Time to Transform the 'Face' of CUs

CUs must align their mission with the evolving needs of members and potential members.

October 01, 2012
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Channel transformation must be personalized to meet the needs of each credit union. Regardless of a credit union’s specific needs, how­ever, the philosophy remains the same. It’s about:

Molding branch and channel design and operations to best enhance the member experience, drive efficiencies, strengthen security, and improve sales effectiveness; and

►Offering transactions in the places and formats members most want to access them, while providing delivery channel variety and service excellence to meet the needs of diverse groups of consumers.

Banking channels, themselves, must be compatible with each other, as well. Where new technology, products, and services appear, institutions need to overcome complexity and demonstrate ease of use—or adapt processes to ensure usability. As consumers recognize the benefits and compatibilities of new channel options, they’ll increase acceptance and use of those options.

Here are five critical steps in transforming any branch to align the credit union service mission with the dynamic and changing needs of members:

1. Define a strategy for determining how each branch fits into the multichannel approach integral to future success. Within this strategy, consider how your credit union will leverage delivery channels to provide the optimal member experience.

2. Assess your performance among specific member demographics, in terms of delivery to meet member expectations and to ensure efficient operations.

3. Develop a roadmap that will help optimize transaction migration to shifting delivery channels, mitigate risk, enhance member experiences, and increase sales effectiveness.

4. Implement solutions that will create a bridge between the members of today and the members of the future.

5. Monitor improvement in meeting both your credit union’s business goals and members’ needs.

The challenges facing today’s credit unions can seem daunting. Fortunate­ly, you don’t have to meet those challenges alone. Partners,
vendors, and fellow credit unions can assist in your credit union’s growth and success.

Continued success, however, will require better leverage of not only your credit union’s strengths, but also those of your partners. Strong partnerships with service and technology providers can help your credit union gain valuable insight into members and prospective members.

Work with trusted partners to:

Provide services that expand credit union resources; and

Find innovative ways to invest in and implement new technologies.

Looking to the future, collaboration—among delivery channels and between credit unions and members—will be critical to ensuring your credit union remains competitive.

Credit unions have a long and storied tradition of service—a tradition that will continue to form the foundation for success well into the future.

Credit unions can continue to thrive for generations to come by aligning their mission with consumers’ evolving needs, while maintaining a focus on building value for members.

JOHN DEIGNAN is vice president/chief marketing officer of Diebold Inc.


Phil Matous
October 31, 2012 5:30 pm
This is a well written article but is old news.

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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.

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