Helping credit unions make the most of a market advantage

PFFCU Partnered with RCDA to Improve Customer Satisfaction

PFFCU Partnered with RCDA to Improve Overall Customer Satisfaction

Robert C. Davis and Associates has made a huge positive impact on our credit union clients. Market conditions today in financial services give credit unions a distinct advantage over banks with consumers, but many unrealized opportunities exist for higher member satisfaction, loan growth and more professional contact center management.

Millions of consumers seeking a higher level of personal service and lower rates have switched from banks to credit unions. In 2012 credit unions reported growth of 1.3 million new members, nearly double the previous year. Today credit unions serve nearly 100 million members nationwide.

Yet for many of these members, the credit union is not their primary financial institution. Robert C. Davis and Associates has helped credit union clients achieve their goal of moving significant numbers of these members to a primary relationship.

More members, more customer service needs

In a December 11, 2012, press release, the American Customer Satisfaction Index said “credit unions remain best-in-class and set the bar for customer satisfaction among all service industries covered by the ACSI.” However the same release reported that member satisfaction fell by 5.7 percent in 2012. The release quoted Claes Fornell, ACSI founder and author of The Satisfied Customer: Winners and Losers in the Battle for Buyer Preference, to provide an explanation. “The large influx of new customers for credit unions, many of whom left banks because of rising fees, poses new challenges for customer service,” he said. “The question becomes, how to best serve a fast-growing customer franchise? The more customers you have, the more difficult it gets.”

More opportunity by deepening member relationships

Credit unions, on average, enjoy a 40-percent offer acceptance rate. This is the envy of the banking industry. Yet studies show that credit unions make offers to their members at just half the overall industry rate. Many members still go to banks for mortgage loans and refinancing, and finance their vehicles through dealers – even though they are not the best value for the member! The problem is, simply making more offers isn’t the whole solution. Nor are new technology solutions that point credit union first-line and call center representatives to what they should offer and when.

The viable and long-proven solution is RCDA’s exclusive Quality Conversation approach which has been successfully implemented to deepen the member relationship and make primary relationship conversions. Using it, credit unions are realizing significant gains in member satisfaction, primary relationships, retention and sales.

Learn more about how Credit Unions can increase their offer rate.

Adding value, training and coaching for sustainability

The RCDA team changes culture, achieves results and sustains performance

RCDA helps build strong teams across the world

We base our proven methodology upon the premise of adding value on every contact. We train and coach representatives to ask members about all their financial needs in a conversational way. This ultimately relates their wants, interests and needs to the credit union’s products and services. We work with supervisors to help them master the process and coach their team for sustainability. The Quality Conversation builds rapport and trust, and it increases the likelihood that members will be highly satisfied with member service, accept more offers, deepen their relationship by using more products and services, and use the credit union as their primary financial institution.

The Quality Conversation has two essential components: showing genuine interest in the member, and asking key questions to evoke an emotional response. It also involves a robust sales process that leads representatives through an enthusiastic greeting, full discovery, solution, overcoming objections and an assumptive close. Learn more here.

Results

Using The Quality Conversation:

  • A major credit union member contact center moved its offer rate from 24 percent to 84 percent and its sales rate from below .5 percent to more than one percent of call volume. This resulted in an increase of booked loans by 20 percent in a single month! 
  • Credit unions have seen more members who were not yet using the credit union as their primary financial institution make the full switch.
  • Credit unions have generated a dramatic rise in auto loans, mortgage refinances and mortgage loans.
  • Client teams welcome our approach, and buy-in occurs immediately due to tangible results. In surveys, comments like this from representatives are typical:

    “This program will help my sales for sure! It already has, and the training wasn’t over! Thank you!” Supervisors embrace The Quality Conversation and our coaching training because they see how much it helps them lead their teams to a higher level of success.

  • During our training and coaching programs, credit union call center teams have found themselves meeting their goals for the month just two weeks in, and over time they have seen that the results are sustainable due to extensive practice and follow-up coaching.

If you would like to achieve similar results for your Credit Union, contact us to receive our upfront evaluation, tailored to your member’s needs.

Customer Service Training Material for Call Centers

We are experts in Call Center Training, which involves intensive coaching, culture-shifting and behavior modeling. For each client, we create custom training material and develop rigorous workshops to improve business fundamentals like increasing offer rate. If your credit union wants to maximize their unique market advantage, then you can download a sample of our training material for free. Please keep in mind, this is only a small portion of a robust implementation and sustainability strategy.

Enter your email address to download Free training material sample