Consumer Sentiments And Employee Insights (4Q 2016)

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

 
 
 

Comment

The credit union wasted three weeks of our time before rejecting our loan application. After they informed us of their criteria, which we failed to meet, it was clear that our application should have been rejected on day one. I am not disappointed with the decision, but I am shocked with how the application was handled, how much time was wasted, and the lack of communication even after multiple attempts on our part to reach out. In addition, we consented to the bank running our credit score, even though the criteria we clearly could not meet was not dependent on our credit.

— dludin, Credit Karma 

Lesson

Communication is key in setting and meeting member expectations. In this instance, the member appears to know his or her application does not meet the established, likely published, requirements of the credit union. However, many credit unions look beyond credit scores in making a loan decision. In those instances, it’s important to let the member know so they understand the credit union is working for an approval. Three weeks to reject a loan that doesn’t meet established guidelines is not memberlicious.

Comment

Management truly gets it. Employees are paid fairly, with regular raises. Bonuses are very fair. The benefits are arguably the best in the industry. Communication is efficient from the top down and from the bottom up. Employees are encouraged and empowered to innovate. Member satisfaction and employee satisfaction serve as the company's key drivers. I feel empowered in my role, I know advancement opportunities are real and attainable, and I feel valued, recognized, and compensated fairly.

— Anonymous, Glassdoor 

Lesson 

Every employee should feel as lucky as this commenter. Fostering a workforce of empowerment and innovation can lead to high member and employee satisfaction scores — as it has for this institution — and create an environment of creativity and experimentation. Not to mention happy members and employees.

Comment

I have had this account for a month, and I can say I don't like it already. The branch hours are awful. Everything with them is so difficult — down to the automated system to attempt to speak to a live person. They are trying so hard to downsize on employees that they are turning away customers that might need the extra support of a live agent.

— Anonymous, Credit Karma

Lesson 

Many credit unions today are investing in automated channels to accommodate member expectations and gain efficiencies. And although virtual services can improve efficiency and productivity, the need still exists for person-to-person contact. For members, the difference should be negligible. When they have a question or a need, they want it resolved. They don’t care how. Make sure members have the resources they need — including a live person — when they need it (within reason, of course).

Comment

I’ve never had a wait time shorter than 15 minutes regardless of what time I’ve called. They do not seem very knowledgeable and transfer you between departments constantly. [It’s] absolutely horrible to get in contact with someone. And each representative gives you different information.

— Anonymous, Credit Karma

Lesson

To a member, credit union employees are experts. They represent the face of the financial institution chosen to safeguard a member’s money. They’re also the ones responsible for getting members access to it when they need it. Front-line staff must be informed about the operations of the credit union — or at least know who is. When members call in with questions, they likely won’t call the exact right person. And they’ll call anyone and everyone to get an answer. Strive to route those calls as efficiently and effectively as possible.

Comment

Start properly training your employees. Do not expect the proper results if you don’t! Sitting next to multiple people for a week is not considered proper.

— Anonymous, Glassdoor

Lesson

What if you train your employees and they leave? More importantly, what if you don’t train them and they stay? Such is the importance of consistent and formalized employee training. Credit unions must give their employees the tools necessary to succeed. If they don’t, employees will find an employer who will.