Are You Losing at Service?

Sean Galli
Are You Losing at Service?

Your immediate answer is probably no. After all, community institutions are known for their service. Right?

Many consumers no longer think that’s the case.

During the pandemic, consumers prioritized digital banking to such an extent that 47% said they would switch institutions for better digital banking. Credit unions and community banks are perceived as lacking in this area, especially by younger age groups.

Outside of digital, service in general is suffering. Credit unions tied national banks on service scores in 2021 – a loss when you consider the commanding lead credit unions used to hold in this area.

It’s time to catch up to your competitors. Let’s go over how you can restore excellent service at your credit union or community bank.

Create Great Digital Experiences

Now more than ever, consumers want a great digital experience. That means your mobile app is convenient, online banking is easy and your website user experience is incredible.

It’s no longer good enough to only journey map the in-branch experience. Create a digital journey map. How many taps does it take a member or customer to see their account? How much time to pay their credit card bill? Are your website’s menus easy to navigate?

Some quick tips when it comes to great digital service are:

  • Make sure it’s available 24/7. Consumers expect access on their own time.
  • Implement online loan decisioning. Consumers like saving gas money.
  • Gamify financial goals where possible to help people stay engaged.
  • Use videos to explain products and services. Video is consumers’ preferred medium.

Make Your Service “Phygital”

But all this digital focus doesn’t mean you should neglect your branches – 77% of your members or customers still visit branches every month. As great as digital is, consumers still want personal advice when digital systems can’t help them.

That means you need a “phygital” service strategy – excellent digital service combined with excellent physical service. You can’t neglect either area; you must up your game in both spaces. In-branch service still needs to be top-notch and memorable.

Establish memorable in-person service by:

  • Training all staff to provide consistent answers at every branch.
  • Checking in on those waiting and call them by name.
  • Mentioning solutions you provide when problems naturally arise during conversation.
  • Handing out “tangible take-homes” - nice items people will remember.

Master Internal Service

One thing you can’t forget is your level of external service will never rise above your level of internal service. How your credit union or community bank’s team works together has a concrete impact on your consumer experience.

Negativity and tension trickle down. Misalignment at the top leads to confusion at the bottom.

Your institution is like an organism – every part connects to, and depends upon, the other parts. An excellent member experience vision requires eliminating silos and unifying your team behind a common culture.

You can't afford to wait on improving your service anymore. If you want to stop losing at service today, then book a free consultation with our journey mapping and member experience experts.

Sean Galli
Marketing Coordinator