Member Feedback Goes High Tech to Improve Service
Attracting new members is a big challenge but keeping them may be a bigger obstacle.
Even though the $3.5 billion Mountain America Credit Union grew its membership from 182,098 to 319,361 from 2003 to 2008, the West Jordan, Utah-based cooperative understood that if it wanted to hold on to those new members, it needed to modernize its voice of customer efforts.
“The reason why credit unions have been able to compete against the large financial services firms is that credit unions have been able to deliver that sense of personalized service,” said Temkin.
Credit unions can never be complacent about that delivery because big banks are spending a lot of money and energy to understand customers to provide tailored services, Temkin offered. If credit unions are not noticeably better than banks, it will become harder for them to compete, he added. While VOC platforms can enable executives to monitor what members think of the quality of products and services through quantitative surveys, some say capturing and analyzing those comments are one of the most valuable features of the service. At MACU, for instance, they began to see more remarks about opening its branches on Saturdays.