With the growing number of financial institutions competing for credit unions’ business, member satisfaction has never been more important. Giving your members an outstanding experience isn’t a luxury; it’s a competitive necessity.
Here are three simple things you can do to make sure your members have an excellent experience at your credit union without disrupting your current operations.
1. Adopt Online Signature Technology
Credit unions already know that online services are important, and most have online banking capabilities. But most credit unions don’t offer online services for higher value transactions like loan applications or new account openings because those documents require signatures. This can create frustration for members who expect to be able to access your credit union’s services online.
Digital signature services provide a fairly inexpensive way to solve this problem. With this technology, your members can sign important documents from any device with an Internet connection from anywhere in the world. Digital signature technology also makes the process simpler and more transparent for your employees.
“Member satisfaction and compliance are our biggest priorities, and digital signature technology helps us improve in both areas,” said Dale Hansard, the CEO and president of Caprock Federal Credit Union. “Our members love the convenience of signing documents online.”
2. Assess Employees and Reward Performance
Members choose credit unions because of the personal attention they get from credit union employees. That’s why it’s critical to spend time developing your employees’ skills and talents.
If you don’t already have a performance review program in place, it’s important to create one. Give your employees specific information about what they need to do to succeed so they know how to meet expectations. After you evaluate their work, be sure to give them prompt and honest feedback. Acknowledge exceptional work just as readily as you address work that needs improvement.
Managing your employees’ performance will ensure that your members have a positive experience from the moment they step in the door.
3. Offer Financial Literacy Resources
A recent study found that 3 in 4 adults in the U.S. say they could benefit from financial advice. This is a great opportunity to show your members your dedication to their financial success. Educational programs are also a great way to recruit new members.
“Financial literacy doesn’t just build awareness for the credit union brand, it builds trust as well,” Josh Allison, relationship management officer at Horizon Credit Union, said in an article in CU Insight.
Research shows that financial literacy programs are essential for your member services strategy, whether it comes in the form of classroom seminars, financial counseling or hands-on learning events.
With these three tips, you can work to improve member satisfaction so your members stay with your credit union for a lifetime.