Member loyalty has always been the promise and mission of the credit union movement. While this has traditionally been achieved through a mix of exceptional service, personalized attention and creating a sense of community, inspiring loyalty is becoming increasingly tricky in today’s mobile-first, digitally-demanding culture. This week we consider what member loyalty means in the digital age, both for new and long-standing members.
When it comes to driving member loyalty, one unifying truth remains: success is all about being member-centric. Member-centricity looks different across different channels and banking functions but ultimately is about meeting (and exceeding) your members’ expectations around security, convenience, and personalization. If this week’s stories tell us anything it is that the keys to unlocking member loyalty are not exclusively held within the digital realm; sometimes your members value more traditional forms of engagement and communication.
Here are four stories that will help inspire your efforts to improve member loyalty:
What Does a Loyal Customer Really Look Like?
How important is member loyalty to today’s businesses? Considering customer loyalty has become an entire industry, we would say very important. But loyalty and rewards programs are only valuable when they actually generate the kinds of memorable experiences members want. As the vice president of loyalty strategy at Maritz points out: there is a huge difference between “mercenary loyalty” – short-term, transactional based – and real long-term relationship building. Data and behavioral science can be the keys to helping you spot the difference.
Bad Branch Experience Drives More FI Switches Than Fraud
We know that even as digital becomes a more popular form of payments and banking, branches still matter. But a new study reveals that the branch experience may have more of an impact on member loyalty than we thought. According to a new survey from market research company Ipsos, 20 percent of members reportedly would switch financial institutions due to poor branch service. Even more shocking: 70 percent said they would consider switching FIs if the branch did not appear clean and tidy! Add a vacuum to the list of products and technologies worth investing in.
Getting Members to Use It: 3 Keys to Card Controls and Alerts Engagement
Three-quarters of adults say they would use extra security measures to ensure the safety of their financial accounts through features like card controls and alerts. How many actually do, though? Many credit unions today already offer card controls and alerts but struggle to get their members to use them, underscoring the point that meeting your members’ needs is about more than just offering them the latest products. Credit unions can and should use a number of tactics to educate and engage their members in order to make those products sticky and increase usage.
Rogue Credit Union Recognized for Member Loyalty Strategy Success
CO-OP Shared Branch participant Rogue Credit Union is “all-in for loyalty” – so much so they created they’ve created a “loyalty filter” to guide every decision made by every employee. Rogue CU was recently recognized by Callahan & Associates for its innovative member loyalty strategy success in its later “Anatomy of a Credit Union” report.
What will be the keys to driving loyalty at your credit union? Get inspired at THINK 19 – May 6 to 9 in Miami – join hundreds of credit unions and thought leaders for four days of insight, inspiration and the best networking in the business. Register Now
The original article 4 Must-Reads: What Does Member Loyalty Look Like in the Digital Age? can be found on Insight Vault.