On our blog last week, we talked a little about how to become more member centric. We suggested four things your credit union could to tap into the voice of the member. But perhaps you wondered to yourself, “does this apply to me and my credit union?”
Well, wonder not. After years of robust surveying, we’ve learned a thing or two about what it looks like when a credit union is not member centric.
1. Low member engagement
Engagement takes many forms. For example, low engagement could mean poor product saturation. If most people just open up a checking account and do nothing else, then that’s pretty low engagement.
Low member engagement might also show up in other areas. For instance, you might see low email open rates, no followers on social media, or poor attendance at events.
The point is, when you don’t put your members first, they don’t engage well. Why would they want to? What would they even engage with?
2. Low NPS results
Net Promoter Scores can tell you a lot about how happy your members are. If your NPS results are low, then there’s a really good chance that your credit union is not member centric.
What’s a good credit union NPS score? That certainly depends. If you don’t want to follow the link, here’s a quick and dirty estimation of how different NPS scores reflect on your credit union:
- Below 0: bad!
- Around 15: needs work.
- Around 30: average.
- Around 45: good.
- Above 60: great!
If your credit union’s NPS isn’t up to your standards, there’s a reason why. And that reason is that your credit union isn’t member centric enough.
3. Low response rates
If your credit union relies on member experience (MX) tracking for member insight, that’s great! Surveys in particular are a great way to tap into the voice of the member.
But what if your response rates are low?
Sure, there are ways of increasing your survey response rates. That’s a great start. But what if the problem runs deeper than that?
Your credit union might need to get more member centric. If your members know that your surveys are going to improve your services, they’ll be more likely to lend their time—and their opinions—to your surveys.
4. High attrition rates
Have you noticed unusually high member churn? Or even worse, have you gotten so used to high member churn that it doesn’t even register anymore?
High credit union attrition rates are a sign that whatever you’re doing just isn’t working.
As with other signs on this list, high attrition rates can be fixed a few different ways. However, merely fixing churn and attrition won’t fix the underlying problem:
You don’t have a member-centric credit union.
What Your Credit Union Can Do to Be More Member Centric
All of the issues above are indicators that your credit union isn’t member centric. But all of them can be remedied.
Our suggestion is to begin a robust credit union MX tracking platform. At LiveSurvey, we’re obviously partial to surveys. The first three signs that you’re not a member-centric credit union can barely even be noticed if you’re not surveying.
That means that if you don’t survey your members, you might never realize there’s a problem!
And that would be a problem all on its own.
Further Reading
Subscribe to the LiveSurvey blog to learn more about credit union MX tracking and survey strategy. Or follow the links below to see what else we’ve written about lately.
Would you like to start surveying your credit union’s members, but you’re not sure where to start? We’ve got something for that, too. Just in case the blogs won’t cut it, download our ebook, 7 Strategic Survey Strategies.
Is Your Credit Union Truly Member-Centric?
Early Warning Signs of Bad Credit Union Member Experience (MX)
