Winning the race to excellence with a member-first strategy

When it comes to achieving excellence, the term “experience” gets thrown around a lot. Companies and industries are constantly brainstorming ways to connect and build relationships with the consumers they serve, ultimately by providing a certain type of experience.

But how can credit unions ensure that their products, services and strategies create a superior member experience?

Service Is the Defining Factor

PwC produced an interesting study that found that when it comes to how consumers interact with brands, experience is everything. In fact, consumers are willing to pay up to a 16 percent price premium on products and demonstrated increased loyalty to brands when they feel appreciated. That’s great news for credit unions, especially when surveys indicate that members are generally more satisfied with their credit union than other banking customers are with their banking provider.

What is the differentiating factor to make up for PwC calls the “experience disconnect”? It turns out it is what credit unions have known all along: service. People like friendly service; they like a human touch. According to the PwC survey, 50 percent of U.S. consumers surveyed named friendly, welcoming service as the defining factor for successful experiences.

 

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