Mobile banking has revolutionized the traditional banking scene as we once knew it. Having access to your money and account information as fast as you can think of it has become normal. Did my check clear? What’s my account balance? Let me check! But what about that home-town comfortable feel you used to get from visiting your favorite member service representative at your branch? The one who handed your kid a lollipop and asked how your mom was? Are those days gone?
With so much emphasis on the latest and greatest digital offerings, it’s easy to let member services slip to the back burner, assuming its relevancy is fading. But is it? You may think that if your digital banking experience was top-notch then there’d be no need to ever visit a branch or call.
However, a recent study by Celent surprisingly illustrated otherwise, proving that some members still find that personal human touch of in-branch banking preferable, and that quality human member service is still very important.
In fact, those using digital banking options ONLY were shown to be the least satisfied group of banking consumers, according to a J.D. Power study. Those who did their banking with blended interactions, digitally and also occasionally visiting the branch, were the most satisfied.
In the Celent study, which analyzed members by age and type of transaction or activity, more than three-quarters of respondents reported visiting a branch to conduct a transaction in the past two years.
It appears that 77% of respondents still prefer branch visits for more substantive conversations, resolving issues, and having face-to-face interactions.
On the other hand, digital solutions were primarily used for quick information and basic transactions. If too much effort or searching was required to find an answer online, 53% of respondents found it easier to just pick up the phone.
With members still finding the need for quality member services, what is the cause of poor member satisfaction?
Providing a modern, user-friendly digital experience is still an important part of a consumer’s banking choice.
There are also other reasons that member service is critical- they involve the fact that the MSR is the face of your credit union to the member. So much money is spent on marketing to acquire the customer- to tell them about why they should work with you. You need to make sure you are delivering the quality service that’s being marketed.
Of course, once you’ve acquired a member, you want to keep them. According to a study by econsultancy.com, it costs five times as much to attract a new member than to keep an existing one. Which means investing in member service can decrease your churn rate and decrease the amount needed to spend on replacing them with new ones.
These happy members will also help by telling others. Word of mouth is still a large factor in why people choose to work with one company (or credit union) over another. Your MSR has the biggest impact on the member experience, and it can really pay off in the long-term.
So to answer the question: How important is providing quality member service in the world of digital banking? Important. Whether by phone, in person, via email, or via online chatbot, providing that well-rounded, balanced interaction is important for a successful member experience.
A member service representative’s job has evolved and grown more challenging as the required knowledge base has expanded to not just include your credit union’s products but digital know-how as well. While the credit union industry is trending towards investment in the latest digital fintech, it would seem credit unions are already one step ahead of the competition by recognizing what their success is built upon, quality member service.