Why member loyalty is an issue at your credit union
Ideally, you are your members’ primary financial institution. Whether it’s checking, savings, starting a college fund, buying a new car, or purchasing their dream home, you want your members to come to you first. If you’re having issues with member loyalty, here are a few reasons your members may not have the desire to give you repeat business…
Your employees aren’t living your brand: Your brand is more than a recognizable logo. Every one of your employees should be a living, breathing example of your brand. Well, you know what? Sometimes employees suck. Obviously, every employee won’t be perfect, but you should try to hire employees who fit the mold of your brand and generally love going above and beyond to make a difference in your members’ lives.
F is for Facebook: While Facebook does start with an F, you probably want your social accounts to be more associated with the letter A. An A+ would be even better. When was the last time you checked the DMs on your credit union’s social accounts? You probably get messages from members daily, and if you’re not responding, then you’re making your members feel unimportant. Whether it’s a serious inquiry or not, you need to be there when your members need something. And that doesn’t just mean at your front counter or by the phone. Checking your social accounts often is the only way to make sure you’re everywhere your members are.
You need to upgrade: Gen Z is starting to graduate from college. That means they are entering the workforce. And that means that all millennials are part of that workforce. How satisfied do you think these two generations are with the products and services your credit union offers? These generations are completely immersed in technology, so it’s time to get with the program. If you don’t have the money to upgrade your mobile app and website, you better find it somewhere, because you can bet that banks will have all the bells and whistles available. Mobile deposit matters now more than ever.
