Credit Unions Win Big by Increasing their Offer Rate

How credit unions can capitalize on a huge market advantage. Deepen member relationships, improve PFI percentage and increase agent confidence.  Download two free tools to help your organization improve your offer rate. 

Capitalize on your high offer acceptance rate by making more offers

Increasing offers increases offer acceptance

Increasing offers increases offer acceptance

On average, credit unions enjoy a 40-percent offer acceptance rate. This is the envy of the banking industry. So why do so many members still have direct deposits with big banks even though they hate the ridiculous fees they charge? Why do they pay high interest rates through auto dealer financing without thinking of getting a loan quote from their credit union? Why do they have primary relationships with major financial institutions despite the fact that their credit union offers so many great products and services at much more reasonable fees—and with a higher level of personal service?

Deepen existing relationships and win more primary relationships

The answer is simple. Studies show that credit unions make offers to their members at just half the overall industry rate. So now is the time to take advantage of your high offer acceptance rate by simply boosting your offer rate. This is a sure way to deepen your member relationships and make your credit union the primary financial institution for many more members.

Although new technology solutions point credit union first-line and call center associates to what they should offer and when, technology alone will not get the job done.

Enter the Quality Conversation

The Quality Conversation is about engaging customers in a dialogue about their needs and offering a solution that works for them

At Robert C. Davis and Associates, we know from decades of call center and sales consultation that the solution is an approach we the Quality Conversation. This proven methodology is based upon the premise of adding value on every call. This is not difficult or time-consuming. It simply requires associates to ask members about their children and their weekend—and other topics that ultimately relate their wants, interests and needs to the organization’s products and services. The process builds rapport and trust, and it increases the likelihood that your members will accept offers. Rolled out across your locations and call center, it will boost your already high offer acceptance rate while also improving your offer rate. You’ll see a dramatic rise in direct deposits, auto loans, mortgages and auto-draft. Seize this opportunity to become a Primary Financial Institue for your members. They are ready, are you?

Our Quality Conversation has two essential components. Associates must show genuine interest in the call, and they must ask key questions to evoke an emotional response. Whether associates work at the drive-through, the teller window or in the call center:

We can train and coach associates to hold these quality conversations if they are not doing so already.

For those who have already mastered Quality Conversation techniques, we can train and coach them to use their existing skills to deepen the relationship with members.

Again, the net effect will be a dramatic rise in more products and services being used by more members. You can offer any of the products or services that fit best for your organization, but we recommend starting with Direct Draft and Loan Refinancing.

Case in point: dramatically higher offer and sales rates

How do we know? Here’s an example. For one client, we implemented the Quality Conversation approach to move their offer rate from 24 percent to 84 percent and their sales rate from below .5 percent to more than one percent of call volume. We achieved this by delivering a 90-minute workshop to associates, and a two-hour session to supervisors on how to support it. We’ve realized similar results for many organizations in multiple industries.

Dedicated technology is nice, but not essential

It would be nice to have a technology tool that would tell your first line associates in your locations and call center the next best credit union product they should offer, but this technology is not essential. We have found that a simple cross-sell matrix that highlights the credit union’s key products and services is all you need to remind associates what the best offer for each member might be.

Let’s explore this further with a Quality Conversation of our own.

  1. What is your current offer rate for your key products and services?
  2. What is your offer acceptance rate?
  3. Contact Robert C. Davis and Associates today with these rates, and let us prepare a custom cross-sell matrix for you—along with a detailed proposal on how to use the Quality Conversation to get more of your members using more products and services, and in moving more of them to make your credit union their primary financial institution.

Free Tools

Download our power point presentation with the Offer Matrix and Offer Flow Chart. This information illustrates how your organization could use simple pen and paper tools to increase offer rate and improve your ratio of members with direct deposit and a loan with their local credit union.

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