Credit unions play a vital role in many consumers' lives and it's essential for them to stay on top of the latest processes to enhance the member experience. It is vital for their leaders to implement strategies that will ensure success in the coming years. Credit Union Times reported more than 3 percent of credit unions have closed each year for the past decade, and one in three will disappear by 2025. By that time, there are expected to be only 4,500 credit unions in the country, and mergers and the closure of small, unsustainable operations will contribute to the decline.
In order to remain viable and continue providing important services to a community, credit unions will need to take new initiatives in 2013 to ensure they are continuing to provide members with the personalized support and services they've become accustomed to throughout the years.
The increasing prominence of DIY
New technology allows consumers to do more than ever without the help of salespeople or company representatives, and many younger people are eager to handle tasks by themselves. Even though credit unions are known for their customer service, they could benefit from allowing their members to handle some of their own projects, like cashing in jars of coins with a coin counting machine. Credit unions that have not already purchased a coin counting machine may want to consider making this investment to further enhance the member experience.
Customer service still important
Many people are drawn to credit unions because of their frustration with traditional banks that don't provide them with customized service or personalized options. However, busy staff members aren't always likely to provide the best customer service possible. Credit union leaders can make things easier on team members by giving them the option to use technologies that will make their jobs simpler, such as money counters and currency and check scanners. Using these devices can save employees some valuable time and allow them to spend more of their working hours offering members the best service possible and ensuring their satisfaction.
Embrace new technology
While many leaders may be hesitant to make use of the latest gadgets and technological advancements, they can prove to be extremely helpful and allow a credit union to better serve its members. Options like remote deposit capture make it easier for individuals to ensure checks make it to their accounts and save time by not having to stop and complete a deposit in person. High-tech solutions such as this can truly provide a benefit for both credit unions and their members.
March 25, 2013