4. Reduce the risk. With the lack of job security today, members might be reluctant to acquire new debt. Again, don’t say no for them. Instead, offer loan products and terms that match members’ needs and budgets. When appropriate, your credit union’s loan officers might be able to help members rework or modify loans to meet specific needs.
Mark Waller, vice president of business development at Associated Credit Union, Atlanta, says his credit union is encouraging members to refinance auto loans held by other financial institutions. In some cases, the credit union is reducing loan rates by as much as 2% and putting members in better financial situations. By reducing the risk of acquiring additional debt, Associated is building trust. Reduce the risk. Establish trust. Ask for the business.
5. Create a sense of urgency. Encourage staff to ask questions that propel the member to act. For example:
- When would you like to start making lower car payments?
- How important is it to you that your transactions be posted immediately?
- What would it take for us to complete this transfer?
- Who else needs to be involved in this decision?
Get the business now, not after the tough times. And remember: Don’t say no for them.
BECKY McCRARY, CSP, is a national expert in member service, relationship networking, and business communication. Contact her at 800-576-6709.