Tips to Improve Member Experience in Credit Unions

By admin | Credit Union

Jun 26
credit union member experience

Credit unions have made efforts in trying to be recognized as a separate entity and a different financial institution from the rest. And this is something that they have made possible by focusing on delivering excellent member service.

In your credit union, your members are your priority above everything else. In fact, it is the members who own the credit unions, unlike the banks which are owned and managed by the shareholders. When credit unions make a profit, the members reap its benefits in the form of lower fees, which make them happier customers. This is also one of the reasons why the members are happy with the organization and the reason why more and more people would like to be a part of it.

Here are some of the ways on how credit unions can further improve the member experience.

1. Reducing term limits

One of the most important thing members or customers value when it comes to their financial institution is accessibility. Today, we need better access to our financial accounts and that is the reason behind ATM machines, online transactions, and the like so that we will not have to make a constant visit to the physical branches. This is one of the things that credit unions should pay attention to. In order to stay competitive, credit unions must be able to provide their members 24/7 access to their accounts. Alternative channels should already be given value and importance.

2. Giving good and fair deals

One of the most important reasons why customers switch from banks to credit unions is because of the fees and interest. Loans, mortgages and car loans have much lower interest rates in credit unions than in banks. On the other hand, it is easier and a lot faster to grow savings in credit unions because the interest is higher in savings. However, you should still be aware of the competition in the marketplace when it comes to the core services you are offering.

3. Listening to the members’ feedback and opinions

Happy and satisfied members are the best channels of advertising. They can even be better than the traditional marketing methods. Therefore, it is important that credit unions focus on making sure that the members are satisfied with the services they are getting, especially the member service part. This way, they can influence their peers about their membership.

And to make more satisfied members, credit unions must listen and honor their members’ feedback and opinions, because these things matter. Their voices should be valued, whether they share a negative or positive experience. The most successful credit unions are the ones who are constantly looking for ways to improve and they strive to be better based on the feedback of their members. They welcome and adapt to change, and everything that it takes to revamp their customer engagement.

4. Getting aligned with members

To provide better member experience, credit unions must align their processes and policies with their members’ mindset. They need to consider things like having social engagement, having social media network structures for incoming and outgoing messaging, focus of the organization to the members’ needs, and so on. It means that, at the end of the day, it is the credit union’s goal to know and understand how they can be aligned with the things that work well for their members, so that it will be easier to reach them, and reach for more members. It will also be easier to provide relevant products and services to their members whenever needed.

5. Pursue the goals

Any organization who aims for success needs to have an end goal. You cannot just keep on wishing to achieve success without being specific about the goals you want your credit union to achieve. Along with these goals come to your action items or the steps you need to take in order to make these things happen. This is the part where you need to arrive at the right solutions to meet members where they are. This is also the part where you need to embrace new technologies so you will be able to reach more potential members to your credit union.

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