The personalized attention provided by many credit unions to their members
represents one of the major advantages that credit unions have over large banks. However, there’s nearly always room for improvement. The following strategies allow credit unions to improve service/delivery they provide to their members – and enhance their bottom line in the process:
Your member service team represents the face of the credit union to your members. Providing these important personnel with the time, authority and information they need to execute their duties is an essential element of providing top-notch member service. Otherwise, members often encounter busy or ill-informed personnel, who have neither the ability nor the motivation to deal with challenges with their accounts, loans, or other transactions.
Provide Advice, Not Just Service
Educating your members in every transaction regarding your services and even providing information on a competitors service that may help meet a members needs establishes your institution as an authority in personal finance. Implementing financial education programs in any form provide valuable information to members. Acting as a trusted financial advisor to your members is a valuable service that will help strengthen your relationship as a trusted advisor.
These days, mobile devices perform functions ranging from surfing the net to online shopping, texting, and even making telephone calls. Increasingly, online banking has expanded from desktop and laptop computers to mobile-friendly websites and dedicated mobile apps. Providing top quality member service not only means ensuring that members receive excellent in-person service, but also that services, such as 24/7 electronic bill payment and funds transfers, operate smoothly between devices, and that security is maintained on mobile phones and tablets.
Maintain Consistency in Services
The individualized attention and personal service provided by credit unions represents a huge asset for many members. However, credit union members also want and expect to enjoy consistency across all types of interaction with your credit union, including online banking, mobile account access, and automated lending. After-hours services, such as online loan applications, represent another important area of valuable customer service. Your members should be provided with a consistent experience, whether they’re banking at a different branch, using the mobile app, or are doing their banking online.
Lendsys software allows credit unions to compete head-on in the marketplace
Automating much of the underwriting process 24/7, without sacrificing loan decision quality, risk-pricing or personalized member service. In 2017 we saw for the first time that online lenders exceeded loan originations from traditional lenders like Credit Unions and Banks!