Our drive to focus on the technologies that drive credit unions forward and increase their market share has a downside:
Nobody wants to fend off calls from collectors. Not only are those phone calls notoriously ineffective, but they also seriously annoy consumers… and often damaging their relationships to associated institutions.
Credit unions used to differentiate through the member experience. When members walked into the branch, they were greeted by name with a smile. They got the best rates and terms.
Customer Relationship Management (CRM) software helps organizations manage interactions with current and prospective customers. CRMs assist in managing contact lists, tracking and measuring engagement, automating workflows, and reporting…
Call centers are a necessary evil. Members call contact centers usually when they’re already upset or frustrated about something, and then they’re put through a slow, inefficient, and time-intensive resolution process.
In the credit union industry, everything should come back to serving members. If you’re not doing that, then what’s the point?
There are two numbers that every credit union and member should know:
Buy Now, Pay Later (BNPL) is the biggest payments trend that credit unions aren’t using. That needs to change ASAP.
Gamification is the strategy of adding game-like elements to non-game things. The goal is to increase engagement, and it works.
There’s technology people use because they must, and there’s technology people use because they want to. Usually, there’s very little overlap between them… Usually.