Personalized service has been a hallmark of credit unions. Although it fell from 2018, credit unions maintained their advantage over banks in the area of courtesy and helpfulness of staff. Most likely, your credit union is committed to making strong connections with members to cultivate customer satisfaction. While some may feel that technology weakens personal relationships, savvy financial institutions have found that technology can actually strengthen their banking relationships. It does this in two ways. First, technology frees up staff members’ time by automating time-intensive, onerous tasks so that they are able to focus on building and nurturing member relationships. Second, technology enables a more transparent, seamless banking and lending process, giving more insight into member relationships and reducing stall time and bottlenecks that drive member frustration.
By turning to automation, staff can focus more on customer-facing activities, rather than duplicative data entry and tracking down components of an application. As noted earlier, automating the life of the loan can save staff nearly 20 labor hours. The additional time once used tediously keying in tax return information or tracking down signatures can now be used to provide better customer service to members.
In addition to having more time for member relationships, technology also allows for richer member data, giving you a better understanding of their relationship with the credit union and their needs, thus creating a better member experience. For example, a credit union may leverage a relationship manager solution, giving staff access to members’ ongoing financial activities, full banking history, and profitability, providing immediate insight into lending opportunities. Relationship manager software aggregates all of this information into one centralized location, giving credit unions a 360-degree view of each member and enabling staff to provide high-quality service to members. In addition to having better insight into each member’s relationship with the credit union, technology like relationship manager and workflow notifies staff where loans are in process and prompts next steps to reduce stall time and bottlenecks.