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Consumer Onboarding: Building New Member Loyalty at the Branch

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BY KAITLIN MORRISON

Attracting credit union members is one thing; keeping them is altogether another. These four onboarding lessons will help your CU improve its member loyalty so that those who enter under your inviting umbrella are retained for the long haul. It starts at day one.

Every credit union knows that recruiting new members is important, but it is after registering a new member when the real work for branch employees begins. New member retention is vital to the branch’s survival.

By embracing these four onboarding lessons, your credit union may improve member loyalty. It’s all about reaching new members from the very first days of their membership.

Onboarding Takeaway #1: Use Your Branch to Strengthen Your Credit Union’s Technology Offerings

Often, member onboarding relies on technology and requires members to download an app or register for online account access. While this can be an excellent strategy to reach tech-savvy members of the Millennial generation and others, reliance on technology can be a barrier to some members.

A report published by J.D. Power and Associates in 2015 found that some retail banking consumers were more frustrated with banks’ use of smartphone technology last year. In fact, consumer satisfaction actually dropped to 47 percentfrom 57 percent in 2014 due to a lack of “clarity of information and ease of navigating” in the new tech features offered by banks. Of the customers who said they fully understand mobile technology, 46 percent stated they would stay at their bank, while just 34 percent of less tech-savvy customers expressed such loyalty.

Perhaps this tendency represents an opportunity for branches. Taking the time to educate your members on the technology your credit union offers encourages them to visit their local branch when they have questions. From there, building relationships with members provides opportunities to suggest services that are relevant to their lives.

This content is for CU BUSINESS eMagazine , Special Deal: 2 websites , and NEW! The Leadership Team Builder Group Subscription members only.
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