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By Experion Systems, Inc.
Your member has needs. Your credit union has the products and services to fulfill those needs. Simple enough, or is it? You have 100’s of complex products and each member has their own unique needs. Trusted advisors go beyond traditional customer service and proactively address the needs of their customers.
I’m Joe Member and I need a home. I approach my credit union for a $360,000 mortgage. My friendly customer service rep explains the jumbo rate is 6.5%. I do a quick search online and find a local mortgage broker. Skeptically, I call the broker, who proposes a combination loan, which combines a lower cost conforming loan with a home equity loan from a local bank saving me $200/month. I also need to save for retirement. I ask the platform person at my local credit union to help me open an IRA. ‘What type of IRA would you like to open?’ I’m politely asked. Good grief, there are types? I decide to see my tax advisor. He tells me I qualify for a $3,000 Roth IRA and sends me to his brother-in-law the financial planner.
There is something terribly wrong with this picture. In both cases the credit union representative provided friendly customer service, but it just wasn’t enough.
The challenge is formidable:
The good news is your members put more trust in your credit union than virtually any financial service provider out there. To make the most of this opportunity consider the following 10 commandments of customer advocacy:
Let’s revisit Joe Member’s situation according to the gospel of customer advocacy. Joe should have gotten the recommendation for the combo loan right off the credit union’s web site at 10:00pm the night before ever contacting the mortgage broker and saved not $200/month, but $250/month plus $1,200 in closing costs by doing business with the credit union. The platform rep should have been equipped to confirm that Joe did indeed qualify for a $3,000 Roth IRA, opened a no cost account with a short-term IRA CD on the spot and made a qualified referral to the investment representative. That’s customer advocacy and going the extra mile will build enduring, profitable relationships with your members.
Experion Systems provides automated advice technology to enable cross-channel
customer advocacy. Experion’s trusted advisor solution is generating outstanding
results at a growing number of credit unions. To sign up for Experion’s
periodic e-newsletter click
here,or to learn more visit their web site at www.experionsystems.com.
This sponsored content article is provided to the credit union community for shared insights and knowledge from a recognized solutions provider in the industry. Please note that the views and opinions offered here do not reflect those of Callahan & Associates, and Callahan does not endorse vendors or the solutions they offer.
If you are interested in contributing an article on CreditUnions.com, please contact our Callahan Media team at email@example.com or 1-800-446-7453.
March 8, 2004
7/26/2012 04:14 PM
This is similar to what management has learned in Coaching Training. A great reminder!
Excellent, I agree with everything that was stated. There are too many "departments" and too little time asking open ended questions to arrive at an educated solution.
Turnover issues cause the most suffering to the member that would like to build confidence. Confidence does not get established overnight with a 'new face'.
Am a consumer looking for a CU to join..Am not a corporate person...Have not received the information I was looking for...
This article lets you as the employee see through the eyes of the member.
Are there other alternatives to Experion? Experion is a wonderful system but it is very expensive. Is there a stepping stone for smaller CU's?
It's totally advertising disguised as "advice", which doesn't sound like Customer Advocacy to me. While I like the Experion product, this is not an unbiased review of the product, it's an ad.
This is eveything we are trying to get our staff to acknowledge...service is more than being friendly, its finding ways to serve the members.
Great article! Credit unions only need to learn how to hire the people who can do this. Customer Service testing is really effective.
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