CHESTERFIELD, Mo.–One design/build firm says the biggest competitor facing credit unions this year may be themselves, and that the workplace has now become “theater.”
Jeff Winter, NewGround senior vice president of business development, said that next year the credit unions his company serves are focused on creating functional environments that engage the member to create a positive experience.
“In a busy world, we’re finding delivering experiences that people can count on becoming more and more important. Work has now become a theater,” Winter said.
An important trend taking shape that will continue into 2018, according to Winter, is more credit unions investing in a universal banker model and/or training personnel so they are multi-functional in all service lines, whether it is handling cash transactions or loan applications.
“This enhances the services provided and removes any barriers in the way of serving members’ needs,” he said. “As we move forward, maximizing technology in the facility by using a video conferencing tool to access the expertise of subject matter experts will be extremely important. Bottom line, encounters in the branch—even though they will be less—will still be grounded around relationships.”
Biggest Threat?
Another trend that will continue into 2018 is the “explosion” of backoffice functions due to the rise in digital transactions and organizations consolidating and centralizing staff under one roof.
“Due to this, we should see greater efficiencies as well as an improved member experience,” Winter said.
As for the biggest threat facing CUs this year—doing little or nothing at all.
“With limited capital, the main issue for credit unions is what to invest in first,” said Winter. “For example, are they going to invest in technology, branch transformation, training staff to operate differently—or in conjunction with—a universal banker model? So, ultimately, the competitive threat is to do something versus nothing.”
Winter emphasized that the new “competitive advantage” is maximizing the member experience.
“To put it simply, the member experience is the new marketing,” he said. “Organizations are faced with the traditional competition pressures, but add to that buyer empowerment and the bombardment of Internet sales messaging. The only true differentiator going forward is to focus on the member experience. A recent Gartner survey on the customer experience found that by 2018, 89% of companies expect to compete mostly on the basis of customer experience, verses just 36% in 2012. You must be relevant, bring your brand alive, and focus on the member experience.”