What’s your credit union member experience differentiator?
Many financial organization professionals answer that question with: “Service! People! Community!” And as they talk, a gigantic American flag unfurls behind them and patriotic music fills the air.
But in all seriousness, just saying those things about yourself isn’t a differentiator. There’s not a single credit union that would put “we stink at service” or “we dislike people” on a billboard. So, each institution is saying similar things about their consumer experience.
Casey Boggs, CEO of ReputationUs, cites 25% of a company’s market value as attributable to its reputation. Many global corporate leaders say it’s as high as 63%. Much of that reputation comes from your service experience…so can it afford to be just like anywhere else?
Consider these three experience program truths when thinking about how to level up your service:
1. Your program must be clear.
As an extension of your brand, your credit union member experience program must be livable by employees. For it to be livable, it must be clear. And when everyone’s clear on how they serve consumers, it creates consistency across the board.
A journey map is a good place to start…but don’t stop at its creation and presentation. Put it in front of your staff every day. Generate a one-page “service playbook” every team member can use at their workstation. The best ones are eye-catching, outlining the journey map and standards in a way all employees can understand.
2. Your program delivery must have focus.
Modern credit union member experience program delivery requires firm direction. Physical branches are still relevant, and big banks are rapidly expanding their location list. But at the same time, 78% of Americans prefer digital banking. So, how do you deliver your program?
It’s impossible to have it all. You’ll never be able to evenly invest in all routes without massive scale. Some institutions (like Southwest Financial FCU) are fully digital. Others lean more toward physical branches. Of course, consumers expect some level of digital today…even if you’re not trying to be Chime.
Invest in the directions most advantageous for you. Decide on your primary delivery channels, focus there and do it well. If you’re leaning toward physical dominance, hire a design-build partner experienced with constructing consumer-oriented branches.
3. Your program must think outside the box.
People constantly receive “normal” cross-selling offers when interacting with your organization. Step outside the normal and outthink your competitors.
How about providing estate planning services and telling younger consumers about it at each touchpoint? Millennials and Gen Zers are more heavily adopting wills post-COVID. And candy or cookies are fun differentiators…but what about waiving early withdrawal penalties on share certificates? There are situations where this is a win-win for you and the members.
Align your team. Enhance your delivery directions. Rethink your cross-selling offers. Most of your competitors aren’t doing these things. Need more help? Book a free consultation with On The Mark Strategies to get journey mapping and credit union member experience training for your organization.
