. 2 x 2 x 2 follow ups
Many credit unions create a new member onboarding sequence whereby a member service rep reaches out 2 days after the member has opened their account to ensure all their questions were answered; 2 weeks after account opening to ensure the member has received debit and credit cards; and 2 months after account opening to build the next step in the relationship.
Before your whole team rolls their collective eyes at me, realize that outreach doesn’t have to be via a phone call. Asking the member what their preferred method of communication is during onboarding, and then using that method to reach out will set you up for success in the long run. That 2-month outreach is the key time to start discussing what may have been overwhelming to the member when you first met. Look at it like any relationship. You need to date them slowly over time before you order your U-Haul. (IYKYK)
2. Loan follow ups
We live and breathe the lending process, so we know what comes after the paperwork is signed and the check is delivered. However, our members don’t! The average consumer owns 3-5 houses in their lifetime. Even at the maximum, that means consumers are only immersed in the lending process once every 10-12 years.
I’ve financed 6 homes so far (You know I’m above average!) and exactly zero of my lenders have followed up after closing to see how they can help me further. In each of these homes, I immediately made major purchases like new furniture, home improvement projects, and new appliances. Do you think the credit union could have helped me with any of those expenses?
3. Membership anniversaries
Whether you send a card or just give a shout out on social media, it feels pretty special to have friends celebrate an anniversary with you. I’ve been a member of my PFI for 37 years, yet I feel like we’re in a one-sided relationship. When I need something, I reach out. They only reach out with generic marketing pieces.
How cool would it be if you sent an email (my preferred way to be contacted) to say, “I see you’ve been a member for 25 years. Thank you for your support and loyalty. Members like you make a difference.” You could use AI to help identify the milestones your members are reaching and even automate the message—as long as it’s coming from a real representative at the credit union.
4. Loan payoffs
It’s a really big deal for someone to pay off a loan—whether it’s a car loan, signature loan, student loan, or home loan. As I mentioned earlier, members don’t take out hundreds of loans over their lifetime, so it’s not every day that they pay those loans off, either. When they do, it’s time to celebrate alongside them! That’s easy to do if they stop into a branch with their payoff. It’s more difficult if they use automated payments.
Time to enlist the power of AI again to alert you to loan payoffs happening. If the member has been paying $500/month on an auto loan for the past 5 years, what are they going to do with that extra cash each month? Do you have any ideas on how the credit union could help them figure it out? Proactively reach out and find time to talk about how you can work together for their financial success in the long term. They’ll remember you and appreciate you forever!
Members don’t know what they don’t know about their finances. You’re the experts! Members lean on you to tell them where to get started and how to succeed along the way. Solving their initial need is just the beginning of the member journey. Solve that initial need, then expand into a lifetime of opportunities with your members.
Reaching out proactively will ensure an enduring relationship that benefits both you and your members. Don’t wait for permission to start a pro-active member outreach program. Start it now and set yourself apart—before I reach my 40th anniversary while still waiting for a U-Haul.
