CORPUS CHRISTI, Texas-Wayne Vann says it's doesn't require rocket science to figure out how a credit union can effectively retain members - great service.
"We simplify. There is nothing difficult about what we do," said the CEO of NavyArmy FCU. "Why people want to complicate this stuff I have no idea. If you take care of your staff, train them, compensate them correctly, and give them opportunities, then you will provide excellent service, retain members, and succeed as a credit union."
If NavyArmy ever starts slipping, and its 10% to 15% member growth rate over the last seven years suggests that it is not, Vann assured he will go back and look at what management is doing with staff. "It's not what marketing is doing. It's not that side of the business that I will be taking a very close look at."
Vann insisted that opportunities to hold onto members walk through the doors daily. "You just have to handle those correctly," he said. That philosophy has helped the $925-million CU more than quadruple its assets since 2003. "We are stealing business from everyone else and it is because our reputation is good and we take care of people."
The 10-branch, 233-employee NAFCU has 70% of its staff in member-contact positions. "If I am ever going to be overstaffed it is going to be in the teller or member service areas," Vann said. "We never short ourselves there. I don't need to gear up with more administration. I need to gear up with people that get the job done. Members want attention. You need to turn up the attention level and get people through the lines."
The credit union does that with technology, using teller and lobby management systems, and by training and empowering front-line staff. "Our member service staff have a lot of autonomy and can get things done. We do not have lot of barriers for staff to jump through. When you empower your front-line team, service levels go way up," Vann said.
