Almost 40% of credit union members with adult children do not want their children to have an account at the same credit union to which they belong, according to an August article from CUToday. But rather than dwelling on the negatives, now is a great time to see this as an opportunity to improve member experience and reclaim these potential accounts. So how do you improve your credit union member experience? We’ve pulled some great insights from a handful of resources to help you make your credit union more member-centric.
Eliminate Physical Location Requirements
In the same CUToday article, one of the main reasons adult children of credit union members leave is obvious: they moved away. As credit unions try to close the gap between what they can offer and what national banks already do, digital banking software, websites, and apps can entice members’ children to continue banking at their hometown credit union.
Offer a Family Plan
Another interesting and untapped idea is incentives for families that bank together. Starting dialogue within families could be a valuable addition to your CU’s educational and financial offerings.
If cell phones, and streaming services, and music apps create family plans to cater to members, why not try it at your friendly, neighborhood credit union?
Create a Customer Experience Management Strategy
It’s easy for managers to delegate the fostering of customer service excellence to those employees with direct customer contact. But the customer experience, especially in this digital age, is not just about having a helpful and friendly teller at the counter or drive-thru window.
There are dozens of touchpoints that your customers will experience without ever interacting with a human. When building new pathways and digital solutions, always put yourself in the mind of that customer. If you are developing an app, ask employees with tech skills similar to those of your members to test the new process. Ask them what they liked, and what they didn’t.
You can also foster the same feedback from your members after the new tech has been offered to them. Ask those using it how they feel, and even more importantly, ask those who are not using it why they haven’t.
Show Empathy for This Year’s Unique Struggles
COVID-19, at its core, has been a master class in disaster planning and recovery strategy. And with the effects of the pandemic being projected to stick around for the next year or two (depending on your source), now is the time to pull out all the stops.
Your members are stressed, and confused. Many are worried about their financial situations. You could create new or modified programs to combat these new worries. Add education about government financial support, or reach out to prospects by differentiating yourself as an advocate for their financial stability and success.
Stay on top of new government, legal, and regulatory mandates to show your members that you are in their corner, always. On a larger scale, modifying your core system to incorporate new fee waiving protocols and other relief packages are fast becoming essential.
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