The New Credit Union Experience

When unexpected events occur, people often panic, and part of that ritual is making sure their nest eggs are safe and protected. As such, they turn to their banks and credit unions for a sense of trust, security and stability. Such institutions serve as part of the community, and they need to be available anywhere, anytime and from any device. As organizations that are based on trust, one-on-one communication is key.

Everyone is still grappling with the COVID-19 crisis, and every state has demonstrated its own unique response. Plus, every consumer has their own needs and demands. Experts and pundits have discussed the concept of a “new normal,” but what’s normal now for credit unions involves keeping members and employees safe while also providing the same sense of stability they provided before.

Forty-three percent of financial institution customers and members have expressed their desire to change the way they bank due to the pandemic. For credit unions, the main concerns include how to maintain personal relationships amid social distancing, how to be available at any time on any device, and how to provide a sense of calm and security among the chaos.

With health and safety measures in place, there’s a significant need to retool the in-branch and remote experience. What steps can credit unions take to make services available wherever members want to bank – be it by phone, online or in the branch – and regardless of the transaction, how can they make members feel cared for, heard and secure?

1. Offer members the ability to bank where, when and how they prefer.

Branches cannot necessarily always be members’ primary way of managing their finances during this pandemic. And, we’re not suggesting that you remain open for 24 hours. However, the goal is to make it easy for members to bank on their schedule and with their safety concerns in mind.

One way this can be achieved is with remote video and voice appointments. Adding the ability to set an appointment with an advisor online or via phone will enable members to bank from home while empowering credit unions to continue to provide the personalized service members have come to expect. You can also leverage online appointment confirmations to remind members to have key documents available if they need them. In addition, for those comfortable with in-branch interactions, remote appointment scheduling can allow them to occur while also ensuring capacity limits are adhered to in the branch.

2.  Limit foot traffic and overcrowding.

Consumers are being trained to avoid crowds, so failure to comply with social distancing in the branch could result in losing their business. Many physical locations are accommodating 10-25% of their usual traffic. Keep in mind that members need to trust that you have their best interests in mind.

Solutions like people counters, capacity managers and pre-booked appointments allow for the combatting of traffic as well as the ability to build in cleaning time.

3.  Staff appropriately.

Being courteous and in control is an important ingredient of success in this new normal. Having enough staff available to enforce new protocols as well as give members personalized attention is key.

Some members remain understandably anxious about going into branches, while others will want to feel that everything has returned to normal, so staff members need to be well-versed in and comfortable with this new operating style. Adding a greeter or concierge can often be effective in making consumers feel more at ease.

4.  Personalize interactions and make it easy for members to work with you.

Although spending habits may have changed, consumers are still making critical financial decisions during the COVID-19 pandemic. Here’s what to keep in mind for three key types of members.

Individuals: The financial effects of the pandemic have been drastically different from one member to the next. While some are counting down the days to receipt of their unemployment check, others may be taking advantage of low interest rates to buy a house. Ultimately, credit unions need to address each member segment with a unique message and way of providing assistance.

Small business banking: Many small businesses have been forced to close their doors. Whether they’re in need of loans, payment deferrals or advice, small businesses are looking to their credit union as a guide – and a comfort.

Investment management: A recession is upon us, and with that comes a new approach to investing. Financial advisors are fielding questions, providing recommendations and staying up to date on the market. Beyond this, many are building entirely new strategies for their members.

Regardless of member type, it’s clear that each subset of members needs help from their credit union at this time. Social distancing has introduced a number of disruptions to the way you’ve traditionally conducted business. So, limiting options to members – e.g., providing no ability to bank online or via phone, not having a live member service voice or chat option – is not going to help. In addition to making sure all of the necessary services are available to retain member satisfaction and loyalty, it’s imperative to communicate all options to members. Delivering personalized financial services without interruption is crucial.

With concerns over new restrictions implemented in response to the continuing pandemic persisting, credit unions need to take a long-term view on how they enable the operational flexibility that’s needed to adapt to fast-changing conditions. As people live more risk-averse lives, you will need to go the extra mile to ensure members feel less wary about visiting the branch in person while also offering a seamless experience for those who prefer to remain in the safety of their homes. Credit unions that do so will emerge from the crisis with a sustainable advantage over competitors.

You can help your members through these tough financial times by meeting them where, when and how they want to be met, whether that’s in the branch, on the phone or through digital channels. And this can all be done safely and securely, while putting the control of channel selection in the hands of your members.

Nick Barnes is Practice Director, Financial Services & Customer Success for JRNI, a London-based provider of an experiential relationship management platform.