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.

Instant Insights /

Credit Unions Must Personalize the Member Experience

Related Stories

Recommended For You