CAMBRIDGE, Mass.-Want to boost the bottom line? Get to know your members better-and make sure they know you just as well.
"If I was heading a credit union, what I would really focus on is building member advocacy," said Christian Klacko, co-founder and SVP of field operations at Micronotes. "Today, whether you're a credit union or any other financial institution, the reason their profits are going up is because there's not that many people that trust their financial institution." So, he continued, it is incumbent upon credit unions to keep the focus on creating positive experiences for the member at every touch point.
"I would be very careful in the way I interact with my customers, and that's on any channel," said Klacko. "I'd make sure that every time I engage with my member-whether it's on the phone, in the branch, online the mobile channel, the call center-that I try to interact in a way that deepens my relationship. So every time a member comes in and you try to solve a kind of problem, you really try to advocate for them and make sure their financial situation is improved when you finish the call."
Not only does that help the member, said Klacko, but it is yet another way for CUs to continue to differentiate themselves from the banks. Each interaction may not always increase the members' product penetration at the CU, but over time members will increase how many products and services they have at the CU based on those positive experiences.
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