In a recent CUES Leadership Column, Improve Your Members’ Experience with Simple and Cost-Effective Strategies, Oak Tree`s CEO talks about the consistent efforts to meet and exceed consumer expectations through process improvement and simple acts of kindness lead to loyalty and growth. Here is an excerpt from the article:
"In an age of rapid digital advances, credit unions are committing significant resources to improve their members’ online and mobile experiences. With so much focus on implementing the latest and greatest in technology, it can be easy to overlook the less expensive and simpler strategies that can have a significant impact on your members’ experience—but it’s important not to let those opportunities go by the wayside. According to a 2017 report by McKinsey & Company, a global management consulting firm, improving the customer experience from average to “wow” can increase the likelihood to retain or acquire new business by 30 to 50%.
Members that leave credit unions typically do so without any prior indication. In fact, almost three-quarters of members won’t tell their credit union they are thinking of leaving. This means credit unions must be proactive in their approach to providing exceptional customer service. Here are some top strategies you can apply today to begin wowing your membership.
Make It Easy to Be a Member
Reduce repetitiveness. Perhaps nothing is more frustrating to a member than having to repeat themselves to multiple CU employees to solve a problem. This tells members your staff is not communicating with each other and can reduce member confidence in your branch. Your data processor and forms should be integrated with members’ best interests in mind. Develop processes to provide for the systematic flow of information between employees before transferring phone calls or other member hand-offs.
Provide financial literacy. How to manage your finances isn’t taught in school. For most members, financial knowledge was passed down from their parents or self-taught. Train your employees to educate your members about general financial concepts. Include simple topics such as how to balance a checkbook. The more members know, the easier financial transactions will become for them.
Allow e-signatures. Convenience an important aspect of member service. Consumers expect to transact their business in the shortest time possible. When it comes to completing applications and forms, signing and returning paper documents is a hassle for everyone. With minimal investment, credit unions can provide online e-signature capabilities to allow their members to sign and go."