The last two decades have witnessed a general decline in customer experience according to Jeff James, VP and general manager of the Disney Institute.
James reminded credit unions that the changes in customer experience create a new opportunity for organizations to step in.
“If you have a bad experience, you can dent a business in 140 characters or less,” James said, “and that’s driving a lot of customer opinions today.”
Disney’s path to success starts with prioritizing its own people, according to James, noting that Disney refers to its employees as cast members. This is because if an organization invests in its own people and makes sure employees are taken care of, that staff will return better and more engaged service.
Disney’s consistent demand is driven by this strategic focus, one that other companies often fail to see value and potential. That means Disney pays attention to every single detail, he said. And although that may seem overwhelming for some institutions, starting with employees and working to strengthen interactions can pay dividends.
And that word, ‘interaction’, is intentional. In fact, James said that if he could "wave a magic wand" and get rid of the word "transaction" forever, he would. Instead of engaging in transactions, a common occurrence in the financial services industry, James urged CUs to have interactions with members.
“So in your world, the auto loan is just the widget and [members] are going to focus on the interaction versus the actual loan itself,” James explained. “What they’re comparing to you at your credit union is that meal at Logan’s, that overnight stay at a hotel, that experience they had with Amazon or Walmart.com”