I recently attended a regional Raddon conference reviewing our CU’s results. Paired with our recent member survey, some of the results were mind-blowing and very surprising.
Part of Raddon’s member survey is a “Zone of Performance” where the members rate how important a certain factor is in their financial institution and how well we deliver on that factor.
The ranking of the 20 factors initially seemed completely backwards to me. Bill Pay fees were dead last in importance. Interest on Deposits and Online Banking were in the bottom six. Even variety of services, a measure of innovation in my mind, was in the bottom five!! Here I am always preaching about innovation and new products, and our members don’t care!
After digesting the chart for a while, logic took over. Things like friendliness, accuracy and problem resolution where in our top 5, and most of the top 5’s of all the other CU’s. So I did a little quick math in my head. Being budget time, spending money (or not) is on my mind, and looking at the list of 20 factors, most CU’s spend all their budget on things that may not matter all the much to our members. Last place, bill pay fees, cost us an arm and a leg to provide for free!
So how do you spend money on friendliness? Wait longer (and pay for) the correct hire maybe? Accuracy? How often do we ever hear about innovation coming from a core processor? We need to innovate the systems that CU’s use and make them fool-proof so the accuracy is built in! Sometimes CU’s get sidetrack (excited) about spending money on new technologies and we might be missing the whole boat.
When you think about the pain points of your members, think back to the last complaint you might have heard from a friend about their FI, or even one of your members. “Wells Fargo screwed up my checking account!” “WaMu lost my check!” Just look around at My Bank Doesn’t Get It and you’ll see what I mean.
Let’s start spending our money where our members want it. I want mobile banking, instant issue, and kiosks as much as the next guy, do you’re members?