In today's digital society, consumers are used to service anytime, anywhere. As a result, the personal experience between consumers and their financial institutions has dwindled, and credit unions are realizing they must provide a superior experience to their members and revitalize their personal relationships in order to survive.

TimeTrade recently surveyed 1,052 consumers and 100 financial executives, asking in-depth questions regarding their perceptions and behaviors around customer experience and banking. The survey revealed that the majority of consumers still visit their bank's branches a minimum of five times a year – at least once per quarter. Smart credit unions will use these visits to provide a highly personalized experience with the right credit union employee in a timely manner.

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Credit unions understand the increasing value between a more personalized member experience and their bottom line. They are realizing that the quality of human interaction – the knowledge and expertise their employees can offer during an in-person interaction – leads to a high-value banking experience and helps them acquire and retain members.

However, credit unions today encounter many challenges when trying to provide a more personalized service. The dawn of online banking led members to visit branches less frequently, and online-centric members fear they will have to wait in line at the branch to meet with a specialist. It is also easy for members to shop with competitors online, which can potentially lead high-value members to spread their relationships across multiple financial institutions.

TimeTrade research also revealed the following other pain points that prevent credit unions from offering more personalized service:

  • Seventy-three percent of executives admit that the right person is not available when the customer/member needs them.

  • Only 10% offer 24/7 access to live tellers.

  • Only one in five banks or credit unions offer prescheduled appointments with the banking expert who can meet the customer's/member's needs.

Because these personal relationships are fading, credit unions are at risk. Eighty-eight percent of consumers surveyed report they are seriously considering switching to digital banking for better service and convenience. A paradigm shift needs to happen, as credit unions need to turn these challenges into opportunity and drive high-value, personal, one-on-one interactions. This shift begins with the ability to offer a consistent member experience through every channel. In other words, regardless of the channel or device, credit union members should always receive superior service. Omni-channel service delivery has expanded from "the branch is the bank" to a myriad of options including call centers, the Internet, mobile banking, emails, print and social media. When TimeTrade asked credit union decision makers what channels they look to most in terms of improving customer service, the decision makers chose call centers followed by mobile banking, online chat and social media.When asked about future plans for the member experience, credit union decision makers said they're looking to:

  • Train associates as member advocates

  • Redesign branches

  • Put specialists to work in multiple branches

Consumers choose different channels for different types of transactions based on their individual preferences, and financial institutions must provide a consistent experience across all channels in order to succeed in today's increasingly complex environment. Leading credit unions today are using technologies that can help them unify service delivery across all retail channels, allowing them to convert digital inquiries to high-value interactions while optimizing operations and reducing costs. Credit unions that utilize such technologies and keep up with today's members who want prompt, personalized service will continue to grow.

Sarah Wallace is principal market analyst for TimeTrade. She can be reached at 207-408-5772 or [email protected].

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