ALBUQUERQUE-Emphasizing cross sales doesn't have to be at odds with a member-centric culture, as Kirtland FCU's performance numbers can attest.
Raddon Financial Group Strategic Advisor Eric Wittekiend said a recent membership survey found more than 70% of members indicated they are "very satisfied," and for each of 21 service quality attributes the credit union was in RFG's zone of excellence, he said, "Their members absolutely love them."
"This service quality is driving very strong loyalty to the credit union," Wittekiend asserted. "RFG's Loyalty Index, which combines top box satisfaction, likelihood to bring additional business, and likelihood to recommend, is in the 84th percentile. The average is 50. This has led to extremely high share of wallet among the membership."
Told of the praise from Raddon and Wittekiend, Kirtland FCU CEO Dave Seely said, "We have been in the top 1% to 3% of Raddon data for credit unions. In fact, we are looking to benchmark our performance data with other industries because that is not enough for us."
Asked what steps Kirtland has taken to earn high ratings for its efficiency, Seely noted the credit union serves 38,000 members with only four branches. He said all are "strategically located," but argued branches "are good for opening accounts, but are an inefficient way to deliver services."
"As a military credit union, we have members scattered all over the world. We have 24/7 call center support, home banking and 24/7 loan applications. More important than multiple branch locations is being accurate, having low fees, paying competitive rates on deposits and low rates. Our members tell us what is important, and building branches is not as important to them as these other things."
To improve their own performance, Seely said credit unions first should look for programs similar to Quality New Mexico in their home states. Or, if there is no state program, get on the Malcolm Baldridge website and download the criteria for performance excellence.
