Why would I think CUs don’t get their fair share of the market? Because of the never-ending stream of research that shows that credit unions: 1) have higher levels of customer satisfaction than banks; 2) have earned higher levels of trust among consumers than banks; and 3) offer better rates and fees on deposit and credit products than many banks–but don’t have 100% market share.
If “customer-centric” isn’t the worst-named buzzword the business world has come up with, it’s pretty damn close. An American Banker article provides advice to banks on becoming customer-focused. Unfortunately, the prescriptions won’t solve banks’ problems.
Marquis Software’s Member Value Statements calculate dollar amounts for each members showing the relative value of their credit union’s products compared to similar products offered by nearby FIs. This is a great example of Competing On Performance.
Can financial institutions (FIs) create a new source of revenue from the fledgling marijuana industry? The potential hurdles and compliance burdens aren’t stopping one entrepreneur. I spoke with him recently to get his thoughts on why he believes his new venture, Dispensaries of Pot Employees Credit Union (DOPECU) will succeed.
Sorry that this falls on you bankers and credit unionistas, but you guys will have to provide some consumer education here. Specifically, on the differences between credit monitoring and transaction monitoring. Credit monitoring is good, and it’s needed, but it isn’t anywhere near a complete solution to protecting consumers’ card-related information.
ACSI releases its 2013 customer satisfaction scores for the financial services industry today. A sneak peek at the numbers gave me a few days lead time to look into this year’s results. There may be a few surprises for industry insiders, but creditunionistas can rest easy: Credit unions continue to outscore banks on customer satisfaction.
Strategic planning is a joke at many FIs because “planning” is the last thing they need. Lots of the verbs used to describe strategy fall short, as well. I’ve yet to find a firm that has successfully “formulated” strategy.