ST.LOUIS—If a credit union is not striving to excel with member service, it could likely find itself on the merger block in the not-too-distant future, cautioned one customer service expert.
Lisa Ford, author of business video series “How to Give Exceptional Customer Service,” told PSCU’s 2018 Member Forum here that consumers are dramatically raising the bar on their expectations for service, driven largely by digital commerce and the significant attention major retailers have given to improving the customer experience.
“The best organizations are constantly getting better, so we have to get better as well,” Ford told credit union leaders.
Ford described today’s consumer as entitled, busy, distracted and impatient.
“You could be a click away from what’s next for them,” she said. “They have incredibly high expectations. That is who we are serving and we are serving many generations.”
What credit unions need to be doing, Ford said, is creating member experiences that are memorable, experiences that are “unparalleled.”
“That is how we make a connection and create loyalty—through that emotional connection,” she said.
A Word of Caution
Ford cautioned that consumers don’t always recall the business with which they transacted, but they always remember how that interaction made them feel. She cautioned that complex and expansive phone systems that make it almost impossible to reach a person will not leave a member feeling good about the credit union.
Ford said many credit unions are mistaken if they believe their member service to be “exceptional.” She noted that surveys indicate that only about 8% of consumers rate a retailer as delivering exceptional service.
“So, are we misreading how good we are?” she asked.
Ford outlined three rules to create member loyalty:
- Customer experience drives the relationship
- Know your customer and show that you know them
- Add value
“If you are not adding value then there is no difference between you and anyone else,” Ford said. “You have to be brilliant at adding value.”
Questions Credit Unions Should Ask Themselves
As Ford noted, credit unions’ perception of their service may not be in line with their members’ assessments. She advised CUs to ask themselves the following questions:
- Where am I hard to do business with—maybe the website, response time, phone system?
- What is my weakest link, is it a process or a person?
- What is the cost of a small mistake?
Ford said credit unions, too, should look inwardly to see where they may have created some bumps in the road—or even roadblocks—for members.
“Sometimes we are incredibly stupid,” said Ford. “I know these roadblocks sometimes are due to regulations, but sometimes there are other reasons we put bumps in the road that detract from the member experience. Bumps in the road give members every reason to say, ‘I am on my way out of here.’”