TAMPA, Fla. Becoming member-centric is critical to a credit union not just surviving but growing.
One person yesterday offered seven steps for getting there during a CUNA Mutual-sponsored “Battle for the American Consumer: A Symposium on Member Centricity" here. John Lass, SVP-strategy and business development with CUNA Mutual, noted any credit union must decide on which of three propositions it will seek to excel: product innovation, operational efficiency or Customer/Member Focused Leadership. It is the last of those three, he said, that "will engender the greatest loyalty."
The seven steps any credit union should follow to get to that point, according to Lass, are:
1. Implement a Data Strategy. “As credit unions, you are sitting on a wealth of data. But the issue is you’re not doing much with that data."
2. Understand Members’ Differentiated Needs and Behaviors. “Members respond differently to different products. That can be a sensitive subject in credit unions; everyone has the same vote but they don’t have the same product needs."
3. Anticipate and Meet Member Needs. Lass pointed to Wells Fargo and the 500 predictive, touch-screen ATMs it has deployed to date as one good example.
4. Adhere to a Sustainable Financial Model. “Your objective should be to ensure your financial model supports sustainable growth for the long-term."
5. Deliver Service Excellence. “You can’t be all things to all people. You can’t be excellent everywhere."
6. Enliven Member Democratic Control. “This is unique and distinctive to credit unions and, to me, this is the big one and a credit union advantage."
7. Don’t Forget About Product & Price. “We put a lot of emphasis on being member centric, but your members expect you to provide good products at a good price. We believe you have opportunity to move into a new space, we call Cooperative Member Centricity. You’ve got to be at least competitive across product and price.”
