Maintaining a strong relationship with your members doesn't have to be tiresome and result in a breakup. Heading down the wrong path with your members can almost guaranty separation. Sometimes knowing what not to do is just as important as knowing what to do. In today's competitive fintech environment your members and their businesses require connection everywhere. Your credit union member service needs to be on-point in order to keep your members loyal to you. Watch out for these 5 pitfalls that will result in a negative member experience and possibly result in a member divorce.
Not Knowing their Needs
Not understanding what your members' needs are can be detrimental to credit union member service success. Knowing what members expect and need can prove wise to crafting meaningful and long-term member relations. How do you discover members' needs? Good data, that’s how. Use member data to dig into what products your members are using or desire and pair them with new product offerings they might not know about.
Wrong Partner
Hiring the wrong people can have a lasting impact on your credit union culture. When searching for a credit union technology partner, you are selective in finding a vendor that complements your technology offerings and will provide tangible results for your credit union. The same should apply for credit union staff. Look for great talent, who want to be part of a winning team. Team players can take your member service to the next level.
Status Quo
While consistency can be a good thing, complacency and dated technology can make your credit union feel old and behind the times. "Netflix and chill" is only fun for so long. Becoming complacent and not looking to improve product offerings or being unwilling to meet members on their terms can be dangerous. A credit union that has selected vendor partners that are committed to product development, not just third-party interfaces, will set themselves apart through continuous product releases.
Deaf Ears
Nothing stings quite like someone who doesn't listen to you. A CU that listens to its members (and staff) can better understand their needs. Give members an opportunity to provide feedback on products and services. Not only will they feel appreciated knowing that you care, but you will gain insight into what services are impactful and what areas need improvement. Listen to your team; they may have solutions to problems that executive management didn't know existed.
Ungrateful
"The deepest craving of human nature is the need to be appreciated", said psychologist William James. Does your credit union staff say 'thank you' to your members? A sincere thank you goes a long way and can remind someone they are important. Remind staff about the role your credit union plays in the lives of your members. In many cases, your members are entrusting you with their finances and their financial lives. Providing insight into how members can better manage their financial lives will underscore the importance of your credit union.
Credit unions should work to connect with members in a unique and memorable way and provide experiences both online and in person with innovative product offerings and services. CUs that have experienced the FLEX difference have used innovation in core technology to take member service to the next level.
