Growing and Giving Members Greater Value through Expanded Service

Mike Hapner, PSCU Financial Services, Inc.
February 13, 2005

In a marketplace that continually tests your members’ loyalties with offers of reduced fees, better rates, and more innovative financial services, how do you effectively differentiate your credit union’s products and services from those of your competitors?

One key way is service. Delighting your members and strengthening their ties to your organization are essential for success in today's financial market. The depth and quality of service you provide your members can be a most important factor in their decision to demonstrate continued loyalty to your organization. And even if your member service is world class, you may still fall short of expectations if that service is only available when your branches are open.

Many of your members are quite familiar with the anytime availability of service on their credit cards because your card processing partner typically supports a 24 x 7 service operation. But what about the availability of your other services? Suppose a member wants to apply for a loan at 11:00 p.m.? Or has questions on a Sunday about an online bill payment offer they just received from you? Requests for service occur all day, all night, and every day on dozens of different subjects.

Of course, not every institution can bear the expense of running its own 24 x 7 member support operation. That’s why a growing number of credit unions are turning to industry partners that specialize in service solutions that mirror the type and level of service members get when they call their credit union. Credit unions are discovering that a third-party member servicing arrangement represents a far more financially attractive option to enhancing their service availability than hiring and training more people, expanding facilities and infrastructure, and staying open 24 hours a day.

With the proper access to the credit union’s host processing system and member data and training on the credit union’s products, procedures, and culture, third-party service organizations are entirely capable of supplementing the credit union’s own member servicing staff. Several well-known companies in the credit union industry are now offering member services contact center solutions. PSCU Financial Services, for example, offers its CUAlwaysTM program in full turn-key, overflow, or nights- and weekends-only modes.

In addition to filling a gap in the credit union’s ability to respond to general service requests, these organizations can also extend the reach of the credit union’s sales efforts. Every call from your member is not only an opportunity to serve, but to sell as well. You support a wide range of financial products that you believe in, so why not take every opportunity you can to tell your members about them? Most of the third-party member service partners include loan processing and product cross-selling in their suite. The extended service arrangement then becomes a tremendous growth opportunity for the credit union.

Another benefit of using a partner to supplement your member services relates to disaster recovery. Should an unplanned event cause your branches to close, a servicing partner that functions as an extension of your own facility can help you to continue to be there for your members.

Having a trusted partner that shares your credit union’s commitment to service quality and growth can pay significant dividends in terms of reducing recruiting, labor and training costs, increasing the availability of service for members, and enhancing member satisfaction and loyalty.

Mike Hapner is director of CUAlways at PSCU Financial Services, Inc. Contact him at mhapner@pscufs.com or 727-571-7977.