The Importance of Member Support

Right now, members need easy access to information and communication more than ever.

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The current global crisis is an unprecedented one for credit unions. Our industry has been forced to pivot and there is an undeniable speed at which financial institutions are adapting. We are looking at a potential new normal concerning how banking is conducted, and with this changing tide, we have also seen a widespread modification in economic, health, financial and lifestyle functions. It seems like no business, industry or sector will remain untouched.

During this time, members need access to information and communication that help them make the right decisions for their specific lifestyle and financial needs. But there is a gap in knowledge for most credit unions as to what their members really want to know right now. The following four themes have surfaced in the kind of information most often searched by members.

1. New Hours and Locations of Operation

Of course, staffing branches is a major challenge currently facing credit unions. Operating with limited staff, decisions need to be made about which branches can remain open, which have limited hours and which of those branches have closed. These changes to branch hours and operations need to be clearly communicated across all digital channels. Consider placing the below questions and answers in a central, visible location on the credit union’s website, online banking and mobile apps:

2. Health and Safety Protocols

With everyone’s health at stake, members continue to have a lot of questions ranging from the health implications of going into a branch, to the cleanliness protocols of public spaces and machines, to potential scams during this vulnerable time. Some of the questions credit unions should prepare to answer include:

3. Transition to Remote Banking

With social distancing still strongly recommended, and many members heeding advice from local and national agencies to limit interactions outside of their homes, many individuals are – for the first time ever – making the transition to adopting mobile and online banking measures. Credit unions need to make sure digital channels provide step-by-step instructions on how to set up and enroll in all remote banking options including online banking, mobile banking, mobile deposit and bill pay, and how to access their tax information remotely. Including screenshots, guided tutorials and even video demonstrations goes a long way in preventing abandonment.

These are the top questions members are asking right now related to remote and digital banking:

4. Financial Hardship Services

With the economic slowdown, businesses of all sizes have had no choice but to close their doors to do their part in preventing the spread of COVID-19. Employees have been sent home, some have been forced to take unpaid leave and others have been laid off.

The demand for financial assistance is at an all-time high: A record 47 million have filed for unemployment benefits, marking the worst unemployment rate in more than 50 years. Now is the time to make sure communications to members empathetically acknowledge this new norm and educate them about the measures the credit union is taking to offer assistance in this time of financial hardship. For example, is the credit union waiving fees? Allowing payment deferment or skip payment programs? Offering zero-interest loans?

Make these offers prominent across digital channels and consider sending out email communications, texts or even making phone calls to ensure members are aware of the financial assistance available to them. Here are some questions to consider adding to all of the credit union’s digital channels:

Q&As for Today and Every Day

While there are many new questions credit unions have had to answer, it is important to remember the everyday common questions members will continue to have and need support for, no matter the situation.

On any given average day, we estimate that there are approximately 2,000 digital support questions for every 25,000 accounts. In the current environment, with more people banking remotely, the amount of digital inquiries will only spike, so it is imperative to not overlook these most common questions:

Having the right content is a great start, but credit unions need to ensure their members can easily find and follow how-to content, wherever they are. This includes making information accessible not only on the credit union’s website, but also in online and mobile banking channels. Financial institutions should format support to answer questions, but also provide additional relevant information and calls to action. This ensures consumers are well-supported in both the information gathering portion and execution of banking tasks.

In the absence of digital support that fosters self-service, members will resort to one of two things – visit a branch or call the contact center. In today’s unique circumstances, the first option is more or less unlikely. Credit union call centers are under immense stress to assist, while also working with limited staff in a somewhat fluid business environment. Opening all available channels of communication can alleviate the pressure on contact centers and make sure consumers have access to the information they need, when and where they want it.

Providing the right kind of support is not a one-size-fits-all approach. Truly understanding the unique needs of members today can set the credit union apart and help to ease the transition into what may well be the new normal of the business of banking.

Caroline Platkiewicz

Caroline Platkiewicz is senior marketing manager for SilverCloud, a Portsmouth, N.H.-based provider of mobile banking and contact center service technology.

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