Retention and loyalty are the main foundation of any customer- or member-based business. And credit unions are no different. And lately, reputation and online presence are determining factors in the loyalty conversation. Here are some tips for boosting member loyalty.
Get Creative with Loyalty Programs
Your loyalty program will be as successful as you make it. Members are constantly looking for the best deals, especially when it comes to financial opportunities like lending, saving, and debt consolidation. 61% of financial institution members would prefer to manage their loyalty benefits through a mobile wallet.
The first thing you need to do to boost member loyalty is to make sure your loyalty program accounts for new and developing digital solutions that have come about either by the natural progression to online services or through the rapid digitization of many industries, as caused by the coronavirus pandemic.
Top priorities for your revamped loyalty program should include:
- Streamlined services: lending, FAQs, user-friendly apps and banking processes
- Optimized mobile solutions and capabilities
- Application checklists, reminders, and estimation tools (mortgage, personal loans, web loan applications, and more)
Social media, promotional emails, Starbucks coffee cups – people like their consumer experiences to feel personal, not transactional or mass-produced. And credit unions are tailor-made for this. If you can offer similar products and services as big banks but do it in a way that feels significant to your members as individuals, loyalty to your credit union and your financial brand will increase.
Creating authentic conversations and transactions with your members can help them commit to loyalty programs and campaigns. And data and automation can help make the personalization process more efficient and error-free.
Reach Out to Struggling Members
One way to increase loyalty is to offer more assistance and education to your members who are struggling financially. Adding extra classes or online resources that cater to those in the lowest income brackets is a great way to do this.
If you have members who are in arrears, your credit union’s leaders should spend some time brainstorming and implementing processes that can help your most vulnerable members create some momentum for future financial growth and success. This is especially true with Millennial and Gen Z members, who are ultra-focused on paying down debt and achieving financial independence from student loans and other expenses incurred in early adulthood.
Optimize Your Technology
Rapid service and after-hours access are things your members have come to expect in this increasingly digital world. Leveraging technology on all fronts will help your members remain loyal because they know your credit union is at the forefront of innovative solutions.
Technology optimization can mean creating and revamping mobile apps, including new computers or tablets in your employees’ workflows, and creating contactless touchpoints that could include kiosks in your branches, or other ATM or online services that can enhance your member experience.
Boost Loyalty with Customized CU Solutions
A robust digital presence is instrumental to the success and future of your credit union. IMS Integration has a number of elegant member-facing web solutions for your credit union, including Make a Statement, Online Courtesy Pay, Online Self Service Forms, and Trial Balance.
Request a consultation today for more information about these and other credit union solutions we offer.