As credit unions, we would like to be on top of our game all of the time, but this is probably unrealistic. While we certainly don’t receive nearly as many complaints as banks, credit unions are not immune to frustrated members. Whether it’s an overdraft fee, a debit card dispute, or getting turned down for a loan, us credit unions have our fair share of problems with members.
To tackle these complaints appropriately and reduce member frustration, the Net Promoter Score®, or NPS®, can be extremely effective. Being able to gauge how loyal your members are at any moment and follow up on their responses is invaluable, and credit unions everywhere should be using it to grow their membership.
CU Member Frustrations
No credit union is perfect and mistakes will certainly be made. The best that any credit union can do is try to limit these mistakes and handle them in the best way possible when they do occur. Here are just a few common complaints that members may have:
Customer service: Credit unions pride themselves on their superior level of customer service compared to traditional banks. Losing your reputation for impeccable customer service means that your credit union also loses a significant advantage over the competition.
Underperforming technology: Most of us know the frustration of dealing with technology that won’t cooperate. While credit unions are beginning to realize the importance of increasing their technology budget, it can still be slow to grow. Managing money is stressful enough, but doing it on underperforming technology is a recipe for disaster.
Unnecessary fees: Most credit unions try to be careful about not making their members pay unnecessary fees, but there are still some fees that members can complain about and cause frustration.
NPS® to the Rescue
Whether the complaints are justified or not, it is critical that credit union executives have the tools to discover trouble spots and take steps immediately to reduce potential member frustration. Using the Net Promoter Score® provides you with ways to transform frustration into satisfaction. Here are some ways in which NPS® can help in a moment of crisis:
- Reduce churn by turning detractors into promoters.
- Effectively gauge your member’s loyalty and uncover problem areas.
- Hold you and your staff accountable for providing great member service.
- Provide members with a way to vent their frustration (and keep it off your Facebook page).
- Close the feedback loop and make things right with your members.
NPS® Surveys Work—If You Use Them Properly
Most credit union executives understand what is at stake and attempt to consistently measure NPS®. Unfortunately, being consistent in your measurements is an area where many credit unions fall short. To avoid the pitfalls of sporadic or “disconnected” survey cycles, you can use fully automated survey software such as LiveSurvey that makes it easy to implement NPS® in a “waveless” approach. LiveSurvey allows you to collect instant, real-time feedback so that you can reduce member frustration the moment it occurs and see exactly where things went wrong. If you’re interested in learning how your credit union can start delivering better services through LiveSurvey, contact CU Wireless today for more information!
