How to Improve Your Credit Union’s Employee Experience

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As a credit union leader, you spend a lot of time working on ways to improve the member experience. But what about the employee experience? 

Your employees have taken on the brunt of the chaos of 2020 alongside you and your leadership team in an effort to support your members through the challenges of the year. As we prepare for 2021, it’s time to reevaluate how we create the employee experience. 

Build the Company Culture

The best way to improve the employee experience is to build the company culture. 

According to Built In, “Company culture can be defined as a set of shared values, goals, attitudes and practices that characterize an organization.” 

By definition, a company’s culture is not something you can change overnight because it occurs naturally, whether you are part of that culture. This means that to build the company culture, you must first understand the company culture. Your employees are creating a culture around you, so it’s important that you are part of that culture. 

If your company culture does not align with your company’s core values, then you and the rest of the leadership team have work to do. Change comes from the top, so if your culture does not align with your values, change starts with you. 

The key to building a company culture starts with living out your company’s core values. When your employees see these values in action and they agree with these values, your culture will improve and become healthier. 

Focus on Employee Development

Another way to build your company culture is to provide managerial support and flexibility to your employees. Navy Federal Credit Union does this by prioritizing employee development. This often looks like encouraging employees to pursue their goals and dreams within your credit union, which may include transitioning to different departments and positions, and providing them with the opportunities and training to do so. 

This internal mobility is critical to maintaining employee retention and satisfaction. Employees feel more valued and passionate about their roles with a company when they know that they are not stagnant in their current position. Managers need to encourage employees to dream and make goals – and leadership needs to enable these opportunities. 

Get Personal

Another way you can improve the employee experience is to focus on the little things, such as learning the names of all of your employees and listening to details about their lives. Short conversations can improve the employee experience because when employees feel heard, even if you cannot change a situation for them professionally or personally, they feel valued in both respects. 

Another way you can get personal with your employees is to share stories with them. Humanize yourself with your staff by sharing anecdotes about your professional and personal life – the opportunities are only limited by your comfort zone. But these conversations, in groups or in private, can help you connect with your employees, which can make them feel like they are more of a part of the company.

Depending on your role and your credit union, this may be very challenging if there are silos in your organization. It is up to the leadership team to break down those silos in order to improve the company and employee experience. 

Encourage Feedback

If you’re unsure where you stand with your employees or are unsure where to begin to improve the company culture, start with gathering feedback. This can look like anonymous employee surveys, informal group discussions, or personal conversations between yourself and employees or between managers and employees. 

Encouraging and gathering feedback on a consistent basis is critical to improving the employee experience because oftentimes, employees don’t want to be a “squeaky wheel.” So if your credit union is heavily siloed, start searching for feedback indirectly. Watch for signs of a poor employee experience, including:

  • Employees showing signs of burnout
  • Low retention rates
  • High rates of sick days
  • Poor work quality
  • Regular tardiness
  • High customer complaints

Identify Biases

Improving the employee experience starts before the hiring process. Leaders must identify their own personal and professional biases, scrap them, and implement changes to the hiring process. This not only helps focus the hiring process on adding value to the culture rather than finding applicants that already fit into the culture, but it also benefits diversity and inclusion efforts. 

According to CUInsight, “By fostering an inclusive culture, we begin to breakdown these biases. Too often we hear about organizations that look to increased diversity as the answer, by hiring diverse talent, without ensuring there is a culture of support and inclusion in place. This sets organizations up for failure in this critical area.”

This ongoing process is very intentional. To improve the employee experience for everyone, leaders must hire people who are different than themselves in order to add value to the company as a whole. To only hire applicants that share your personal values is to pigeonhole the credit union and limit its connectivity to the community as a whole. 

Upgrade Your Technology

Another way to improve the employee experience is to upgrade the technology they use to do their jobs. Using the right technology tools and platforms can provide these benefits:

  • Improve employee collaboration
  • Save employees time
  • Improve employee productivity
  • Optimize the member experience
  • Improve employee engagement

If you use KeyStone by Corelation in your credit union, then upgrade your technology and streamline the employee experience with our KeyStone Solutions. 

How to Achieve Success in Self-Service Offerings

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Social distancing is a concept of which we are acutely aware now that we’re 5 months into the COVID-19 pandemic. But online and self-service options have been gaining traction in almost all business processes for years. Success in self-service doesn’t happen overnight, but it’s paramount to the success of your credit union, maybe now more than ever before.

In a 2017 article from the Credit Union Times, 85% of the customers’ relationships with their credit unions were expected to be performed with no human interaction by 2020. And COVID-19 has expedited many more solutions than we could have imagined even a few years ago, but how do you set yourself up for success in self-service?

Check Your Tech

If your system makes certain functions hard for your trained employees to navigate, adding these functions as self-service options may not be the best idea.

