Analyst: 'Incentives, Other Short-Term Strategies Result In Short-Term Relationships'
Credit unions may be building predatory and fleeting relationships with their members by
"Do incentives help your organization grow the way you want, or are you encouraging the wrong type of behavior
Incentives may lend CUs an image of being either friendly or pushy, but not necessarily helpful, he continued.
People want a helpful credit union, one that can give good advice, Faircloth said. "Are your front-line people
Members will also stay if the credit union offers appropriate products, he said, before cautioning, "I would not get
Using An MCIF
A Master Customer Information File (MCIF) system can be put toward good use in providing members with helpful
Disconnected lines of communication across CU departments will hinder good connections with members, said
Building good relationships with members isn't just worn-out vogue-it's value, Faircloth said. "A full three-fourths
For example, the cost of selling a new account to a new member is five times that of selling an additional account to
CUs need to prevent new members from closing their accounts, he added.
"Credit unions are not doing enough with the relationship within the first 18 months," he said. It's during that time
Furthermore, CUs are entering a phase in which they see other CUs as competing for their members, Faircloth said.
CUs should compare themselves to the competition to figure out how satisfied members are.
"Rate yourselves as to whether you're better or worse, and in which direction you're heading" in regards to
Faircloth spent 19 years as a commercial banker before moving into performance consulting and coaching with