Saluting service at credit unions
While volunteering in my daughter’s first grade classroom last week, I worked with a group of students on a Veteran’s Day activity. We talked about the different branches of the military, the selflessness of sacrifice, and other words and phrases to describe veterans.
During my short drive back to the office, I thought about how credit unions share some of the same stoic principles in regards to the communities they serve – social responsibility, non-discrimination and democratic operations. Simply put, credit unions exist to serve their members.
Which is good, because in today’s app-assisted, consumer-driven world, people want customized, excellent service.
In fact, they demand it. The passion you see on Yelp is but one example.
Make service your number one goal
That’s the genius of credit unions – they focus on members, because members are the owners. After they meet operating expenses and reserve allocations, credit unions return income to members through higher dividends and great loan rates.
That’s what I call superior service.
But how do they do it?
Use the right technology to achieve that goal
Using technology to make life easier for everyone involved is exactly why credit unions are experiencing such incredible membership growth and record loan growth. For example, technology like enterprise content management (ECM) improves member service and reduces operating costs.
ECM captures information electronically and uses workflow management to automatically route it through processes, notifying key stakeholders along the way. Incorporating easy-to-integrate technology like electronic signatures and OCR software further speeds processes like loan applications, so employees keep their focus on members, instead of waiting on or searching for paper documents.
It’s a win for everyone involved. Not only do credit unions increase the speed and accuracy of their service, but they save money, and pay that forward to their members with improved dividends.
To me, November is a time to recognize and appreciate the service and selflessness of others. And I salute all that both veterans and credit unions do to further those causes.