In today's corporate environment, the customer satisfaction index is getting more attention than ever before and for good reason. A quality customer experience translates into repeat or referral business. And most credit unions understand this, since member satisfaction is the backbone of the CU philosophy.
But, what about B2B CSI, specifically auto dealerships? How do auto dealerships view the credit union industry?
The answer to this question will determine a credit union's sustainable auto lending market share growth as competitive lenders return to market. Don't be fooled by the last 12 months. It's how you handle your business relationships now that determines what happens going forward. While some credit unions have strengthened their position, others have not.
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Due to the unprecedented turn of events over the last 18 months, credit unions have had a rare opportunity to gain market share as competitive lenders fled the market.
How has the auto dealer's perception of CUs changed over this time? A dramatic improvement can be seen in a recent survey of more than 150 auto dealership managers in the metro New York market.
About 75% of the dealers canvassed stated their perception of credit unions improved over the last two years, and 15% said their perception was unchanged and the remaining 10% had a lower perception.
Of the majority 75% whose perception improved, 22% liked the credit unions' lower rates, while 35% credited the dealer's diverse programs and terms (balloon loans, leasing, etc.) for their improved perception.
While there were no startling surprises, some important values stand out:
o There is great value in letting your customers know that you understand their needs.
o Customer service and communication is the foundation of any quality relationship.
o Being a full-service auto lender not only benefits credit union membership, loan quality and income, it also greatly affects the critical CSI rating of a powerful and important relationship.
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