You should start by breaking down the pros and cons of your current core system. Does it need a few small tweaks to be an efficient asset across the board, or is it time for a total upgrade?

If significant changes are needed, then it’s time to make a plan: consider rolling out these changes over a 12- or 18-month period and working out the bugs as they come rather than pushing one giant update and watching the chaos ensue.

Integrate a Variety of Tech Services

New technology arrives faster than most of us can get used to current technology, which is why you have to put yourself in your members’ shoes early and often.

People spend far more time texting than they do talking on the phone, so beefing up your text message services could be just what your customers need. Allowing loan interactions and other account setup and maintenance to take place via chat or text messaging can cut down on calls and reach a more text-savvy demographic.

As cellphones evolve from mobile calling to being able to have your whole life at your fingertips, incorporating more mobile solutions like texting, apps, and account transfers and monitoring will only become more essential.

Educate Members from Start to Finish

As you implement new technology strategies to keep costs low and efficiency high, remember that your tech is only as good as its accessibility.

When you want members (new and old) to migrate from calls and in-person deposits or transfers, create training tools and teaching aids to help them adopt this new process quickly. Having one-on-one sessions or even a large education-based video catalog on your website can help ease members into their new self-service role and will also cut down on mistakes and call volume for your staff.

Easy Authentication is a Must

We all do it: when asked for a secure password, we choose one of our favorite weaker passwords and then add a few numbers or special characters in. Not so hard, right? That’s true until your customers are faced with coming up with in-depth passwords and security answers in a lengthy authentication process on their third or fourth banking app.

Make sure your credit union’s authentication systems are powerful, but easy to use. For example, giving members the ability to reset a forgotten password or to seamlessly transition from a phone-tree to a real person can increase retention in your self-service programs.

 Let IMS Integration help set you up for success in self-service. Contact us to discuss your credit union’s software options.

4 Ways to Improve Member Experience

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The community experience people love about credit unions is created by you – the people who work there. Trust is of the utmost importance when it comes to people’s finances and that trust comes from the service you provide and willingness to go above and beyond. One way to improve the experience for your members is to embrace innovative solutions in today’s banking world. Using data and customer feedback, you can customize the customer experience that has real value for members.

Embrace financial technology

New applications can help meet customer demand for on-the-go service and improve member satisfaction. Some financial technologies include mobile payment options, updating systems to new formats, biometrics and customer data for bank marketing. With new solutions on the market, credit unions can integrate new strategies for your customer base. While this is a more difficult time for some credit unions than others, COVID-19 has shown the need for digital infrastructure to keep members happy. 

Self-service

Whether it’s online shopping, streaming platforms or self-checkout at the grocery store, people want to be able to do things themselves on their own time. Today’s members are more self-reliant due to digital offerings that allow us to order products and services whenever we want. 

Credit unions should leverage opportunities to provide self-service support so members can find what they’re looking for without any bottlenecks. Provide FAQs, online products to execute transactions and easy access to support. It definitely becomes essential after business hours and the weekends. There’s no need to shuttle customers down a path to visit a branch, or make a lot of calls to answer questions and do business.

Segment member data for personalized experience

There is a massive amount of customer data that can be utilized to personalize experiences. From messaging and communication preferences to individualized interactions, members are more likely to feel valued with their engagement with your credit union. Plus, customer data helps better target products and services. Using a data-driven approach to understand members’ pain points will proactively solve problems.

Stay consistent across touch points

Providing consistent and up-to-date information across channels is a challenge for many financial institutions. But, it’s needed to remain competitive in today’s banking world. An increasing number of consumers are using non-bank financial companies for their financial needs. Design experiences around every touchpoint where your credit union interacts with members – email, phone, text, mobile devices, desktop, social media, etc. – and map out how to remove obstacles and deal with potential challenges if any arise.

Our team helps credit unions focus on serving its members by providing a suite of products and services that take the complexity of common and uncommon challenges. Learn more on how we can enhance your member experience.

5 Ways You Can Avoid Credit Union Employee Burn-out

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With the World Health Organization officially calling ‘burn-out’ an occupational syndrome, the need to address this serious issue 

across all industries is even more crucial. The consequences of constantly undervalued and overworked staff can be serious. Absences, illnesses, decreased productivity, lack of enthusiasm and engagement at work, high turnover: the list of issues goes on and on.

Take a look at 5 ways you can boost morale and avoid employee burn-out:

  • Create a culture of collaboration

Don’t just announce that your credit union’s lines of communication are open–walk the walk! The fear of repercussion over speaking up on related issues is too common in organizations across the country. Encourage staff to share any serious concerns, actively listen, and inform them on how you will address their issues. When everyone has a voice, they feel appreciated.

