With no advertising, relying solely on word of mouth, State Employees' Credit Union has demonstrated how doing the right thing can pay off.
According to a Forrester Research report titled, Customer Advocacy 2013: How U.S. Consumers Rate Their Financial Firms, organizations perceived as having their customers' best interests at heart will enjoy disproportionate growth.
Savvy financial firms will invest more in useful content about products and services, better client self-service and product value, the report noted.
The $28 billion SECU in Raleigh, N.C., took the top spot in customer advocacy rankings as 82% of its members agreed with the statement, "My financial provider does what's best for me, not just its own bottom line."
According to the Forrester Research's Customer Advocacy 2013: How U.S. Consumers Rate Their Financial Firm report, members agreed that SECU was looking out for their best interests.
Rounding out the top five were USAA's banking, insurance and investment programs, which ranked second, third and fifth at 76%, 75%, 73%, respectively. The $60 billion Navy Federal Credit Union in Vienna, Va., ranked fourth with 74% of its members agreeing with the statement.
Forrester singled out credit unions for the free advice they provided to members. Indeed, at top-ranked SECU, doing right by members boils down to being a trusted resource, where common sense and simplicity are the main staples.
"Putting the member first is something we've always done historically," said Leigh Brady, EVP of operations at SECU. "If a member comes in looking for a car loan and if comparing apples to apples, they can get a better deal down the street, we tell them to go. It doesn't happen often but as a trusted provider you can't be taking advantage of members in any way."
Brady said members have recognized that SECU has remained focused on asking how can the team do it quicker, better or cheaper while delivering a superior member service experience.
Despite its size, the credit union stays connected to its members' needs through its advisory boards comprised of some 3,000 volunteers that meet quarterly and provide another touch point within the communities served, SECU said.
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