When you hear someone discussing their experience with banks, its common to hear frustration in their commentary. Loan denial, not meeting their financial needs, poor mobile capabilities, selling their loans and of course, the fees. These are many of the frustrations that traditional banking customers name when they think of their primary financial institution. They feel at the mercy of this giant institution that they have no choice but to interact with and yet have no input in how it runs. Now imagine if you had to work at a big bank!
Just as customer satisfaction takes a hit when they feel no loyalty and begin to look elsewhere for their banking needs, shortfalls in employee satisfaction lead to employee attrition, which in turn further erodes customer satisfaction. This is where being with a credit union makes all the difference. In a credit union, customers are not just customers, they are members, and have an active role in their financial experience. And running a credit union becomes more than just a job; a credit union CEOs role encompasses relationship building and a responsibility to know your members' individual needs and deliver products and services to meet those needs.
Providing modern and capable member services will not only assist in keeping members happy and satisfied but provide a personal satisfaction for you and your employees as well. Additionally, with efficient technology and competent staff, CEOs will be able to focus on higher level initiatives and identify fresh opportunities.
Being a member of a credit union is a personalized and satisfying experience. Understanding the Credit Union Differences is inherent to running your credit union successfully and ultimately why many credit union CEOs are able to find personal gratification in their work. Here are 4 reasons why running a credit union simply rocks:
- Not-for-profit – Credit unions exist to serve their members. Financial earnings are reinvested back into the credit union and profits are used to offer lower rates and reduce fees. Member = Happy; Employees = Happy; CEO = Elated!
- Ownership – Credit unions are a democracy and each member has a vote regardless of the size of their accounts. CEO's aren't unhappy, power-hungry dictators, but instead, feel the joy of leading an organization they can be proud of.
- Membership Eligibility – Membership is many times available through certain affiliations that often bind members together with common goals, making it easier to serve them.
- Financial Education – Providing financial education for its members, especially early on, has shown it can have a positive impact on future spending and savings habits. Running a credit union does make an impact on future generations, and who wouldn't be a part of something that puts people first?
The structure of equal ownership allows those in charge to shift from competitive and performance-based decision making to a more individualized and member satisfaction-based decision process. And having efficient technology solutions in place for your members will allow you to focus more your valuable time on your members, not managing technology.
