Great member experience (MX) is one of the key differentiators between credit unions and banks. Failing to provide that MX is to lose some of what sets you apart.
Obviously, then credit unions need to ensure they give their members their very best. Otherwise, they start to look a lot like banks.
So, we’ve talked about signs that you’re treating your members well. But what are some signs that your credit union delivers bad MX?
1. Too much focus on competitors
Everyone loves a little peer benchmarking. How else are you supposed to know where you fit in the marketplace? And who doesn’t like to learn from the successes and mistakes of others?
But at some point, the snooping becomes too much. It stops delivering. If you spend all your time looking at what other credit unions are doing, then you’re not spending enough time on yourself.
And that’s just the tip. It can get much worse:
If you think your member experience is better than your competitors, you’re doomed.
For starters, it breeds complacency. You might start thinking that you have nothing to improve. That will never be the case.
But it also shows a lack of willingness to analyze and inquire. Your competitors have members and customers for a reason. They may be offering something that you aren’t. Or you may not be offering what you think you are.
You’ll never know if you don’t pay attention.
2. Not monitoring MX
You’ve heard the phrase, “no news is good news,” right? Well, when it comes to credit union experiences, that’s not exactly the case.
If your credit union doesn’t monitor MX, how would you know if you’re doing well?
Moreover, what does it say about your credit union’s dedication to MX if you don’t monitor it? You might try a truckload of MX-improving initiatives, and more power to you. But if your members don’t like what you’re doing?
Well, that’s some seriously wasted effort.
Monitoring your credit union’s MX is a sign that you proactively try to delight members. Not monitoring? That’s a sign that you’re already falling behind.
3. You’ve got your blinders on
Nobody likes hearing bad news. But ignoring bad news certainly won’t get you anywhere. If you never listen to criticism, then you might never learn what you need to improve.
The key to improving your credit union’s bad MX is to listen to critiques and suggestions. Listen to the negative comments. Get ready to change the things your members don’t like.
If you listen only to the good critique, you’ll succeed in only one thing:
Feeling good about yourself while losing members to the competition.
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Heck, if you get enough brand promoters, your members will bring in their friends and colleagues. It’s an easy way to grow your credit union!
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