Suddenly, every day seems to provide less certainty of the future. Our communities, our country and our world are drawn together in purpose and sacrifice even as we physically distance ourselves from one another. Anxieties over the threat to our health, and the health of our loved ones, are intensified by economic uncertainty. Twenty-four-hour news and social media bombard us with details and predictions about what is occurring or where we might be headed.
While we don’t want to ignore these things, the challenge is to resist fixating on them. We all need clear minds to function well, and the mind under stress doesn’t think or process well. So after a deep breath, we each face the most basic yet daunting of questions: What do I DO? For credit union leaders, I would like to offer an answer:
ACT to strengthen your member relationships – to get through the present turmoil, and to build for the future.
This is the time to double down on building loyalty through attention to the member experience. The credit unions that will stand out in this time of crisis will be those that can offer assurance for the future. Making things safer and easier for your members right now – however you can – could mean the difference between gaining loyal members for life, and losing them to the competition.
When events spark rapid change, the survivors (and future thrivers) are those able to effect quick and decisive transformation to the new reality – and those with the resolve to stick to their values. Taking steps, however well-intentioned, that add friction or insecurity to the member experience is surrendering your greatest competitive asset. Have faith that, as with any turbulent situation, opportunities will appear for those with the vision to see the end of the tunnel.
Deep relationships built on trust are the strength of the best credit unions, and these relationships are what will get you through this crisis. It may take months, or even longer. But organizations that remain focused on the member experience now will be best prepared to retain members and gain market share when it is over. Show your members you are there for them, and they will stay with you through the storm and beyond.
To ACT now, send us a message here.
