If you want to be able to retain your current customers, extend your market shares, and compete against the big players as a credit union, it’s essential that you differentiate yourself with your customer care. As customer habits and technology are shifting, financial institutions have to do everything in their power to find ways to innovate and satisfy customers with an increasingly wider set of banking options at their fingertips. Here are a few proven methods you can use to improve customer service and retention in your credit union.
Get the Data
You should be gathering data at all levels, whether it’s on the ground, your online portals, or when customers are making calls to your contact center. However, not all credit unions have the resources necessary, not only to gather this information but also to use it properly.
This is when you should consider working with people who can help you monitor customer sentiment and improve your support team’s performance. Providers like Avannis, for instance, could help you automate the surveying process by redirecting callers directly to their IVR surveys. Your customers will then be able to submit their feedback quickly using vocal prompts and touch-tone commands. Services like these will also give you access to various reporting tools that will allow you to monitor members of your support team and compare your performance against other financial institutions.
Empower Your Team
Another area where a lot of credit unions are failing is when it comes to empowering their employees with the right tools. Without proper knowledge base solutions, your employees become hesitant and will either have difficulty finding vital information or constantly need to call higher-ups for answers.
This can have a direct impact on your customers’ perception and trust in your institution. You have to make sure that crucial information isn’t buried under policy documentation and that you give them a way to access consistent, accurate, and up to date documentation. Having your frontline employees constantly calling managers for information increases wait time, which will further play against the public’s perception of your service.
Offer more Self-Service Options
If you want to be able to keep up, you’ll also have to invest in more self-service solutions. The current generation of customers is accustomed to having everything they want at their fingertips. They are not as conditioned to visit a branch for routine transactions. However, they still appreciate getting help for complex issues. This is why you have to be able to balance both.
Self-service kiosks are a great way for customers to get the services they need quickly, but make sure that your staff has a strong presence as well and shift more of your focus towards counseling. Also, make sure that your online properties offer great how-to answers and self-service support.
Conclusion
Credit unions cannot afford to be complacent when it comes to their client base. While you may benefit from a good relationship with your community, your clients can and will take their business elsewhere if you can’t keep up with the competition, so move accordingly.
