Search
 
Expert Opinion

How Well Do You Know Your Members?

To retain members, CUs must deeply know them and understand their distinct needs at every stage of the relationship.

By Abhishek Veeraghanta | Updated on July 27, 2018
Zeroing in on member satisfaction.

Know Your Customer (KYC) is often perceived as solely a compliance issue, where financial institutions require a lot of information from a potential customer or member to verify their identity before an account can be activated. However, KYC goes far beyond compliance.

Credit unions allocate significant portions of their budgets for attracting and retaining members, but to successfully maintain those member relationships, credit unions must deeply know them and understand their distinct needs at every stage of the relationship. This results in a better experience, which makes it easier to retain the members that credit unions work so hard to attract.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

 

Recommended Stories

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2023 ALM Global, LLC. All Rights Reserved.