Consumer Sentiments And Employee Insights (3Q 2017)

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

 
 
 

Comment

This bank keeps locking me out of my accounts! And there is NO customer service after 5 p.m. or on weekends. So now what do you do? I can't get to my balance, and when I went to the ATM, it tells me the PIN number I've been using for a year is not valid. Umm, it worked two days ago.

— KPVJUNK, WalletHub

Lesson

This is a healthy, growing, billion dollar-plus credit union that unfortunately is drawing similar comments from other reviewers, some of who said apps and live chat didn’t work and live people were rude. Note the reviewer in this case called it a “bank.” Whether the institution is a bank or a credit union matters little to this member, who might leave the movement to get decent service. The breadth of the issues cited in these reviews suggests the problems are systemic but easily solvable. No after-hours service? Consider an outsourced contact center — there are a number of providers. That’s just one place to start.

Comment

[This] is an awesome bank! It is fast and easy to set up a new account, and the representatives are extremely friendly and helpful. I called my account representative directly, and she always returned my calls quickly and was eager to help me. They also have very low fees and loan rates. Recently, their website was completely re-done and updated. It is very easy to use, transfer money, and offers a way to categorize your expenses to create or manage a budget. I also have their Android app installed on my phone and I love it!

— ILMBROOKS, WalletHub

Lesson

This is a $750 million competitor of the credit union cited above. But this one gets it. People just want to be treated well, and they expect technology to work. The PFM callout shows this financial cooperative is doing more than transactions; it’s helping this member solve and prevent problems.

Comment

I had been a member for several years [when] my account was hacked. They were very helpful and even helped me with some of my accounts that weren't with the credit union. The fraud department was professional and made me feel like it was going to be OK the entire time. There is nothing worse than realizing you have lost 10k overnight to a thief. You feel helpless and worried. They eased those concerns and made me feel secure again.

— MARLOCLAY84, DepositAccounts.com

Lesson

Want to win members for life? Help them when they feel the most vulnerable. In this day and age of hackers, every credit union should have a breach plan. Part of that plan should include how to make members feel safe again — even if an incident is not systemwide. Helping members feel safe even outside the credit union relationship is a welcome bonus.

Comment

Member-focused credit union that doesn’t believe in pushing products onto members. The best part of working here is [they] are friendly and appreciate your work. I’m intrigued with the idea of a 'digital credit union,' and they have great leadership, which makes it an exciting time to be part of this journey. The management is aware of the staffing, and they are constantly working to increase efficiency and reduce pain points for employees. There is a new process improvement department established for this very purpose!

— Current Employee, Indeed.com

Lesson

This review mirrored several others about working for this $750 million credit union. This employee clearly feels good about his or her work for a lot of reasons. Note that includes patience and confidence in change processes, something that takes transparency and investment in people and processes alike.

Comment

No transparency. Ver y gos sipy and unprofessional. When someone leaves, individuals leak to others why and what happened, true or not. Management from top down changes focus constantly for what works in the moment. They always talk about constant change but can't explain what the change is or will be. Trust issues at all levels. More than half of the managers have left or been asked to leave in the past year. No consistency makes it hard for staff. They need to allow leaders to manage and not feed empty promises of promotions to others.

— Anonymous Former Employee, Glassdoor

Lesson

This example is a counterpoint to the previous review. This credit union offers little transparency, and with reviews like this, a reader wonders if transparency is even possible. It’s hard to build an organization that can adjust to outside challenges when the inside environment seems so toxic. This billion dollar plus-credit union attracted several similar reviews, including one from a longtime former employee who speculated about the institution’s future and predicted a merger that he or she hoped would flush out bad leadership.

3Q 2017

Strategy & Performance 3Q 2017

Credit unions have made significant gains since the Great Recession started 10 years ago. Third quarter credit union growth trends surged past that of community banks and the overall banking industry. Measures such as loans, shares, capital, and membership have all reached new levels. These gains are all notable and meaningful; however, they are backward-looking. The important question to ask is: Where will credit unions be in the next 10 years? In this issue of Strategy & Performance, learn why it's now time for credit unions to challenge themselves.

Read More

 
 

Dec. 1, 2017


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