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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Digital Experience 101 – Mystery Shop Results – How do Banks Measure Up?
Introduction With the ongoing drive to digital banking, how are banks performing on the basics such as making it easy for customers to apply online for a savings or chequing account? To find out, we shopped the 5 major banks, HSBC and National Bank. Each was rated on 7 assessment points (see table below). Best […]
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Banking Mystery Shopping Tip – Choosing the Right Questions for a Financial Advisor Mystery Shop
Introduction Financial institutions, whether banks, credit unions or brokerage firms often (and rightly so) create inspiring statements of what their advisors will do to help clients achieve their financial dreams. RBC’s website, for example, reads, “Our advisors take the time to understand your life’s vision, customizing solutions based on your goals and aspirations.” While Assante’s […]
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Tips for Recruiting Bank & Credit Union Mystery Shoppers
Introduction Recruiting capable mystery shoppers is no doubt the key factor for a successful mystery shop, especially in bank shops where the subject matter can be very complicated and levels of customer interaction open-ended. With this in mind, listed below are 10 tips based on 35 years of conducting bank and credit union mystery shops. […]
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COVID ALERT: Credit Union Branch Oversights in Following Safety Protocols
This post lists a number of COVID-19 safety protocols overlooked when we recently mystery shopped 16 credit unions.
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