So how do you keep members engaged so they keep coming back for your products and services first every time? The answers may surprise you, but they shouldn’t. In order to keep credit union members happy, we offer four things.
Yet, we need to make a point before we launch into the list. There is a universal appeal aspect to each of the points you are about to read. Keep this in mind, as certain points may speak to a particular methodology. Remember the basis above all. You can always change methodologies to suit different demographics.
How to Keep Credit Union Members Happy
1. Keep the Conversation Going. Probably the best example of this is Navy Federal Credit Union. They have committed to maintaining dialogue via Facebook and Twitter. They give members the ability to post directly to those two social media pages with comments, concerns, or questions because communication is so important. In our digital age, it is important for social media accounts to be active, but active in the right ways. Look for ways to invite credit union members into conversation. Then continue and enlarge the dialogue further. A great way to do this is to ask your members for feedback. You can tailor the feedback to each specific social media venue, or go all out like Duke University Federal Credit Union. They installed HappyOrNot customer satisfaction kiosks in their credit union. They installed one at each station, so members could express their satisfaction level at every possible aspect. The point is for you to start and continue a conversation. If the goal of membership is to create a database of customers, the second goal should be customer engagement.
2. Remain Approachable at All Costs. No one likes to approach people who are prickly or stuffy. Financial institutions have a tendency to be typecast as one or both. Make sure your credit union is neither! This is easily accomplished with little gestures. When members come through the door, greet them by name. Ask how they are doing. Ask how their family is doing. Get familiar with their situation so you can let them know about new products you have to offer. Consider other ways to be approachable, as well. For instance, Oak Tree offers membership forms that make signing up a breeze. Potential members can sign up digitally online with no pressure. That’s very approachable. They may also sign up in person at your credit union. Remain approachable, and they will!
3. Treat Members Like VIPs. Why not create promotions that are reserved exclusively for long-term members? Give veteran credit union members better rates and other advantages. People love to feel exclusive. Member perks based on seniority accomplish goals and also encourage new members to stick it out for the long haul. Also, consider holding contests for members who have been around for more than three years. To include new members you can run other contests, such as a raffle for members with new auto loans, or secured lending account holders. Diversifying contests creates a sense of inclusivity by catering to exclusivity. Anytime you can do this with your credit union members, it is a win!
4. Remind Them Why. Remember, people join your credit union because you offer certain things traditional lenders do not. Remind them of that from time to time. You offer members lower fees, better interest rates, and a willingness to work with them beyond measures of a regular bank. This is why 88% of credit union members say they trust their credit union over a traditional bank. Reminding your members of this will reinforce the bond.
With these items in mind, maybe it’s time to walk slowly through your credit union. Assume the perspective of a new member. Do you feel engaged? Are you treated like a VIP? Does your staff feel approachable? Are new members able to walk away with a sense of advantages your credit union has over banks? If you can answer yes to all of these questions, call us please. You are definitely going to need more forms to supply all of the new members headed your way!