Growth isn’t just about scalable operations, technology and the latest trends - it’s also about retaining the members you already have. It can become easy to be complacent about your existing membership numbers, which is why on the path to growth retaining long-term, loyal members shouldn’t take a back seat. Signing up a new member should be the beginning of a long chain of interactions and a lasting relationship - but how do you ensure that’s the case?
Optimise your member service experience
Optimising member experience begins with evaluating how your members currently use the Credit Union and comparing this with how you would like them to use it. The benefits of ensuring great experiences include higher rates of customer satisfaction with your brand, loyalty, and increased likelihood of choosing other services and products that your offer.
A seamless experience both online and offline is important - are your online and website offerings on par with the member experience offered in-branch? While your members’ ability and confidence when it comes to technology will vary, those using certain services should be encouraged to continue this use since they improve efficiency for your branch.
Identify trends in how your members are interacting with your Credit Union
While it’s worthwhile paying attention to national trends and datasets, the individuality of Credit Unions across the country will mean member behaviours will differ between branches. It’s important to track this, as it’ll provide a better framework for managing your member experience (as well as more information on cost cutting and revenue growing opportunities.)
You can also use data gathered on members to increase optimisation, making recommendations and creating targeted marketing campaigns to build loyalty and trust. Similarly, you can personalise their in-branch experience - if you’re depending on the member to tell you what they need and want as opposed to identifying services that suit their profile, you could be missing out on an opportunity to provide an exemplary member experience.
Show members they’re valued
When members interact with your Credit Union, it’s important to show them that you value their opinion. Short surveys as they exit, or even the implementation of a Smiley Terminal, could become an integral part of building a big picture of member satisfaction, as well as identifying pain points
Making sure you have a 100% response rate policy for all enquiries is a good way of proving that you’re dedicated to improving member experience, and ensuring they feel valued. Telephone calls to individual members still has its place in customer satisfaction surveying, as does sit down meetings with individuals and community groups to discuss how to best serve them.
Create a rewards programme or other incentives
Members of your Credit Union also own a stake in the institution. For that reason, when your Credit Union is performing well, members should also reap the benefits.
Youth cash dividends, attractive rates on loans for specific things, as well as free products and services to instigate better money management are all perks that could be explored for the benefit of your customer. If you haven’t heard from a cohort of members in a while, why not send them a card telling them that you’ve missed them? Or, acknowledge the tenure of your members by sending out anniversary cards, advising them of changes and additional products and services added since they joined or last visited.
Let outside pain points influence your marketing
Identifying your members’ pain points could provide unique marketing opportunities for your Credit Union. What are some of the issues that customers have with other lenders? Does your Credit Union offer a good alternative?
Meeting your members’ expectations or catering to an unfulfilled need in the community shows that you are listening and prepared to offer a better level of service.
A Credit Union is owned by and run for its members, offering them control over their own finances by making their savings work for them. With this ideology in mind, ensuring loyalty through member experience is the easiest way for your Credit Union to build a bright future while adhering to your original community ethos.
Want to find out more about how you can grow, manage, and protect your way to success?
