Delivering Convenience is Anything But Easy
By Rich Trace, Vice President of Wholesale Lending and Commercial Protection
Meeting your members' demand for convenience is changing the dynamic of the credit union/member relationship. Members want to do business when, where and how it best suits their lives, and that may not be around your office hours or locations.
You may believe you know your members better than anyone. You may think the loyalty your relationship is based on is stronger than the appeal of competitors. And, you may think you're already meeting their expectations and delivering a member-friendly customer experience.
But, there are a few problems with those assumptions. Loyalty only gets you so far. At some point convenience becomes more important. As technology empowers people to manage their busy lives, they'll inevitably gravitate to the path of least resistance as long as it delivers value and meets their needs.
In fact, a Chief Retail Officer at a large credit union recently said, "Most members are loyal to their credit unions. They want to do business with them, but convenience trumps that."
Also, don't confuse your vision of convenience with your members'. According to an IBM study, 62 percent of retail banking executives surveyed said they deliver an excellent customer experience. But, just 35 percent of their customers agreed.
As a credit union, your challenge is how to compete in today's technology-driven world. You need to adapt quickly and often to satisfy changing consumer demands and deliver a convenient experience.
As a result, you may have to divert time and resources from other priorities.
For example, providing a new digital product or channel involves a number of considerations, including:
- Technology expertise
- Financial investment
- Data security
- Compliance issues
- Ongoing maintenance
And of course, you must address these issues while meeting the ultimate objective - making it easy for your members to do business with you.
While delivering convenience is vital to meeting your members' expectations, it's a never-ending process. With the technology revolution continuing to pick up speed, you can feel caught between a sense of urgency and taking a measured approach.
Overshadowing everything is the need to get it right. Your members trust you to get it right. If you don't, it's now easier than ever for them to take their business to a competitor who does.
As Car Shopping Gets More Convenient, Lending Gets More Complicated
Convenience is Driving Our Lives and Your Business Model
How Members Are Driving Innovation and Changing Your World
- Skip to Main Content
- 6 Key Differences Drive Multicultural Consumer Behavior
- As Car Shopping Gets More Convenient, Lending Gets More Difficult
- Convenience is Driving Our Lives And Your Business Model
- Delivering Convenience is Anything But Easy
- Employees Need Help to Understand their 401k Plan
- Four Steps to Simplify and Forge Deeper Connections
- A Guy Walks Into A Hardware Store…
- How Members Are Driving Innovation and Changing Your World eBook
- How to Talk with Investors During Each Phase of Life
- Maintaining Income in Retirement
- Overcoming Market Skepticism to Reach and Advise Millennials
- Practical Tips for Understanding and Connecting With Millenial Investors
- Serving the Female Investor Through All Life Stages
- The Evolution of Auto and Home Insurance in 2018
- The Psychological Impact of Retirement
- Tips to Break Down Barriers and Protect More Members
- TruStage Life Simplify to Stay Ahead
- What Matters Now: Insights from Millennials
- What Matters Now: Insights from the Non-Member
The Convenience Economy: How Members Are Driving Innovation and Changing Your World eBook