BY JEFF RENDEL
Chances are that remaining relevant to your members is a major part of your credit union’s vision. But from a practical standpoint, how do you actually make this vision happen? Listen in as credit union leaders offer their five adjustment strategies for maintaining relevance with their members.
One of the more valuable questions for executives and directors to ask as your credit union continues along its path of strategic thinking and planning is: “What’s my/our vision for our credit union’s members?” Of the numerous answers that have come across this desk, few have focused on a quantitative measure, such as reaching a certain asset size to provide more services. Most replies involve continued relevance in members’ lives. After all, if relevance is absent, it’s challenging to grow to that certain asset size to provide more services.
Developing this kind of far-sighted view is a dependable and useful display of leadership for your members. It seldom involves a middle-of-the-night “a-ha” moment; most often, it’s built from daily insights you can use to generate and reinforce strategies that uphold your vision. Below are five “outside-in” ways that five credit union leaders practically recognize and discover how their credit unions might adjust to remain relevant for members.
1. Learn and increase your PFI status. Understanding where your members keep most of their business is important, given the full range of existing providers. (Some are not even depository institutions.) Published in 2015, “The Wallet Allocation Rule” discusses how wallet share is a primary driver of satisfaction and loyalty. (The authors show it to be even more effective than the Net Promoter Score.) We also learn that members who don’t indicate your credit union as their PFI offer valuable insights as to why they bank elsewhere (spoiler alert: technology, ATMs and branches). Who are your PFI members? Why do they remain loyal? What members don’t consider your credit union their PFI? Why are they so loyal to another institution.