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Loyalty You Can Bank On

To beat out competitors, credit unions must anticipate and exceed members' needs to gain their loyalty.

By Jason Conrad | Updated on August 25, 2017

In this digital age, customers are more empowered and informed than ever before. They demand better, cheaper, and more efficient products and services. The credit union industry – like all industries – has experienced the effect of these changes, but credit unions and retail banks have not adapted as well as some others; the banking industry overall scores below average on customer experience (CX) surveys. CX is an important metric because it has a proven link to future financial performance, loyalty, share of mind and share of wallet. With new fintech companies providing sharp competition, it is more crucial now than ever that credit unions gain a better understanding of their members’ needs so that they can meet (and exceed) those needs and thus gain their members’ loyalty.

Data show customers are increasingly moving to digital channels. In fact, customers value online and mobile access more than anything else when it comes to their banking experience. Moreover, mobile banking is more common than branch banking and this has been the case for several years now.

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