Operations

Try On Your Members’ Shoes

Analyze how difficult it is for members to join and transfer business to your CU.

February 01, 2012
/ PRINT / ShareShare / Text Size +

There's an old saying, attributed to various sources, that has stuck with me over the years: To understand another’s feelings, concerns, and needs, you must “walk a mile in their shoes.”

I best remember it from an old Jerry Lee Lewis song, and it helps me understand others and make better decisions on issues that might affect them.

Today credit unions are in the limelight a lot, and they’re enjoying widespread media publicity as a great alternative to high-fee banks. New members are flocking to credit unions, creating tremendous opportunities for our movement. Yet this influx of new members brings challenges, as well.

I’m a busy person. I value my time, and seek out product and service providers that represent good value. But I also want providers that are “user-friendly” when it comes to establishing a relationship and maintaining that relationship over time.

I have a low tolerance for inconvenience, inefficiency, incompetence, and insensitivity to my needs. These four “ins” also matter to your members, in varying degrees depending on individual preferences. And how you meet members’ expectations will determine their level of use and satisfaction with your credit union’s services.

As we promote the credit union philosophy, our superior value proposition, and the quality and breadth of our services, we’d be wise to “walk a mile” in our members’ shoes. Analyze—from their perspective—the difficulties in joining your credit union and using your services throughout their lives.

Here’s an example: How easy is it for people to transfer business to your credit union? In my case, I have checking, credit cards, savings, auto loan, mortgage, and a line of credit with my credit union. My employer directly deposits my pay into my credit union account, and the vast bulk of my bills are paid through my account electronically.

If I wanted to move these services from a bank to a credit union, it would be a daunting task—requiring coordination with my employer, my bank, and my new credit union. If I wasn’t employed in the financial services industry, it would be even more daunting and confusing.

If I were an employee who had to leave work to transact this business, I’d have difficulty finding time for these tasks and on-site visits with credit union staff.

Understanding the difficulties faced by prospective new members is the first step in successfully attracting, enlisting, and serving them. Then your credit union must proactively provide tools to make the switch easier, such as:

  • Direct deposit forms for members to change the deposit institution for their Social Security checks and state and federal government paychecks; and
  • A work sheet with your credit union’s routing information, so members can record the account numbers, loan transfer information, and other pertinent data.

Providing these tools makes the process much more pleasant for the member and ensures a much higher completion rate for the transfer. From my own experience, when I begin this type of transaction, too much irritation and frustration will cause me to abort the process—whether it’s business with cable companies, phone services, retail purchases, or financial institutions.

Consider the details of your credit union’s products and services and the processes involved in signing up for them—from the perspective of the consumer. When you complete this analysis and commit to making it as easy as possible for members to enroll in and use your products and services, you’ll have great success in gaining new members.

This takes work, perseverance, and a can-do attitude. But the rewards can be great, in terms of growth and the satisfaction of helping members.

Doing the right thing in the right way at the right price is a business plan that will always be successful.

JOHN FRANKLIN is CUNA’s executive vice president and chief operating officer. Contact him at 608-231-4266.

Post a comment to this story

heroes

What's Popular

Popular Stories

Recent Discussion

Great article! Unfortunately, most employees don’t feel valued or appreciated by their supervisors or employers. In fact, research has shown that the predominant reason team members quit their jobs is because they don’t feel valued. This is in spite of the fact that employee recognition programs have proliferated in the workplace – over 90% of all organizations in the U.S. has some form of employee recognition activities in place. But most employee recognition programs are viewed with skepticism and cynicism – because they aren’t viewed as being genuine in their communication of appreciation. Getting the “employee of the month” award, receiving a certificate of recognition, or a “Way to go, team!” email just don’t get the job done. How do you communicate authentic appreciation? We have found people have different ways that they want to be shown appreciation, and if you don’t communicate in the language of appreciation important to them, you essentially “miss the mark”. Additionally, employees need to receive recognition more than once a year at their performance review. Otherwise, they view the praise as “going through the motions”. A third component of authentic appreciation is that the communication has to be about them personally – not the department, not their group, but something they did. Finally, they have to believe that you mean what you say. How you treat them has to match the words you use. If you are not sure how your team members want to be shown appreciation, the Motivating By Appreciation Inventory (www.appreciationatwork.com/assess) will identify the language of appreciation and specific actions preferred by each employee. You then can create a group profile for your team, so everyone knows how to encourage one another. Remember, employees want to know that they are valued for what they contribute to the success of the organization. And communicating authentic appreciation in the ways they desire it can make the difference between keeping your quality team members or having a negative work environment that everyone wants to leave. Paul White, Ph.D., is the co-author of The 5 Languages of Appreciation in the Workplace with Dr. Gary Chapman.

Your Say: Who should be Credit Union Magazine's 2014 CU Hero of the Year?

View Results Poll Archive