First 90 Days of New Membership Make Or Break Point for Credit Unions
SAVANNAH, Ga. -- When they walk through a credit union's doors for the first time, how do potential members really feel--welcomed, disengaged, uninformed and unsatisfied?
In a format resembling the A&E television show "Actors Studio," representatives from Deluxe Financial Services at Georgia Credit Union Affiliates' annual convention shared findings from research gathered on the new member experience. The company found that 30% will leave within the first year and half of that will leave within the first 90 days. Dissatisfaction and having the sense that they weren't cared about were the main reasons for leaving.
"People want employees that are knowledgeable and can explain benefits and features," said Stan Morrison with Deluxe. "It can be done through better training."
Deluxe created a collaborative with credit unions and banks on the first 90 days for members and customers. Ultimately, both can win loyalty if they address emotional and rational needs, give a great first impression, interact early and often and look beyond the first 90 days.
"Loyalty, not satisfaction drives sustainable growth," Morrison said. Members said they want credit unions to know their broad financial needs, life stages and know whether they want to interact online or through the branch, Deluxe's research showed.