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03/13/2008

Superior service: the white lies we tell ourselves and our members.

By Tim McAlpine

I added a new blog category: Wet Blanket. Talking to the The CU Skeptic has rubbed off on me a little.

The unprovable claim of superior member service

Many credit unions hang their reputation and their brand on a claim of superior member service. Not only is this not a significant marketplace differentiator, in my experience, it is not necessarily true.

My experience

I have 100% of my personal and business banking with one of Canada's 10 largest credit unions. On the personal side, I have been with this credit union for over a decade. On the professional side, I moved my business account within the last two years from one of the big five Canadian banks to my credit union. I felt strongly that if Currency was going to work only with credit unions that we should do our business banking with a credit union.

Reality check

Eryn Fraser, our Director of Finance, works two-and-half-days a week. This means that at least once every two weeks, I visit the credit union to do the banking. I have been into the branch more than 50 times in the last two years, yet the front-line staff still don't know my name. Even though they have a seven-figure CRM system, they don't even try to fake-know me.

After I have made a deposit or paid some bills, the conversation typically goes like this:

Tim says, "May I have my balance please?"

Jennifer or Terry says, "Are you a signer?"

Every 20 visits or so, throw me a bone with something like:

"Hey Tim, how's that credit union marketing thing going?"

Would that be so hard?

As I have made it abundantly clear on this blog, I have a personal connection with the credit union movement. Fundamentally, I don't like what huge banks stand for with their focus on driving shareholder profit above all else. However, the personal service that I received from my previous bank was actually superior to the service that I now receive from my credit union. A number of the bank tellers knew me by name and regularly asked me how my business was going and how my wife and kids where doing.

How can your credit union deliver on this superior service promise?

I have written a number of CU Branding 101 posts that describe in detail why your credit union needs to differentiate on more than service, but since so few credit unions are taking my advice, let's talk about this built-in credit union promise of superior service.

If your credit union is going to continue to proclaim that your people are your difference, your credit union needs to prove it. Everyday.

As your credit union grows, great service must be part of your organization's DNA. Great service must be a mandatory job requirement from every staff member. These simple steps would make a big difference to your members:

Use members' names every chance you get. If your branch is small, your staff are probably already doing this. If your branch is big, use your CRM system to remind staff of the importance of taking a personal interest in members' lives.
Educate your staff on the history of the credit union movement and the importance of superior member service. Your staff will respond—they want to believe in your organization and what it stands for.
Respond to member communications pronto. This means e-mail and voicemail need to be returned within the hour.
Answer your phone! This is simple, but so important.
Acknowledge your members as they come in the door! You typically have a front desk with a greeter—have this person actually greet your members instead of avoiding eye contact!

Is my experience isolated? Is your credit union's service really superior?

P.S. I know Jennifer and Terry because they wear name tags. Maybe I should get one!

Permalink | Comments (3)

02/20/2008

Do your people and your robots give exceptional service?

By Tim McAlpine

Most credit unions claim exceptional member service. Phrases like, "our people are our difference" and "we're nicer" are common refrains from credit union folks.

Fair enough, but how are your automated services doing?

Last night, I was once again reminded of how automated services shape my perception of overall customer service when I realized I was down to my last pill of a daily prescription.

Because my pharmacy offers an easy refill service, I didn't miss a beat. You can either refill your order online or by phone. I chose phone, entered my seven-digit prescription number, my birth year and I had my pills ready for pick-up on my way to work this morning. The pharmacist and I exchanged pleasant "morning's" and I was in and out in less than 90 seconds.

That's exceptional service. Humans and robots seamlessly working together. How does your credit union compare?

Permalink | Comment (1)

01/09/2008

Shout Out: Great Credit Union Times article today on lack of member growth.

By Tim McAlpine

Study Indicates Community Charters Don’t Solve CU Growth Challenges

I read this article written by By Eileen Courter with interest. Mark Weber from Weber Marketing provides most of the content and he offers some terrific, straight-forward advice that credit union marketers should pay attention to.

Mark Weber says, "If good service were the secret, credit unions would be thriving in membership growth today," he continues. "Unfortunately, good service is not the bar by which people switch financial institutions. We've had seven years of the worst growth in history in credit union membership. You absolutely have to be working much, much harder than simply saying 'We have great member service' when everyone else is saying it."

Weber notes that even though some 20% of credit unions now have a community charter, the vast majority are not growing.

"There are two big surprises when a credit union gains a community charter," Weber says. "First, absolutely nobody is beating a path to your door. No. 2, you have to completely transform your business, operational, and sales models."

+ Take a read—more food for thought.

It all points back to the real need for your credit union to be different and desirable.

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Superior service: the white lies we tell ourselves and our members.

The unprovable claim of superior member service

My experience

Reality check

How can your credit union deliver on this superior service promise?

Do your people and your robots give exceptional service?

Shout Out: Great Credit Union Times article today on lack of member growth.

Study Indicates Community Charters Don’t Solve CU Growth Challenges

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