The past few years have been rocky for traditional banks, but it has been the exact opposite for credit unions and their relative member relationships. As consumer trust and confidence in the nation’s largest financial institutions dip, it opens up the perfect opportunity for credit unions to double down on strengthening client relationships and supercharging membership growth. Here are some steps your credit union can take to help turn potential clients your way:
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Commit to being member-centric
It’s time to change the conversation with your account holders. Instead of asking how you can help, say that you can help them. Equip your member-facing staff with the proper frontline training to make sure that your members’ needs and best interests are attended to in every conversation.
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Encourage a collaborative environment
Fostering an environment that supports healthy collaboration makes for an empowered credit union. When credit unions empower their employees to work with your account holders about their financial goals and challenges, interactions are smoother and much more valuable.
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Push for better lead and referral management
By improving the management of leads and referrals using CRM tools, credit unions can then use the provided insights to anticipate an account holder’s potential financial needs and make sure that they are a right fit for your product or service. When you are proactive in presenting your customers with options that are right for their personal financial situation, you are growing and strengthening the relationship.
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Mix personal and digital channels
Improve your services across all channels by reducing friction and making interactions more efficient, whether it’s in the branch, via web or by phone and mobile. Allow members to open accounts online, receive eStatements, and other services. Avoid the typical tedious onboarding process!
As traditional financial institutions struggle and reduce their human channels, credit unions can fill the gap and continue to build relationships with their customers. Following the above steps are crucial. While the market has definitely shifted and potential customers ranging from Gen Z to baby boomers are looking for trustworthy and transparent institutions for their financial needs, it’s a race against time to make the most of this shift.