  • Recognize and reward positive contributions

Success toward company goals should be acknowledged and ideally, rewarded. Leadership is often too involved with operational tasks to personally thank each employee. But a short email or public shout-out during a team meeting can make a big difference in strengthening confidence and morale.

  • Encourage employees to take a break

Did you know that more than 50% of employees in the U.S. have unused vacation days by the end of each year? The fear of being buried under a mountain of work when they get back from a vacation prevents people from taking a much needed break. Employees are also worried that no one else can take on their work while they’re gone, or they simply can’t afford to go on a break. This is worrying, because vacation time has been shown to increase productivity and reduce stress and the chances of developing illness.

  • Change things up!

Office work can be monotonous, especially in the financial industry. Small changes that employees can look forward to–such as holding a birthday lunch, stocking the staff pantry with requested snacks, etc–can boost morale!

  • Leadership: it’s time to participate

No amount of encouragement to go on a break, fun work activities or rewards, matters if leadership doesn’t champion these activities or follow the same changes. Taking on an active role in engaging with all employees and participating in social events is a must!

5 Ways to Avoid Credit Union Employee Burn-out

Written by

With the World Health Organization officially calling ‘burn-out’ an occupational syndrome, the need to address this serious issue across all industries is even more crucial. The consequences of constantly undervalued and overworked staff can be serious. Absences, illnesses, decreased productivity, lack of enthusiasm and engagement at work, high turnover: the list of issues goes on and on.

Take a look at 5 ways you can boost morale and avoid employee burn-out:

  • Create a culture of collaboration

Don’t just announce that your credit union’s lines of communication are open–walk the walk! The fear of repurcussion over speaking up on related issues is too common in organizations across the country. Encourage staff to share any serious concerns, actively listen, and inform them on how you will address their issues. When everyone has a voice, they feel appreciated.

  • Recognize and reward positive contributions

Success toward company goals should be acknowledged and ideally, rewarded. Leadership is often too involved with operational tasks to personally thank each employee. But a short email or public shout-out during a team meeting can make a big difference in strengthening confidence and morale.

  • Encourage employees to take a break

Did you know that more than 50% of employees in the U.S. have unused vacation days by the end of each year? The fear of being buried under a mountain of work when they get back from a vacation prevents people from taking a much needed break. Employees are also worried that no one else can take on their work while they’re gone, or they simply can’t afford to go on a break. This is worrying, because vacation time has been shown to increase productivity and reduce stress and the chances of developing illness.

  • Change things up!

Office work can be monotonous, especially in the financial industry. Small changes that employees can look forward to–such as holding a birthday lunch, stocking the staff pantry with requested snacks, etc–can boost morale!

  • Leadership: it’s time to participate

No amount of encouragement to go on a break, fun work activities or rewards, matters if leadership doesn’t champion these activities or follow the same changes. Taking on an active role in engaging with all employees and participating in social events is a must!

3 Areas Your Credit Union Sales Program Should Focus On

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Improving sales performance is crucial to your credit union’s success. New accounts and loans create needed income to cover costs and increase capital. Even with all the technological advancements in marketing and customer service, your branch employees are often the main point of contact for many of your members. A strong sales program relies mainly upon member service representatives efficiently and confidently referring the right products and services, opening accounts, and more. Here are 3 components your credit union sales program should zero in on:

  • Product & Service Knowledge

Before member service representatives can face prospective and current members, they need to be thoroughly knowledgable on your credit union’s products and services. This includes features, benefits, and how they affect the member’s financial health.

One effective way to learn is to actively experience what you’re learning. You can emulate this by incentivizing employees who also use your credit union’s products for themselves.

Actual knowledge is more than just memorizing fees, benefits, minimum balances, and other data. It’s crucial that employees can align members to products and services that are a good fit for their situation.

  • Active Coaching From Management

Effective management coaching can’t be done based on weekly or monthly sales reports. To truly understand how an employee is performing, it’s important to observe their behavior, among other factors. Employees must communicate with confidence, have a professional appearance, build rapport with members, and discover what they need. After this process, they must successfully present solutions in a way that members understand and effectively overcome their second thoughts or objections.

The only way management can see if these behaviors are done is to observe employees in action and directly give clear feedback on how to improve.

  • Member Service Representative Accountability

When employees don’t reach their sales goal, does your credit union hold them accountable for their performance? If not, they are most likely just performing to their current comfort level. Take note: ‘accountability’ doesn’t mean punishing underperforming employees. Accountability also refers to recognizing success and providing incentives when employees are meeting or exceeding expectations. Behaviors that are rewarded are often repeated!

These 3 areas should be in place in order for your credit union sales program to meet your goals. You won’t achieve these without giving employees the right training, development and coaching. Encourage management to actively observe employee behavior and provide ways to improve. Hold member service representatives accountable for their actions. When you focus on these areas, your sales program should see results!