Skip to main content

Keeping Your Members Happy

Keeping Your Members Happy:
Management guru Peter Drucker once said, “The purpose of business is to create and keep a customer.” It is a “law” of any business: It is more cost effective to keep your current customers satisfied than it is to look for new customers to replace them. A recent Ernst and Young global consumer survey found that 25% of customers changed banks in 2011 due to poor levels of personalized service and branch location proximity. While it would be nice to think that most of them switched from banks to credit unions as part of Bank Transfer Day, odds are that plenty went the other direction too.
Successful credit unions will look at all aspects of their operations for opportunities to retain current members by constantly striving to improve their member experience.
The phrase ‘member experience’ is broad and encompasses practically every aspect of a credit union. There are many ways credit unions can improve the member experience. Loyalty programs, financial education, and community involvement are a few things your credit union may want to look at adjusting. There is another area of member experience, however, that is often overlooked even though it comprises a large part of your members’ interaction with your credit union: ATMs.

As this recent whitepaper from NCR (our Preferred Partner for ATM Products and Services, Teller Cash Recyclers) states, “The ATM remains the most recognized banking channel as it satisfies many consumers’ daily banking needs. Yet, while the new multi‑function, self‑service ATMs offer the convenience of completing more complex self‑service transactions, they fail to recreate the level of engagement found in-branch.” ATMs are often the most frequent interaction a member has with your credit union, yet they are also the most impersonal.
Fortunately, given the prevalence of ATM use, there is a solution – use live video technology to add that human dimension to significantly increase the level of engagement and efficiency.
Video technology allows for a rich audio and visual experience to occur via ATM, offering complete teller availability to members 24/7. This type of technology so closely replicates the in-branch experience that in August, NCUA stated that Video Teller Machines qualify as federal credit union service facilities for select group additions and underserved areas. It’s a win-win situation: Both members and the credit union get the benefit of human interaction, with extended hours and from convenient locations.
But video ATMs also enhance the member experience by increasing efficiency. Based on real-world observations, NCR found that only 10% of teller time is actually spent interacting with members. Deploying video ATMs resulted in 50% less time to completion for members for their banking tasks – and the migration of a substantial 44% of transaction volume (50% of members!) away from in-branch tellers.
Helping members accomplish their banking tasks as efficiently as possible is certainly key to a positive member experience, as anyone who has waited in line for service anywhere can attest. Consider using your ATMs to help that process.
More information can be found on NAFCU Services’ NCR Preferred Partner Page (www.nafcu.org/NCR).
Post written by  Chelsea Sisson, Associate Marketing Manager, NAFCU Services Corp.
Comment on this post.
Related Blog Post:
Christopher Columbus had his flag, credit unions have video ATMs

Comments

Popular posts from this blog

What Should Credit Unions Know About Stablecoins?

  Congress is considering new legislation around cryptocurrency, and these new tools could have profound implications for the industry. Andrew Lepczyk Creditunions.com Cryptocurrency is seemingly everywhere in 2025, including member’s  virtual “wallets .” A  2022 study from CUNA  – now known as America’s Credit Unions – found cryptocurrency ownership among credit union members stood at 39%, as opposed to 17% of the general population. In some ways this makes sense; many Americans who feel excluded from the traditional financial system are drawn to cryptocurrency, mirroring the relationship many members have with their credit union. While there are plenty of enthusiasts, cryptocurrency also has its detractors. Many dismiss crypto ownership as speculative, and cryptocurrency as nothing more than an overly risky, volatile asset. Public failures of companies like FTX have only made the critics louder. A  recent study from the Pew Research Center  found 63% of r...

Before You Push Send!

  The Art of Thoughtful Discourse in a Noisy World In an era where opinions flood every corner of social media, news platforms, and casual conversations, the sheer volume of voices can be both inspiring and overwhelming. Everyone seems to have something to say, and while it's a beautiful thing to witness such diverse perspectives, it raises an important question: how can we ensure that our contributions are meaningful and resonate with others? The Power of Evidence-Based Opinions At the heart of impactful communication lies the value of substantiation. Personal views are indeed intriguing and can spark engaging discussions. However, without solid evidence or context to support them, these opinions can quickly lose their potency. When we articulate our thoughts without backing them up, we risk contributing to the noise rather than enhancing the dialogue. To make meaningful contributions, it’s essential to prioritize reasoning over reflexivity. Taking the time to gathe...

Mastering Mortgages - A little History for the Day

  Mastering Mortgages     Background Mortgages  are a type of property loan that financial institutions, such as banks and credit unions, can offer when a prospective buyer decides against paying a property’s full cost in cash.  The lender provides funds to the borrower to purchase the property, and the borrower pays them back over a fixed time period, typically between 10 and 30 years. On top of paying back the base cost of the property, also called the “principal,” the borrower pays monthly interest to the lender.  Most buyers also pay a down payme...

Live Podcast with Bonnie Sensing, Executive VP of Nashville Firemen's Credit Union on BSA

Jo in us in this live episode as Grant Sheehan, CCUE | CEO of the National Council of Firefighter Credit Unions (NCOFCU), interviews Bonnie Sensing, Executive VP of Nashville Firemen's Credit Union. We break down the BSA complex regulations, explore BSA compliance strategies, and discuss real-world implications for directors and staff. BSA Podcast YouTube NCOFCU Podcasts  

Unlocking the Future: How Generative AI is Transforming Credit Unions

  Unlocking the Future: How Generative AI is Transforming Credit Unions In the rapidly evolving financial landscape, technology plays an increasingly pivotal role. Among the most exciting advancements is Generative AI, which is poised to transform how credit unions operate and serve their members. Read on to discover how generative AI can reshape the member experience and optimize operations within credit unions. What is Generative AI? Generative AI refers to a class of artificial intelligence that can create new content—such as text, images, and audio—based on existing data. Unlike traditional AI, which focuses on analyzing and recognizing patterns, generative AI synthesizes new information, offering exciting possibilities for financial institutions, particularly credit unions. The Applications of Generative AI in Credit Unions Personalized Financial Advice Credit unions pride themselves on their member relationships, and generative AI can enhance these connections....