Consumer Sentiments And Employee Insights (2Q 2017)

Real comments from online review sites to inform strategies, policies, and practices.

 
 
 

Comment

We applied for a re-financed car loan on Wednesday. It's now Saturday, and we haven’t heard back. We even have other accounts with them! We are very disappointed as we were told we would hear something on Thursday.

— Anonymous, Credit Karma

Lesson

Expectations can be a double-edged sword. Exceeding member expectations earns deeper loyalty; coming up short creates a bad customer service experience. A credit union must do its best to meet the deadlines it has set. If it can’t, it should keep the lines of communication open with members so they can reset their expectations. Rarely will a member be happy about a missed deadline, but clear communication will at least alleviate confusion, fear, or anger.

Comment

The team members are amazing and genuinely care! From the CEO to the cleaning crews, everyone is happy and excited to be at work. Management takes care of everyone and ensures their teams’ voices are heard. Amazing work environment, culture, and ethics! I am honored to be part of such an amazing family!

— Anonymous Employee, Glassdoor

Lesson

How well the workplace environment engages employees affects their desire to learn and perform. When management creates a culture with the right balance of cross-departmental communication, ethical standards, and stewardship, employees can take pride in their work and enjoy coming to the office.

Comment

Thank you for taking the chance on me. I hope to have a strong relationship with them for many years to come.

— celiap, Credit Karma

Lesson

A single number, such as a credit score, tells a limited story. It shows a result, not an underlying cause. There are many reasons a potential member might have a low credit score, and credit unions differentiate themselves from other financial institutions by giving these people the opportunity to explain their situation. Some people need financial help, and credit unions are well equipped to provide it.

Comment

Keep hope alive that change will continue. Do not turn a deaf ear or become blind to what the employees inform you of and what these reviews enlighten you on. Fears and mistrust still exist because of the bad times and what was allowed in the past.

— Anonymous Employee, Glassdoor

Lesson

An important lesson for new leaders in an organization: listen to current employees. Identify wants, needs, fears, and worries, and use employee feedback to inform strategies and initiatives. Strategic direction comes from the top down, but the quickest way to gain employee trust is to listen to them and respond to the good and the bad that exists within an organization.

Comment

They may be a credit union but they lack the friendly, personal touch of one and operate like a large bank without your best interest at heart. I can't recommend [the credit union].

— Anonymous, Credit Karma

Lesson

The heart of the credit union movement lies in operating in the best interest of member-owners. That’s the expectation this institution has built in more than 80 years of existence. The difference between credit unions and banks dissolve when credit unions fail to operate with the best interest of members at heart. At that point, the movement becomes nothing more than a collection of financial institutions.

 
2Q 2017

Strategy & Performance 2Q 2017

Credit unions are indeed having an outstanding 2017 — right on the heels of a very strong 2016 and 2015. Eliminating barriers and connecting with members distinguishes credit unions from other financial institutions and makes the movement stronger than it’s ever been. Learn what the industry's most successful credit unions are doing in this issue of Strategy & Performance.

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