Inertia. Let’s be honest…that’s what keeps some folks with your organization. It’s easier to stay where they are and do nothing than it is to change everything and move somewhere else. But savvy competitors are threatening to steal away even these complacent consumers.
Citizens Bank recently introduced a new service to simplify switching from one financial provider to another. The service (all done via mobile app) connects the individual’s Citizens account to major providers for bill pay while quietly disconnecting the previous account in the background. It also changes direct deposit to the Citizens account on the consumer’s behalf by dealing directly with payroll companies.
The ease of such a switching service means you can’t simply rely on inaction to keep your consumers. You need a credit union member experience that proves itself time and again, bringing new folks in while closing the pesky backdoor that hinders retention numbers.
If You Can’t Beat ‘Em…
Citizens Bank doesn’t have the exclusive right to implement a switching service. So, you too can potentially use it via Mastercard’s Finicity subsidiary. But even if you can’t implement the exact technology, it’s worth examining barriers to entry at your organization. Ask yourself:
- How hard is it to open an account?
- How hard is it to apply for a loan?
- How many clicks does it take for someone to complete forms?
- Is your risk appetite too strict?
This sounds highly technical, but it impacts your service experience…specifically people’s first impression of your experience. Your complexity could turn people away before they have a chance to get to know you.
Employee Experience = Credit Union Member Experience
Your employee experience doesn’t exist in a vacuum, especially in the social media age. Journalist Caroline Hroncich describes it like this: “In a sector where credibility and trust underpin every transaction, culture is becoming a direct driver of customer loyalty, or churn.”
Neglecting your culture is a reputational risk with bottom line impacts. Negative news gets out fast and spreads like wildfire. But let’s say you’re just a small fish with little press but a lot of staff churn. Consumers still get a lesser experience when their favorite team members are there one moment and gone the next.
This is why your level of external service will never exceed your level of internal service to each other. What happens internally flows outward…for better or worse.
The Power of Moments
There are competitors who can outspend you. Who have massive teams. Who can flood the market with noisy communications. It’s a reality of business.
But what don’t your competitors have? Your brand. Your moments.
Your service experience’s retentive effects depend upon the power of moments people can’t get anywhere else. These moments remove someone’s desire to switch, rendering any fancy switching service moot. Your moments will be unique to your brand identity, but here are some starter ideas:
- Special gifts during life-changing events (first car, marriage, baby, loss)
- Personal handwritten notes after a branch or phone interaction
- Fun, gamified mobile or website features
Don’t know where to start? On The Mark Strategies will help you make a journey map for those brand moments. And after, we’ll train your employees to serve your consumers and each other. Book a free consultation now.
