5 Reasons a Consumer will Pick Your CU Over Another
Close attention to the following list may help with member retention and acquisition. It will help you market your services to potential customers. In a time where competition among financial institutions is fierce, it is helpful to know what sets you apart. Following are 5 reasons a consumer will choose you over other financial institutions.
1. Best Interest Rate. Credit unions typically offer better interest rates than banks or other lending institutions. The money saved makes choosing a credit union more likely.
2. Quick and Effective Loan Process. Lending can be a hassle when dealing with other institutions. However, by using Oak Tree lending forms, the loan process is quick and efficient. Members appreciate the time they save. This one fact makes them more likely to choose you, to meet more of their financial needs.
3. Convenience. Credit unions are community-oriented. Rather than having a main hub or tiny suburb branch that gets overwhelmed at busy times, credit unions are located in the towns and communities they serve. This makes the location convenient to everything, particularly for the consumer. Plus, access to internet banking makes them competitive with larger institutions. Members can conveniently access their accounts from home or via a mobile phone to check account balances or make payments.
4. Customer Service. It is common for credit union tellers and management to know their members on a first-name basis. Many of them live and work in the same areas. This more personal business relationship fosters great member service. Plus, on a more practical level, credit unions are positioned to make more decisions in-house. They do not have to answer to bank boards, or call a supervisor when decisions need to be made.
5. Approval Rate Regardless of Credit Score. Credit unions will typically offer loans to those with poor credit scores. They take into account the person’s situation, as well as credit score. This is great information for your members to know!
Keep these points in mind the next time someone walks through your door. Mastering just one of these could gain a member for life. #MembershipForms
To read similar articles please visit Oak Tree Business Systems, Inc. May 2016 Advantage – Credit Union Trends.
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