Growing your Credit Union’s Member Base? Eight Self-Inflicted Pain Points to be Aware of and Avoid!
Introduction With the trend to mergers and obtaining Federal status, credit unions are intensifying efforts to grow their member base. However, an impediment to this goal is the frustration experienced by some potential members when trying to schedule an appointment. Listed below are 8 examples (i.e., “Pain Points”) underscoring the issue. (Findings are based on […]
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Ten Tips to Achieve an Outstanding Bank Mystery Shop Report
INTRODUCTION The financial sector (for the purpose of this article covers banks, credit unions, insurance firms, and pay day loan companies) is a very intricate, competitive, and ever-evolving industry. And the extensive use of market research in banking reflects the complexity of this sector. With this in mind, I want to share some practical tips […]
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Canadian Credit Unions – Best Practices As Seen Through The Eyes Of a Mystery Shopper
Introduction: Credit unions often differentiate themselves from banks as being non-for-profit institutions that offer lower fees, contribute generously to local communities and share profits with their “members” (i.e., customers). These advantages certainly make for appealing messaging. But what about the in-branch experience that often determines how much business a member ends up giving their credit […]
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Capturing Millennial Banking Business: Key Mystery Shop Questions
Introduction: Capturing millennial banking business requires carefully crafted strategies to meet the unique needs these audience has and pressures they face. If current research does not go deep enough to gauge how well your financial institution delivers on meeting millennial banking needs, a mystery shop will help pinpoint critical gaps to address and opportunities to […]
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How Do Canadian Credit Unions Measure-Up to RBC in Customer On-boarding?
HIGHLIGHTS FROM A THREE-YEAR MYSTERY SHOP Introduction Over the past 3 years we mystery shopped 24 credit unions (on our own initiative) to dig deeper into branch and contact centre staff performance. We looked at appointment scheduling, needs assessment, providing information (e.g. products, services), sales delivery (e.g. encouraging shoppers to join), discussing digital banking services […]
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How Much New Business are your Credit Union Branches Turning Away? Ten Mystery Shop Questions to Ask!
Introduction Understandably, credit unions put their best foot forward in creating customer promises. Expressions of expert advice, great service and making the customer’s financial well being the # 1 priority permeate throughout their value propositions: “You can expect expert advice, great service and a full range of financial services.” “Our experts focus on building a […]
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