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Something’s Got to Give
Credit unions are in a fight for survival. Why do I say this?
- Financial services products are increasingly viewed as commodities by most Americans creating an environment where prices on our primary products are in a “race to the bottom”.
- Interchange income is eroding and service fees are under threat from regulators and market forces alike.
- Also, new competitors are entering the market from every direction, high-tech disruptors using cloud computing and slick apps/websites to help people manage their money.
Growth and profitability are no longer “nice to have”, but rather requirements to stay in business and continue our mission. But credit unions have never been about profit, right?
Consumers demand convenience, speed, the latest technology– and expect to pay less for it. Many credit unions are behind the curve. How do we catch up? Amplify our natural advantages and strengths while shoring up our weaknesses.
Quite possibly there is no better way to understand what works and what doesn’t than the Net Promoter System. Using NPS, credit unions of any size can do this methodically, efficiently, and with the organizational focus that was previously thought of as “only for the big credit unions (with big budgets)”.
Two Critical Strategies
We need to “double down” on our strengths and get stronger in areas where we are weak.
Our strength is relationships: Placing the member at the center of everything we do. Give our members the products and Member Experience they want (and need) in a way that connects on a deeper level.
Shore up our weaknesses means using technology to collect the relevant data, and making data-driven decisions to maximize the effectiveness of our interactions with members.
Can One System Do Both?
Both strategies center around understanding our members better. How do we know what they want/need? Ask them. As Stephen R. Covey says: “Seek first to understand, then to be understood.”
Quite possibly there is no better way to understand what works and what doesn’t than the Net Promoter System. Using NPS, credit unions of any size can do this methodically, efficiently, and with the organizational focus that was previously thought of as “only for the big credit unions (with big budgets)”.
NPS: An Open-source System for Credit Unions of all sizes
Thanks to cloud technology, NPS is finally accessible to small and medium-sized credit unions as well. CU’s have always known how to “connect” but struggled to effectively manage the frequency and quality of these connections.
NPS is proven to be an exceptional foundation to build this organizational change on, and it’s more important than ever that small-to-medium credit unions get their arms around the approach and implement it.
This is the “why”, next comes the “how”
In the coming weeks, I am going to lay out a roadmap for successfully implementing NPS at your CU, no matter your size. Over the next several articles I share with you:
o The simplicity of NPS
o How to use NPS to drive accountability
o The difference between transactional and relationship NPS
o How to segment your membership using NPS, and how to cultivate each group differently
o How to consistently inspire staff to new heights with NPS
o The numbers you need to understand to achieve NPS success
o Pitfalls to watch out for when implementing your program
Along the way, I’m going to give plenty of practical advice, action steps, and more, to help you develop your own NPS playbook.
See you next time![/vc_column_text][/vc_column][/vc_row]
