To help credit unions mitigate the challenges affiliated with COVID-19, we compiled our top four best practices to help you better serve your members.

With more demand, offer more options: At the point of pain, members all have their preferences for the most comfortable, friction-free way to pay. While many credit unions have identified partners and expanded their digital payment capabilities, most still do not have the full arsenal to accept payments by IVR/automated phone menu, SMS/text to pay, online web portal and mobile app. This last option, in particular, is more absent, with a reliance on mobile web to access the online portal – but the experience often falls short. To further ensure timely repayments at this time, it is best to have reliable options across the board.
Maintain that personal touch: Credit unions are known to provide a high level of personal service, which is challenging to sustain during a crisis. Anxiety is at an all-time high, while patience is at an all-time low. And every "essential business" is struggling with onsite staffing and support. An increase in digital payment, repayment and deposit options, coupled with well-managed digital communications to members, can help sustain that service level members have come to appreciate and expect.
Provide better lending and faster funding: Credit union members still need access to funding options during this critical time. To better mitigate the current stigma on "dirty money" and paper checks, there are numerous ways credit unions can deploy online loan applications quickly, and instantly fund them – pushing the funds, often available for use within minutes, to eligible debit and prepaid cards. Credit unions can also tap the funding networks that are available 24/7/365 and make it a seamless aspect of their own "digital lobby," reducing the need for face-to-face interactions benefiting both the employees and members alike.
Establish alternative solutions: Credit unions need to proactively engage members, maintain open lines of communication, and consider refund alternatives for future services to prevent chargebacks. Card brands have yet to change any rules relating to dispute resolution at this time, so credit unions must act as if traditional guidelines apply. The current environment will produce more unusual and anomalous transaction activity for members, so managing issues with a balance of empathy and scrutiny are critical.

Regardless of where your credit union may be in the process, one thing remains certain – credit unions must continue to serve members from their core, remain transparent and provide solutions to help ease the challenges and hardships members are experiencing. With the right partners, credit unions can accelerate their digital transformation without disruption, delivering a brand experience that makes dollars and sense, all around.

Instant Insights /

Key Strategies to Drive Positive Member Experiences During COVID-19

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